CybeRelease: (OTC PK: BDGR) Has Record Sales of 10,000 Barrels of Oil
NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO Circuit
(CybeRelease, 9/1/2006) LAKE HARMONY, PA -- Black Dragon Resource Companies (OTC PK: BDGR) announced today that it had achieved record monthly oil and oil equivalent sales in the month of August. The company recorded sales in excess of 10,000 barrels of oil equivalent in August.
The company further announced that they have completed an additional well, which has returned to production at the recently acquired Spider Field, located in Desoto Parish, Louisiana. The fourth well purchased will be brought back to production in the next ten days. This will increase the 10,000 production by at least 10 percent upon the full completion of all four wells at the Spider Field.
Substantial progress was also made in bringing into production the facilities at the Arkana field located in Bossier Parish, Louisiana. The Company has successfully hooked up one of the two existing wells to the Apache Corporation gas sales pipeline and to tank batteries for oil production, and is currently generating production of oil and gas. The company anticipates hooking up the additional well sometime during the month of September.
“This is the largest month in the history of the company and we are making significant progress toward our year end goal of 1,000 barrels per day,” according to Mr. Richard Michael, President of Black Dragon.
Black Dragon also reported today an important acquisition of equipment to its plant and equipment infrastructure. The Company has obtained exclusive use of a drilling rig capable of drilling to a depth of 3,000 feet. This equipment allows the company to aggressively pursue its previously stated program of drilling new wells on its existing properties and increase its salt-water disposal infrastructure adding significant production in the fourth quarter.
According to Mr. Michael, recoverable oil in place as estimated in recent engineering reports without the inclusion of these two newest properties is in excess of 168,000,000 barrels.
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