Black Dragon Resources, Inc. (PINKSHEETS: BDGR) announced today that six of the seven newly drilled wells have been turned on. Four of those six wells are pumping mainly oil, already producing 100 Bls a day.
Management stated that the two wells pumping water were shot in the C zone, while the other four wells were shot in the B. Black Dragon will close off the C zone and reshoot the three wells this week.
Three new wells are currently producing approximately 100 Bls a day. Also the second water well has been completed, and Black Dragon is awaiting approval to start injection. The drilling rig has been moved to the next location, and the Company hopes to have the B water well drilled and completed by month's end.
Updating the original goal of completion of the 30 oil wells in March:
-- Goodwin B 13 wells on pump
-- Davies 1 well back on pump
-- Fuller 5 wells back on pump (not counting the newly drilled wells)
-- Burke 8 wells back on pump
-- Robinson 8 wells back on pump
So far in the month of March, 35 new wells have been completed, while additional existing wells have been put back on pump, which means that Black Dragon will surpass its goal.
Another goal was getting Hainesville back on. The new pump will be installed on Wednesday, the 28th of March. The crew will be sandpumping the two water wells, and at least part of Hainesville should be turned back on.
Also, Johnson pump is back on, and the Company is still in negotiations to drill five new gas wells.
The final item is that Black Dragon has contracted another crew to get the jack moved to the Rislen well in order to start testing the deep oil and gas well.
With the existing wells coming back on, Black Dragon estimates that previous output will increase by another 26.29 BLS a day, and factoring in the additional 100 Bls a day from newly drilled wells, revenues are expected to increase significantly.
About Black Dragon:
Black Dragon Resource Companies, Inc. is an oil and gas Production Company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
The statements in this press release regarding any implied or perceived benefits from existing oil and gas field properties, actual reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, and any other such effect resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil and gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth.
Forward-Looking Statements
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward- looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Contact:
UpTick.com
480-240-1700
SOURCE: Black Dragon Resource Companies, Inc.
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