BDGR News Black Dragon Updates Negotiation with Potential In...
Thursday, June 5, 2008 8:01 AM
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News for 'BDGR' - (Black Dragon Updates Negotiation with Potential Investment Partners)
OIL CITY, La., Jun 05, 2008 (BUSINESS WIRE) -- Joseph Lanza, President of Black
Dragon Resource Companies, Inc. (BDGR: PinkSheets), announced today that the
Company continues to finalize an agreement with two potential investment
partners and, the Company believes that a transaction favorable to the best
interests of the Company's stockholders will be completed very soon. As in every
important negotiation, there is an ebb and flow between the parties in reaching
a full agreement. That is the status of the negotiation. The Company continues
to be confident a deal will be reached involving the Summit Group.
Mr. Lanza noted that it is not consistent with securities law, or even ethical
business practices, to disclose specific details of a negotiation and has been
advised by the Company's Corporate Counsel to refrain from doing so. The Company
also requests that shareholders act judicially in contacting the Company to
solicit details, as it does not intend, nor could it do so legally, to provide
information which is not available to all shareholders in a timely manner.
Management also announced today that oil production shipped was approximately
3,800 bbls, which will generate approximately $467,000 in gross receipts.
Additionally, gas production was close to 2.5 million mcf, which should yield an
additional $30,000 in gross. The interests of other stakeholders are deducted
from gross receipts to arrive at Black Dragon's revenues.
Mr. Lanza also noted that Black Dragon's operations have decreased since
October, but as of June 1 he would have greater involvement in operations, while
the Company awaits funding. He went on to say that Black Dragon today spudded a
new oil well that should be completed next week. Mr. Lanza concluded by
announcing that he received preliminary information from the thumper, which
showed many potential new zones that have not been touched by major companies.
About Black Dragon Resource Companies, Inc.
(www.black-dragonoil.com) Black Dragon specializes in increasing the production
of crude oil and natural gas from wells whose production amounts to 15 barrels
of crude oil or less per day. The reduced production of these wells, a result of
abandonment or plugging because of dropping prices of crude oil through the
1980s, represents a significant opportunity to capitalize on local resources,
while lessening domestic dependence on foreign oil. Black Dragon continues to
acquire wells in the oil-rich regions of Louisiana and Eastern Texas, augmenting
its portfolio to over 400 operating oil wells.
Forward Looking Statements:
Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: Except for historical information contained herein, the matters discussed
in this press release are forward-looking statements that involve risks and
uncertainties, including but not limited to economic, competitive, governmental
and technological factors effecting the Company's operations, markets, products
and prices and other factors discussed in the Company's various filings with the
Securities and Exchange Commission.
SOURCE: Black Dragon Resource Companies, Inc.
CONTACT: Black Dragon Resource Companies, Inc.Mr. Joseph Lanza, 318-995-0404President
Copyright Business Wire 2008
-0-
KEYWORD: United States
North America
Louisiana
INDUSTRY KEYWORD: Energy
Oil/Gas
SUBJECT CODE: Contract/Agreement
Source: Comtext Market News
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