globenewswire
Black Dragon Correction to Press Release From October 9 On 640 Acre Lease in Caddo-Pine Island With Haynesville Shale Royalty
OIL CITY, La., Oct. 15, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR - News) has issued a correction on the 640 acre lease report. The net revenue interest is 84% rather than 80%, and the working interest is 100% rather than 75%. Dragon is now holding a very strong position in this development. Also to further clarify the comment on the nearby Cotton Valley well, in 2008 the well came in at 11 mmscf per day, and has averaged 3.8 mmscf per day of gas and 11 barrels per day of oil, basis public reports. This is a very productive well. The significant point is the lease now held by Dragon includes this same Cotton Valley zone with a net revenue interest of 84%. At the same time, Dragon has a 4% royalty in the Haynesville Shale in this same lease. Currently there are Haynesville prospects being drilled in contiguous acreage to the Dragon leasehold. The attractive gas finds in the Haynesville have been widely publicized and the Company is excited to have a position in this reservoir.
Black Dragon 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. |
