CybeRelease: (OTC PK: BDGR) Announces 52 Wells Restored
(CybeRelease, June 29, 2006) - Lake Harmony, PA - Black Dragon Resource Companies, Inc. (Pink Sheets: BDGR) announced today the completion of the first phase of restoring production to the 70 wells in Hosston, Louisiana acquired in February and the completion of necessary maintenance on the producing wells on Caddo Lake.
As announced on February 24, 2006 the Company acquired 70 wells in the Hosston Field in Caddo Parish near Hosston, Louisiana. The Company began reequipping, reworking and providing necessary infrastructure to bring these wells on line immediately after making the acquisition. As of June 26, 2006 52 of the seventy wells are producing a total of 56 barrels of oil per day (1680 barrels per month). The remaining 28 wells are awaiting electrification from the local electric utility and are expected to be online within 60 days.
The Company has also completed the maintenance necessary to restore immediate production to the 19 oil wells on Caddo Lake. These wells were pulled; pumps redressed where necessary and chemically treated and are now producing at the combined rate of 2000 barrels per month as expected.
Last month the Company received over $68.00 per barrel for its production.
To read the complete release, go to http://www.cyberelease.com/bdgr62906.htm
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