Black Dragon's Management Announces a Share Exchange
09 February 2011 - 8:32AM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR). Mr. Neely, President of the Company, said that
he was very excited about the joint venture drilling agreement
between Black Dragon Resources Limited (trading on the Frankfurt
exchange under the symbol of 8BDF) (Frankfurt:8BDF). Both companies
have done a like for like stock exchange. Black Dragon will receive
10 million shares and 8BDF will be receiving a billion shares. Both
Companies must put up 40% of the costs on 8 oil and gas wells. 8BDF
plans to pay a dividend where BDGR will use their excess cash to
continue to buy back shares. The 10 million shares are now valued
at $13,900,000 which adds to Dragon's asset value. The first of the
two leases sold to the Canadian Company is the Ramsey lease,
which was given to Dragon at no cost from an affiliated company.
They kept back the right to participate in any drilling activities,
with a 20% working interest, meaning that they are responsible for
their percentage of the costs.
The second lease is called the Haynesville lease. It has 320
acres, 14 wells, 5 are currently producing around 300 barrels a
month. Both leases are going to take a great amount of money to get
to their maximum capacity. Management feels that they have cut a
great deal for the shareholders, as they receive 40% of the working
interest, pick up an undisclosed amount of cash, and over 20% of
8BDF. The 10 million shares represent 20% of 8BDF. Mr. Neely stated
that Dragon has a great amount of assets, and now has a strong
working partner to help develop them.
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
318-995-0404
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