Black Dragon Announces the Completion of Well #67 and a Joint Venture With Caddo International, Inc.
Tuesday October 30, 3:26 pm ET
OIL CITY, LA--(MARKET WIRE)--Oct 30, 2007 -- Black Dragon Resource Companies, Inc. (Other OTC:BDGR.PK - News) -- Management is pleased to announce the first flush of oil and gas showed about 30 barrels of oil a day and around 150 mcf of gas a day on Well #67.
With oil at around $90.00 a barrel, estimated gross would be approximately $81,000 a month, and gas selling at around $7.00 plus per mcf totaling $31,500 gross, that would potentially be $115,000 gross a month, meaning pay back in one month. Black Dragon's plan is to do two more locations next week, if possible. If all eleven fracs work like Well #67, these wells could add an additional $850,000 a month in revenue, meaning that Black Dragon could triple its revenue, by year end, not quarterly (no guarantees).
Secondly, Black Dragon is working with Caddo International, Inc. on the use of a new technology whose nickname is known as the "thumper." It can go as far as 16,000 ft and finds the oil, water and gas sands. They then send the disk to their lab and within a week, Black Dragon would also have similar to 3D seismic upgrade. Caddo International is working with a company from Ireland who claims they have the US rights.
Management used the thumper 18 times last week on part of our leases and is currently waiting for the return of the upgraded seismic disk. |
