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Category:  Press » Real Estate

 

Black Dragon Resource Companies, Inc. Announces Profitable Sale of Caddo Lake Property

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2007-01-16 21:49:46     
Black Dragon Resource Companies, Inc.

Black Dragon Resource Companies, Inc. (OTC Pink Sheets: BDGR), announced today that it has executed an agreement for the sale of the Caddo Lake shallow rights. On December 13, 2006 the Board of Directors unanimously resolved to approve the sale and received approval of the transaction via a consent approval of the majority of the outstanding shares.

Management is pleased with the results of this sale as it has improved the Company's economic position, realizing $1.1 million in cash and elimination of a $2.4 million liability. Barry McFarland, the interim CFO of Black Dragon stated "analysis of the higher costs and operating complexities associated with drilling and maintaining the lake properties indicated that at this time, the Company is better served by focusing on the land based operations. The opportunity to move this asset at a significant profit also contributed to the decision to go forward with this transaction." The Company showed a net gain on the sale of approximately $640K. The proceeds are allowing for the payment of additional short term debt and the redirection of capital to areas with more immediate potential returns. The company is now proceeding with an aggressive drilling program in Hosston and Pine Island.

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 effects 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 or 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.

Specialized in: Black Dragon - Profitable Sale - Caddo Lake Property
URL: http://www.black-dragonoil.com
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