Black Dragon Resources Announces Itís On Schedule For Reworked Well Activations
OIL CITY, LA -- Black Dragon Resources, Inc. (PINKSHEETS: BDGR) announced today that they are on schedule for activating 30 reworked wells in March.
Black Dragon has already completed the Goodwin B lease, turning on all 13 wells. Also, another well has been completed as a part of the Davies Lease.
In addition, the new Muslow S water injection well has passed the test and should be handling water within the week. This well will allow another 20 wells to be reworked and turned on. The second water well should also be completed around the same time.
Management has sent a crew to Haynesville to get those leasesí water wells handling more water, in an effort to turn on seven more wells.
Although it is still too early to say what production will be, management is confident that all newly drilled wells will be on pump within a week. The Johnson, Echart and the five gas wells will be addressed soon after.
About Black Dragon:
Black Dragon Resource Companies, Inc. is an oil and gas Production Company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Companyís focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
The statements in this press release regarding any implied or perceived benefits from existing oil and gas field properties, actual reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, and any other such effect resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil and gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth.
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 Companyís inability to accurately forecast its operating results; the Companyís potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Companyís business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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