updated 12/16/2010 1:46:01 PM ET 2010-12-16T18:46:01

OIL CITY, La., Dec. 16, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce its gross oil production estimate for the month of December. Management has revised its December production estimate to greater than 3000 barrels.

In reference to our Cotton Valley Drilling program, the company would like shareholders to know that negotiations with our Canadian joint venture partners have taken longer than anticipated. Management still feels this deal will ultimately come to fruition but the timeline is being controlled by our joint venture partners. The company would ask that our shareholders remain patient as we enter this critical part of negotiations.

According to Tom Neely, President of Black Dragon Resource Companies Inc, "There appears to be a group of motivated people spreading false rumors and misinformation about our company. We would like the public to know that the share structure of BDGR has been decreased to less than 22 Billion shares. I am also very happy to see oil nearing $90.00 a barrel as we anticipate a strong ramp of in production during the month of December."

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
          913-226-3818

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.95%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com