Black Dragon Announces a Joint Venture Starting the Week of October 8, 2007
Friday October 5, 8:00 am ET
OIL CITY, LA--(MARKET WIRE)--Oct 5, 2007 -- Black Dragon Resource Companies, Inc. (Other OTC:BDGR.PK - News) ("the Company," "the Dragon") announced today that Dragon and a Working Interest Holder are going to reevaluate a gas and oil well drilled in the early 90s but never fraced. The reason behind the re-evaluation is a well drilled six months ago, close to Dragon's No. 67 and fraced, was a success. The plan is if this frace on Well No. 67 is successful, there are 9 other gas wells never fraced, just shot, that can be reevaluated.
The goal is the well will produce 18 more barrels of oil a day and 150,000 mcf of gas.
18 barrels x 30 days = 540 barrels x $76.00 = $41,040.00/2 = $20,520.00 x 73% net revenue = $14,979.60 per month.
150,000 mcf x 30 days = 4,500,000 x 6.55 = $29,475.00/2 = 14,737.50 x 73% net revenue = $10,758.37 x 91% net gas = $9,790.11 per month.
$24,769.71 for 50% of one well x 10 wells could equal $247,697.10 or more additional revenue per month. Management stated if the first well comes in, the rest could be finished up in November. |
