OIL CITY, La., July 21, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Dr. R. G. Bailey, newly elected as Chairman and CEO of Black Dragon Resources, has begun leading the transition of Black Dragon into a new phase of growth. He succeeds Mr. Joe Lanza who has led the Company through some challenging times in an era of oil price decline and high maintenance requirements on the field. Lanza has worked diligently to get the financial data up to date and transparent, as mentioned in earlier press releases. Lanza has resigned from the Board of Directors and turned the Company over to Bailey, who has had extensive engineering and executive experience with Exxon, lastly as the regional President in the Middle East.
Bailey said, "The Company has seen a decline in production and revenue over the past year which we plan to reverse. Initial emphasis will be to return shut-in wells to production and enhance maintenance activities. The next objective is to initiate a new drilling program to exploit the reserves potential."
About Black Dragon:
Black Dragon Resource Companies, Inc. 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.