SOURCE: Black Dragon Resource Companies, Inc.

July 09, 2007 15:34 ET

Black Dragon Has Prepared Financial Statements for Submission to Auditors Monday, July 9, 2007

OIL CITY, LA--(Marketwire - July 9, 2007) - Black Dragon Resource Companies, Inc. (PINKSHEETS: BDGR) management today announced that the Company has submitted financial statements for the years ended December 31, 2005 and 2006 to Malone & Bailey, Houston, Texas, its auditors.

Gary Zorne, newly appointed CFO, stated, "As part of our efforts to afford greater transparency to the investing public, we are preparing documentation, including financial statements, to be included in our disclosure statement distributed to brokerage firms, to the market on which we trade, and to our website. We have submitted our draft financial statements and accompanying footnotes and work papers to our auditors. Although it is premature to state when we will submit a registration statement to the SEC, we are working diligently to that end."

About Black Dragon:

Black Dragon Resource Companies, Inc. is an oil and gas production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. The Company's present focus on mature, domestic oil fields eliminates exploration risk, reduces costs of completion, and provides rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete.

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, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any 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, difficulties related to producing 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. In addition, the Company's ability to produce audited financial statements; its ability to accurately forecast its operating results; its ability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with its business are uncertain. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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