SOURCE: Black Dragon Resource Companies, Inc.

March 28, 2007 09:00 ET

Black Dragon Calls a Special Meeting of the Board of Directors

OIL CITY, LA -- (MARKET WIRE) -- March 28, 2007 -- Black Dragon Resources, Inc. (PINKSHEETS: BDGR) announced today the results of a special meeting of the Board of Directors, held on March 7, to discuss the direction of the Company. The Board decided to appoint management that would more effectively communicate company information to current shareholders and potential investors.

Consistent with the results of the meeting, press with operational updates has been distributed the last two weeks. The releases convey that Black Dragon is on schedule to surpass management's goals for March.

Several resignations were accepted during, and sometime after, the meeting. At the meeting, Mr. Monte Anderson resigned for health reasons. Also, Mario Lanza resigned because of a potential conflict of interest, and Rick Michael resigned for personal reasons. Barry McFarland resigned for personal reasons on March 20th.

Joseph Lanza was nominated to the Board and appointed as acting President. Original Board member, Tom Neely, was reratified as a Board member and appointed as Secretary of the Company. Two other nominations are being discussed, pending later approval at the Shareholder meeting.

Mr. Lanza will not be taking any salary for his time, saving Black Dragon an estimated $43,500 a month in overhead.

Also, management pointed out that several offers by other companies interested in Black Dragon have come to the attention of the Board. Mr. Lanza commented, "We've felt for some time that Black Dragon has been undervalued, and it was only a matter of time before we would become a target." He added, "If an offer comes to the table that makes sense to the Board, a Shareholder meeting will be called to vote on that offer."

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: