OIL CITY, La., Oct. 6, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce today that company oil production increased 51.7% from the 1st to the 3rd quarter. Management announced today that production for the 3rd quarter was 7,236 barrels. September monthly production was down slightly to 2,521 barrels.
Management's goal for September was 3,033 barrels thereby missing this goal by 512 barrels. However, 400 plus barrels were not picked up because the bsw was 0.2% and bsw cannot be over 0.1%. 9 month total production was 18,542 barrels, averaging 2,060 barrels per month. Management still remains confident with recently announced guidance figures for the remainder of 2010.
Management feels that 4th quarter production will reach over 15,000 barrels, whereby the company could produce 33,342 barrels in 2010, or an average of 2,795 barrels per month.
With the price of oil now over $81.00/barrel and production on the rise, the company has the possibility of grossing over 1 million dollars for the quarter.
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. Brian Holden 913-226-3818