Black Dragon Boosts Oil, Gas Production Estimates for 2010
2010年9月7日 - 10:25PM
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:
January- March production - 4770 barrels |
April- June production - 6536 barrels |
July- August (excluding September) - 4715
barrels |
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
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