Black Dragon Gross Revenue Is Up 22% in the Month of October 2007
Wednesday November 14, 10:21 am ET
OIL CITY, LA--(MARKET WIRE)--Nov 14, 2007 -- Black Dragon Resource Companies, Inc. (Other OTC:BDGR.PK - News) today announced October, 2007 gross revenue will be approximately $380,000, which is up from $311,000 for September 2007.
October's Oil Purchase Price was $81.68 per barrel, up from $75.98 per barrel for the month of September.
Management is pleased with the results achieved from the Frac operation on the Muslow Well No. 67 and plans to Frac Wells No. 47 and 48 this coming weekend. Also, management is trying to acquire a Compressor capable of delivering 500 mcf per day, in order to handle the other two wells coming on line. Management is hoping that when the other 7 wells are Fraced, the gas volume will exceed 30 million cubic feet of gas per month. Oil production should increase 150 to 200 barrels per day.
Management has changed their plans on the Schedule for Fracing. A maximum of 6 wells will be completed in November, and the remainder will be completed in December.
About Black Dragon:
Black Dragon Resource Companies, Inc. 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 recomplete additional shallow producing wells and to expand its focus to include drilling of new wells some to deeper levels and to purchase additional leases. |
