OIL CITY, La., Sept. 30, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce today that the company has entered into negotiations with three other oil companies to drill 8 Cotton Valley Deep Wells. Recent company developments have put the company on the fast track to begin the drilling of its first Cotton Valley Well. The purpose of negotiations is to go over drilling terms and timelines with our potential drilling partners.
Cotton Valley is a deep well formation 8-12,000 feet in depth depending upon location and the zone can be 2-400 feet in thickness. The company's lease is adjoining a section where the largest Cotton Valley Deep Well in Shreveport was ever discovered. This adjoining property was originally drilled in the 80's and produced 35,000 mcf per day . The company is looking to acheive a 6,000 mcf per day minimum out of each of its 8 wells drilled. Cotton Valley Wells are know to be very prolific and have a life of 30-40 years.
Black Dragon expects negotiations with its partners to be complete by October, 2010. Black Dragon intends to have the first Cotton Valley Deep well drilled before the end of 2010.
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.
CONTACT: Black Dragon Resource Companies, Inc. Investor Relations Brian Holden 913-226-3818