SOURCE: Black Dragon Resource Companies, Inc.

October 23, 2007 10:21 ET

Black Dragon Provides Management Update

OIL CITY, LA--(Marketwire - October 23, 2007) - Black Dragon Resource Companies, Inc. (PINKSHEETS: BDGR) announced today, in light of the recent removal of Michael Ellis as President of the Company, they are presently searching for a new executive officer.

During the interim, the Board of Directors is operating the Company with an executive committee of Nick Ronsheimer-Director, Joe Lanza-Chairman & Director, Gary Zorne-Chief Financial Officer, Tom Neeley-Secretary & Director and Lou Chighisola-Director.

The August announcement stating the resignation of Mr. Lanza was incorrect, as he had only resigned as President and not from the Board of Directors.

The Company also announces the resignation of Malone and Bailey, independent accountants for the Company.

Mr. Zorne is working on the appointment of new auditors.

About Black Dragon:

Black Dragon Resource Companies, Inc. is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to recomplete additional shallow producing wells and to expand its focus to include drilling of new wells some to deeper levels and to purchase additional leases.

Forward-Looking Statements:

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 Black Dragon 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. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, oil and gas reserves and revenues to be derived therefrom, plans to drill additional oil and gas wells, acquisition of additional oil or gas leases, maintaining mineral lease rights, continued maintenance of the oil field and properties, price of oil and gas, marketing and sales of oil and gas produced, government regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth. In addition, the Company's ability to produce audited financial statements, its ability to accurately forecast its operating results, and its ability to achieve profitability or generate positive cash flow are uncertain. Black Dragon assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Readers are cautioned not to place undue reliance on these forward-looking statements.

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