Black Dragon Resource Companies, Inc. Announces Extinguishment of Long-Term Convertible Debt
Market Wire "US Press Releases "
AUSTIN, TX -- (MARKET WIRE) -- 02/07/07 -- Black Dragon Resource Companies, Inc. (PINKSHEETS: BDGR) announced today that in preparing for communication of financial data to its audit firm, the Company has determined that the convertible notes payable associated with the Wooldridge Properties are now fully extinguished.
In its September '06 unaudited statements, the Company had reported total long-term debt in the amount of $6.6 million. This amount was comprised of the above convertible notes ($3.9 million) and notes payable associated with the Caddo Lake property that was previously reported as sold in December of 2006 ($2.4 million). With the elimination of these debts, the company is now free of significant long-term debt and the impact of further dilution associated with its conversion.
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.
Contact:
Stan Altschuler Richard E. Cooper Strategic Growth International, Inc. SAltschuler*sgi-ir.com RCooper*sgi-ir.com www.sgi-ir.com 212-838-1444
paulbest
posted
be very careful with this dog. Chart shows absoluetly no support at the 20 cent level. I see it going to much much lower levels...where it truly belongs. 1 cent lol
unless you can show me the o/s is very very low/low float. Then 20 cents might be justified.
posted
Some great news- had some crisp momo at the end of the day and chart was suggestively oversold, so could be good tomorrow AM. In at .065 ******************* BDGR -- Black Dragon Resource Companies, Inc. Com ($0.001) COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Black Dragon Management to Buy Shares in the Open Market
OIL CITY, LA, Jun 19, 2007 (MARKET WIRE via COMTEX) -- Black Dragon Resource Companies (PINKSHEETS: BDGR) management today announced that the Board of Directors has unanimously voted to take the proper measures, including buying shares in the open market to thwart a possible hostile takeover attempt. Management believes that the recent decline in stock price is due to a group who is looking to orchestrate a hostile takeover. The recent $.05 share price has the Company valued in the mid $4 million range. Management considers this to be a ridiculously low figure, when one takes into account Black Dragon's current production.
"Black Dragon management has started to buy shares in the open market and will, if at all possible, retire 10% of outstanding shares, in order to fight off this takeover bid and get the value of the stock back where it belongs," stated Joe Lanza, CEO of Black Dragon.
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
bilgert
posted
They're a pink, but they're a forthcoming pink. While not an official filing, the following information can be found on the "Issuer Information Sheet" filed 1/07 on pinksheets:
100,000,000 shares of Common Stock authorized 68,356,647 issued.
ITEM XIII BENEFICIAL OWNERS Hebridews Funds 4,409,743 shares Mammoth Corporation 3,000,000 shares Monte Anderson, 2,790,000 shares Jayne Lanza, 2,801,436 shares Mario Lanza, 2,400,000 shares
4.6 million shares of Common Stock have been issued for services since December of 2004 to officers and directors. 30 million shares of Common Stock were issued for services pursuant to a Board Authorization in December 2004.
There's gonna be some overlap with regards to shares issued and the shares owned by the BOD, but let's say conservatively the float is 53 mill- not bad...
cactus33
posted
you like this pos bilg? lol
bilgert
posted
More than OMOG (your buddy) which is languishing in micro penny land and trying to keep from kissing that poisonous .0001 number
From the Issuer Information Sheet: The Company is a Defendant in ongoing litigation with OMDA Oil & Gas, Inc. (OMOG:OTCPK) in Harris County Texas, related to ownership of certain oil and gas properties. The opinion of counsel is that this litigation will not materially effect the issuer's business, financial condition or operations.
It's admittedly a slighltly nebulous PR, capped off with this cheesy sentence "Management believes that the recent decline in stock price is due to a group who is looking to orchestrate a hostile takeover." So we'll see. I didn;t bet the farm on it, but it looked harmless enough.
bilgert
posted
Here's 2 sides of the coin:
The OMOG perspective: OMDA Oil and Gas, Inc. Offers Update on Legal Proceedings Thursday June 14, 11:30 am ET
HOUSTON, TX--(MARKET WIRE)--Jun 14, 2007 -- OMDA Oil and Gas, Inc. (Other OTC:OMOG.PK - News) would like to take this opportunity to update all shareholders on current legal matters.
Back in April 2006, OMDA Oil and Gas, Inc. (OMOG) announced that it had approved and filed a 4th amended pleading adding Black Dragon Resources (Black Dragon) as a defendant to its initial suit filed in March 2005. Earlier this year, OMDA was granted a motion for Partial Summary Judgment which ruled that the Class D Preferred Stock was invalid. Our legal team is still pursuing discovery on the remaining issues in the litigation regarding ownership of, and rights to, certain wells and leases in east Texas and Louisiana. At a recent hearing in Houston, Texas, Judge Levi Benton ordered Defendant Black Dragon Resource Companies, Inc., to produce documents to OMDA's attorneys, and to answer interrogatories it had previously objected to. The law firm of Tipton Jones, who has assumed lead role in this lawsuit, has scheduled several depositions for the coming summer months in preparation for the trial scheduled on September 24, 2007.
The company would also like to offer an update on the current legal actions against former key member of OMDA Management, Arthur Pocari. On March 28, 2007, in Dallas, Judge Emily Tobolowsky granted a temporary injunction against Mr. Pocari. This injunction enjoins Arthur Pocari from among other things, making disparaging and defamatory remarks about OMDA and its management, and from revealing confidential information. Mr. Pocari is currently appealing the ruling, and the legal issues are being briefed by both parties. Pocari has also filed a Motion to Transfer Venue from Dallas County to Harris County. On May 4, 2007, Judge Tobolowsky conducted a hearing on the motion, and has taken the matter under advisement. As of today, no ruling has been handed down.
As to the current situation with the Panola County Project, Texas OMDA Drilling & Operating, Inc. is currently in discussions with attorneys for S&H Resources, Inc. to resolve issues relating to its participation in a drilling program in Panola County, Texas. Once all documentation has been gathered, and the issues narrowed, the parties hope to reach an agreement that will benefit both companies.
"I put this news out today because I felt it was important to keep the shareholders up to date on the company's current legal proceedings," commented Adam Barnett, Chairman. "I have the utmost confidence in our legal team, and our position in each of these cases. I will continue to give updates on these cases as they progress."
About OMDA Oil and Gas, Inc.
OMDA Oil and Gas, Inc. and its wholly owned subsidiaries, OMDA Oil & Gas Management, Inc. and Texas OMDA Drilling & Operating, Inc. and OMDA Oil & Gas, Inc. (Texas), are in the business of oil and gas production and lease acquisition. Currently the Company owns average participation interests approaching 47%, in 355 producing and non-producing oil and gas wells in Louisiana and Texas. Current acreage interests include a 15% working interest in 800 acres in Shelby County, TX and a Carried back-in working interest of at least 7.5% up to 37.5% in a 12 well work over play in the Concorde Dome Field in Andersen County, TX.
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
bilgert
posted
and the Black Dragon POV:
Black Dragon Reports on Pending OMOG Lawsuit Friday May 25, 10:15 am ET
OIL CITY, LA--(MARKET WIRE)--May 25, 2007 -- Black Dragon Resource Companies (Other OTC:BDGR.PK - News) management today announced that they recently attended a status conference for the pending OMOG Lawsuit.
Patricia Kay Dube, an associate of Bur & Bar & Associates, LLP, represented the Company. Both parties in the case agreed to production of documentation, and the Company will comply with the court order. Management feels that the lawsuit is frivolous and will vigorously defend the Company against it.
Management pointed out that the case is far from the verdict stage, and that any rumors to contrary are absolutely false. Management expects to further comment on this issue some time next week.
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: Contact: UpTick.com 480-240-1700
cactus33
posted
my buddy, lol.. 10 bill as no buddy of mine anymore.
quote:Originally posted by bilgert: More than OMOG (your buddy) which is languishing in micro penny land and trying to keep from kissing that poisonous .0001 number
From the Issuer Information Sheet: The Company is a Defendant in ongoing litigation with OMDA Oil & Gas, Inc. (OMOG:OTCPK) in Harris County Texas, related to ownership of certain oil and gas properties. The opinion of counsel is that this litigation will not materially effect the issuer's business, financial condition or operations.
It's admittedly a slighltly nebulous PR, capped off with this cheesy sentence "Management believes that the recent decline in stock price is due to a group who is looking to orchestrate a hostile takeover." So we'll see. I didn;t bet the farm on it, but it looked harmless enough.
bilgert
posted
Yeah cactus that 10 billion o/s is a bummer....
hbbus700
posted
OK it is a tie. BDGR & OMOG are both POS...LOL
wallymac
posted
I don't think it's a tie. THis one is taking a turn north. Nice volume today and closed at HOD.
Nobody is saying get married to it but it does look like there could be a nice pop here. A low float along with a company PR stating buyback has always helped move a stock.
If you jump in decide where your exit is and then move on.
GLTA Wally
cactus33
posted
TA is gagged?
skip
posted
quote:Originally posted by hbbus700: OK it is a tie. BDGR & OMOG are both POS...LOL
exactly. and given, one may be more or less a POS than the other, BUT, this chart is great! They basically told us today's (and likely tomorrow's) run was coming...
posted ![[Wink]](wink.gif)