DGAP-News: Black Dragon Discusses Company Objectives

(firmenpresse) - Black Dragon Resource Companies, Inc.

07.12.2010 17:34
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OIL CITY, La., Dec. 7, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource
Companies, Inc. ('the Company,' 'Dragon') (Pink Sheets:BDGR) is pleased to
announce that the Company has entered into an agreement with Black Dragon
Resources Ltd., a Canadian Corporation recently listed on the Frankfurt stock
exchange under the stock symbol 8BD.F. 8BD has requested that the terms of the
agreement not be released until it has received an executed contract with a
German fund. Management is hopeful that the terms of the agreement will be able
to be released in the near term. Management plans on using the agreement with
8BD to pay the company dividends which will be used to drill more wells and
retire outstanding shares.

Black Dragon is also planning an aggressive drilling program which includes the
drilling of 8 deep wells in 2011. These wells will be joint ventures with four
other oil companies. Drilling sites include Louisiana, Texas and Arkansas.
Management remains steadfast in growing its shallow oil and gas businesses in
2011 as well.

According to Thomas Neely, President, 'The company is using its cash position
to further progress opportunities for Black Dragon. I am confident that we will
be able to increase shareholder value by aligning a successful drilling program
with a well sustained share buyback program.'

Black Dragon 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 re-complete 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 - Safe Harbor:

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: Black Dragon Resource Companies, Inc.
Investor Relations
913-226-3818

News Source: NASDAQ OMX



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Language: English
Company: Black Dragon Resource Companies, Inc.


US
Phone:
Fax:
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ISIN: US09202T1034
WKN:

End of Announcement DGAP News-Service

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Bereitgestellt von Benutzer: EquityStory
Datum: 07.12.2010 - 17:34 Uhr
Sprache: Deutsch
News-ID 310935
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