OIL CITY, La., April 6, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Chairman and CEO, Mr. Scott D. Smith is pleased to announce that the company has initiated a strict regiment to return more wells than expected to production in its large portfolio of proven reserves. These achievements have been made possible due to favorable oil prices coupled with improved weather conditions. BDGR has substantially increased its current oil output 37.5% over last month's numbers at a time when oil prices historically increase through the Summer months. Production numbers have increased drastically over the last month's period and the company expects to see this trend continue throughout the dry season. According to Mr. Smith, "Black Dragon Resource Companies, Inc., is committed to the continual development of our portfolio of proven reserves. BDGR is in a unique position to harvest its proven reserves on a low cost basis, therefore achieving historically above-average returns on our oil and gas properties. Favorable oil prices have created countless opportunities for Dragon in recent days due to our cost-effective business model accompanied by the foresight of the Board of Directors at Dragon to continuously seek new technology applications. We intend to announce several new and exciting opportunities and technologies to shareholders in the coming days and weeks ahead."
Black Dragon is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to recomplete additional shallow producing wells and to expand its focus to include drilling of new wells, some to deeper levels, and to purchase additional leases.
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.