Black Dragon Releases Interim Status Report on Funding and on OMDA Litigation
Wednesday February 6, 2:05 pm ET
OIL CITY, La.--(BUSINESS WIRE)--Mr. Joseph Lanza, President of Black Dragon Resource Companies, Inc. (BDGR: PinkSheets), released an update in response to various recent questions raised by shareholders of the Company. Firstly, he reported that the January 2008 production of oil represented almost a fifty percent (50%) increase over January 2007, 4700 bbl in 2008, compared to 3, 178 in 2007 and that without the enhancement the Company believes it will receive from the new enhanced recovery pump under development. Mr. Lanza predicted that the trend will continue.
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Mr. Lanza also reported that he has been informed that the Summit group intends to present the preliminary business plan to the Funding Group by the end of this week. Mr. Lanza added that the principals of Summit and the Company’s representative have been working diligently last and this week to complete this phase of the project. Mr. Lanza stated that this report will be available to the funding Group to structure the proposed financing.
Joseph Lanza noted today that Adam Barnett, of OMDA, had released information concerning a recent deposition session with Mr. DeWayne Vanadore, a Tyler, Texas Attorney, who formerly represented Mr. Lanza. Under advice of Counsel Mr. Lanza stated it is not appropriate to discuss interim legal proceedings, but emphasized that Mr. Barnett’s statements are not correct and that Mr. Vanadore’s deposition will be continued in the very near future. The Company will have no further comment until after an important event occurs in this litigation.
Mr. Lanza stated that Mr. Barnett’s comments are directly contrary to the facts as he knows them and as they will be established at trial. Mr. Lanza concluded that the Company’s Counsel had recently reiterated their opinion that Black Dragon has meritorious defenses to all of the Plaintiff’s charges, which have no merit. |
