OIL CITY, La., Sept. 7, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce today that Black Dragon has shown continued oil production growth throughout 2010 and intends to ramp up production significantly in the Fourth Quarter.
Production numbers by the Quarter for 2010:
Company management estimates the company will produce 3061 barrels in September which would give Black Dragon 7776 barrels of oil production in the July through September quarter.
Management anticipates getting oil production well over 15,000 barrels in the 4th quarter bringing oil production to nearly 35,000 barrels for 2010. This will be accomplished by using its new system of putting 21 wells online minimum per month which will be achieved by having 3 rigs working in the field, each turning on at least 7 wells per month.
These numbers exclude the addition of the Humble EOR project to which the company is going to achieve a 25% working interest. The Humble Project has an estimated 1,500,000 barrels or greater of recoverable oil.
Next month the company will begin publishing its gas production numbers. Management has hired a team of experienced people to begin hooking up company wells that have excess gas. Black Dragon has already received permission from a gas partner to hook up company gas wells into their line.
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 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.
CONTACT: Black Dragon Resource Companies, Inc. Investor Relations Brian Holden 913-226-3818