CybeRelease: (OTC: BDGR) Announces the Acquisition of 3,000 Acre Oil and Gas Mineral Lease
(CybeRelease, July 31, 2006) - Lake Harmony, PA - Black Dragon Resource Companies, Inc., (OTC PK: BDGR) announced today the acquisition of 51% of the working interest in a 3,000 acre oil and gas mineral lease with two existing 11,000 foot wells located on the Louisiana and Arkansas border, in the Arkana field of Bossier Parish, Louisiana. Black Dragon has 90 days to test the wells at its expense, and connect them to the Apache Corporation gas sales pipeline immediately adjacent to the lease and to tank batteries for oil production before paying 300,000 in cash and restricted shares for its interest.
The analysis of the logs and other data conducted for the Company indicates multiple pay zones in each of the wells. A recent test indicated initial potential on one of the wells at 50 barrels of oil per day, and 400,000 cf of gas per day from the zone currently completed at approximately 8,000 feet below the surface. Our engineer has indicated that a deeper gas zone might be more prolific. “We immediately took advantage of this new opportunity. Our intention is to establish production in both wells within the next month and observe the results,” said Rick Michael, President of Black Dragon. “We believe that the initial returns should more than justify the investment before we exercise the option. Over time we will develop the undrilled acreage and the unexploited zones. With very limited risk Black Dragon has once again significantly enhanced our portfolio and will generate another great source of revenue.”
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