Black Dragon Begins Bidding Process for Cotton Valley Deep Well Drilling Program
29 Oktober 2010 - 9:26PM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR) is pleased to announce today that the company
has sent out bid requests to 10 large independent drilling
companies. The bids will be for its eight well Cotton Valley deep
well drilling program with each well being drilled on a turnkey
basis. Management believes the turnkey drilling will protect the
company from any extra costs that would arise if there are any
complications drilling to the company's target depths that range
from 10,000 to 12,000 feet. By correlating the well logs of the
wells surrounding the first four drilling locations, Black Dragon
is able to determine the depth of each well.
The Humble Project has been affected by the unexpected presence
of sour gas. After reevaluating the new operating cost to eliminate
the sour gas in this operation, Black Dragon has decided to recoup
the money invested by accepting a rescission offer. The Humble
Project managers have agreed to rescind the funds Black Dragon
invested into the project and preparations for a closing are being
expedited.
Black Dragon Management also announced the contracts that were
scheduled to be signed this week involving the sale of leases
located in two of the oil and gas fields in Louisiana are in the
process of being revised. Management intends to make an
announcement of all the terms of the sale with full disclosure as
soon as the documents are signed and executed.
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
913-226-3818
Black Dragon Resource Co... (CE) (USOTC:BDGR)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Black Dragon Resource Co... (CE) (USOTC:BDGR)
Historical Stock Chart
Von Mai 2023 bis Mai 2024
Echtzeit-Nachrichten über Black Dragon Resource Companies Inc (CE) (OTCMarkets): 0 Nachrichtenartikel
Weitere Black Dragon Resource Companies, Inc. News-Artikel