3.4 bareels per share Share price $1.39 Float 2 million shares Great chart
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BDGR Black Dragon Resource Releases Completed Reserve Analysis; Wexco Inc. Report Finds In Excess of 73 Million Barrels of Recoverable Oil Reserves on Black Dragon Properties
AUSTIN, Texas--(Business Wire)--June 9, 2006-- Black Dragon Resource Companies Inc. (Pink Sheets: BDGR) released today a reserve analysis of its Caddo Lake properties just completed by Wexco, Inc. Registered Petroleum Engineers. The report, which is available from Black Dragon upon request, estimates that the 5000 acres owned by the Company beneath the lake bed have over 73,000,000 barrels of oil equivalent as recoverable reserves. This combined with the 66,065,000 barrels previously reported on the land based Pine Island Properties equates to a 3.4 barrel reserves per outstanding share of Black Dragon common stock, assuming 40 million outstanding shares. Wexco Inc., based in Shreveport Louisiana is a nationally recognized petroleum engineering firm, serving both major and emerging oil companies over the past 25 years. The company has completed reserve analysis reports for several Mississippi Gulf clients like Black Dragon and is also recognized for its work as expert witnesses for such organizations as the Louisiana Conservation Commission, the Texas Railroad Commission, and the Oklahoma Corporation Commission. Richard Michael, President of the Company stated, "We are pleased with the findings of the Wexco report which reconfirms the value of our company and as further reiterated by the March 15th Red Chip Companies recent research report on our company."
About Black Dragon Resource Companies, Inc.
Black Dragon is focused on the recovery of oil and gas reserves through acquisition and project development, specializing in mature and marginal field enhancement, developmental exploitation drilling and low-risk exploration opportunities in the Texas and Louisiana region.
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.
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