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BDGR (.60) Produces Approximately 12,000 Barrels or Equivalent for September
Business Wire "US Press Releases "
OIL CITY, La.--(BUSINESS WIRE)--
Black Dragon Resource Companies (OTCPK:BDGR), announced today that the company produced approximately 12,000 barrels or equivalent for the month of September, 2006. The 12,000 barrels of production should provide the Company with over $3.5 million of gross revenues on an unaudited basis for the first nine months of 2006.
"This is an exciting quarter for Black Dragon," stated Richard Michael, President. "Our third quarter ended September 30th should provide us with revenues of approximately close to $1.7 million, a record quarter for the Company. Our progress in bringing on line our projects has enabled us to anticipate revenues for the third quarter of 2006 to exceed revenues for the entire 2005 fiscal year, and for the first six months of 2006. Assuming completion of several of our previously announced projects under restoration, the Company anticipates that fourth quarter revenues should surpass the combined revenues for the first nine months of 2006."
Mr. Michael went on to say that Black Dragon expects to commence putting its Arkana field and its gas production into operation through the placement of a rigging facility on the site which is expected to happen sometime this week. Additionally, Black Dragon expects to commence shallow drilling at its Caddo Lake facility by mid-October.
"We continue to remain confident with our target of producing 30,000 barrels and equivalent a month by the end of the year without taking into accounts other acquisition and development opportunities that we continue to evaluate," added Mr. Michael.
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.
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.
Source: Black Dragon Resource Companies, Inc.
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