Black Dragon Resources Company....BDGR.pk Message Board

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Gold/Mining/Energy : Black Dragon Resources Company....BDGR.pk

BDGR 0.0001000

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Dec 26 9:30 AM EST

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To: Tom Shutters who wrote (29)	2/20/2008 12:14:52 PM
From: Skywatcher	of 40

Black Dragon Updates Progress of Funding Group and Management Team Wednesday February 20, 8:15 am ET OIL CITY, La.--(BUSINESS WIRE)--Mr. Joseph Lanza, President of Black Dragon Resource Companies, Inc. (BDGR: PinkSheets) announced today that he has received updates from the Funding Group and Summit Resource Management (Summit Team) concerning the status of their efforts. The Funding Group has completed its own independent audit and financial review of the Black Dragon financials for the full year 2007. While their detailed audit results were not provided to Black Dragon, the Funding Group has reported that there were no findings that would prevent the planned investment of capital in the Company. Last week, the Summit Team presented its initial findings and recommendations for Black Dragon to the Funding Group. The Summit report provided a proprietary and confidential forecast and analysis of a portfolio of investment opportunities for enhancing the production rate of wells presently in production and reservoir recovery with varying levels of cash investment in the Black Dragon properties. Those study results are currently being evaluated by the Funding Group to determine the appropriate timing and levels of investment. The Funding Group is evaluating Summit’s report and expects to provide a recommendation to Black Dragon in the very near future. In the mean time, the Summit team is continuing its efforts and is fine-tuning development plans for the Company’s assets. Mr. Lanza also cautioned shareholders not to rely on unauthorized or false rumors or statements, including those made on internet bulletin boards by persons with motives, apparently counter to shareholder value or the shareholders’ best interests. Mr. Lanza added that he believes that “there has been a long-standing short position in the common stock, and the anticipated upcoming announcements will probably not be favorable to those who hold short positions in the stock.”

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