SOURCE: Black Dragon Resource Companies, Inc.

May 02, 2007 13:13 ET

Black Dragon Provides Operations Update

OIL CITY, LA -- (MARKET WIRE) -- May 2, 2007 -- Black Dragon Resource Companies (PINKSHEETS: BDGR) today announced that the Company has surpassed its previous goal of having 350 wells in production and has set a new goal of having 400 wells producing by the end of May.

Contributing to Black Dragon surpassing its production goal was the Company being able to claim production off of all 34 leases in April. In the month of May, Black Dragon's goal is to have 50 leases shipped oil and gas.

Black Dragon has a goal of registering positive cash flow by July. It has estimated that each well will need to produce at least 3/4 of a barrel per day in order to achieve this goal.

"If we meet these goals, we are confident that our stock will be more appropriately valued, considering the significant strides we have already made, as our revenues are consistently increasing on a monthly basis and are projected to continue to do so," stated Joe Lanza, CEO of Black Dragon.

Management also announced that two new members have been elected to the Board of Directors on a temporary basis. Louis Chighisala and Adrian Neilan have been brought on to serve as voices of the shareholders. Once Black Dragon's audit has been completed, a Shareholder's meeting will be called to vote on all Directors and Officers.

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.

Forward-Looking Statements

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 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

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