Black Dragon Resource Companies Inc. Negotiates With Three Other Oil Companies to Drill 8 Cotton Valley Deep Wells
30 9월 2010 - 9:00PM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR) is pleased to announce today that the company
has entered into negotiations with three other oil companies to
drill 8 Cotton Valley Deep Wells. Recent company developments have
put the company on the fast track to begin the drilling of its
first Cotton Valley Well. The purpose of negotiations is to go over
drilling terms and timelines with our potential drilling partners.
Cotton Valley is a deep well formation 8-12,000 feet in depth
depending upon location and the zone can be 2-400 feet in
thickness. The company's lease is adjoining a section where the
largest Cotton Valley Deep Well in Shreveport was ever discovered.
This adjoining property was originally drilled in the 80's and
produced 35,000 mcf per day . The company is looking to acheive a
6,000 mcf per day minimum out of each of its 8 wells drilled.
Cotton Valley Wells are know to be very prolific and have a life of
30-40 years.
Black Dragon expects negotiations with its partners to be
complete by October, 2010. Black Dragon intends to have the first
Cotton Valley Deep well drilled before the end of 2010.
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: Black Dragon Resource Companies, Inc.
Investor Relations
Brian Holden
913-226-3818
Black Dragon Resource Co... (CE) (USOTC:BDGR)
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