updated 12/7/2010 11:46:45 AM ET 2010-12-07T16:46:45

OIL CITY, La., Dec. 7, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce that the Company has entered into an agreement with Black Dragon Resources Ltd., a Canadian Corporation recently listed on the Frankfurt stock exchange under the stock symbol 8BD.F. 8BD has requested that the terms of the agreement not be released until it has received an executed contract with a German fund. Management is hopeful that the terms of the agreement will be able to be released in the near term. Management plans on using the agreement with 8BD to pay the company dividends which will be used to drill more wells and retire outstanding shares.

Black Dragon is also planning an aggressive drilling program which includes the drilling of 8 deep wells in 2011. These wells will be joint ventures with four other oil companies. Drilling sites include Louisiana, Texas and Arkansas. Management remains steadfast in growing its shallow oil and gas businesses in 2011 as well.

According to Thomas Neely, President, "The company is using its cash position to further progress opportunities for Black Dragon. I am confident that we will be able to increase shareholder value by aligning a successful drilling program with a well sustained share buyback program."

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.

CONTACT:  Black Dragon Resource Companies, Inc.
          Investor Relations

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