OIL CITY, La., May 20, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR) is pleased to announce that the company has successfully put its Haynesville Oil Well Project into production. These wells are capable of producing 150 barrels per month.
The company believes these wells to be good candidates for solar technology driven pumps to tremendously decrease costs associated with pumping. This will allow for a much greater profitability for the project.
According to Scott D. Smith, Chairman and CEO, "Dragon continues to turn producing wells on as fast as possible to increase revenue for shareholders. Dragon also continues to focus on 21st century technologies which increase financial efficiencies associated with oil drilling and pumping. The above mentioned solar technology is new and exciting and we expect to announce a new development in regards to licensing it in the near future. Shareholders need to recognize that with offshore drilling becoming limited due to unfortunate developments in the Gulf Coast Region; Dragon's focus on increasing oil production on our existing onshore wells is timely."
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 re-complete 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.