SOURCE: Black Dragon Resource Companies, Inc.

March 08, 2007 06:30 ET

Black Dragon Announces Increased Revenue for 2006

Revenues End for 2006 at $2.1 Million Compared to $729,851 in 2005

OIL CITY, LA -- (MARKET WIRE) -- March 8, 2007 -- Black Dragon Resources, Inc. (PINKSHEETS: BDGR) announced today that net revenue ended at $2.1 million for 2006, compared to $729,851 in 2005. Despite the improvement, management of the oil gas production company stated they had hoped to have even higher revenue numbers for 2006.

Severe weather caused flooding in the fields and decreased overall production. However, Black Dragon was still able to sell over 6000 gross barrels which represent 3600 net barrels and close to 4 mmcf of gas for the months of January and February.

Black Dragon stated that production in March must be 9,000 barrels of oil to surpass that of the first quarter of last year (this is a projection, not a goal). The goal in March is to turn all 7 newly drilled wells on, as well as 30 newly reworked wells, drill 3 new salt water wells, drill 5 new gas wells, turn on the Haynesville leases, and turn on the Johnson Eckart (salt water well).

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 Company's 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.

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 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 Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Contact Information

  • Contact:

    Mario Lanza