CybeRelease: (OTC: BDGR) Maintains Its Property Acquisition Program
(CybeRelease, December 5, 2006) - Lake Harmony, PA - Black Dragon Resource Companies, Inc. (OTC PK: BDGR) announced that it has acquired 65 percent of the working interest in four oil and gas leases in the Caddo Pine Island Field. The leases add 240 additional mineral acres, and 33 existing oil and gas wells. Two of the wells are in the Glen Rose Formation (3500-4500 feet deep), 20 are in the Annona Chalk (1500 Feet) and 11 are in the Nacotosh Sands (800-900 feet). Black Dragon obtained its interest in return for the obligation to place all of the existing wells into production in the next 180 days. Black Dragon anticipates the related cost of putting the properties into production to be less than $300,000. The Company’s consulting engineer, Ronnie Allen, has informed Black Dragon that he anticipates that the existing wells when placed into service should produce at least 600 barrels of oil a month, according to existing data.
Mr. Richard Michael, President of Black Dragon, stated, “Black Dragon has made substantial progress on the production program in its primary area of operations surrounding Oil City, Louisiana. In the last 60 days, the Company has put 90 previously inactive wells on line in this and nearby fields increasing production by 2000 gross barrels of oil per month. The Company’s revenue interest on these wells is approximately 70 percent.”
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