Black Dragon Discusses Company Objectives
08 December 2010 - 3:36AM
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
913-226-3818
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