Oil City, La., October 15, 2011---Black Dragon Resources Companies, Inc.(Pink Sheet: BDGR) and Dragon Exploration Resources (Frankfurt Exchange 8BD) are pleased to announce that both companies are joining force to reenter a 10,000 ft. well, that has been plugged back around 8,000 ft.. The well was drilled in the 80's and had a good showing at the deeper levels. But for some unknown reason it was abandoned.
An engineer was hired to evaluate the potential commercial zones in this well. Engineer report show there are as many as 39 different pay zones. The two largest were Haynesville and Cotton valley. A short time ago another oil company drilled a Cotton valley well nearby and production came in 11 mcf natural gas plus some oil per day. Well log and engineer's report indicates that our well could be equal or greater production .If we can successfully complete the well then both parties will be able to drill two more Cotton valley and two Haynesville shale wells, not counting some shallow wells which are the beauties of our oil companies. If the engineer and management agree we will develop all the pay zones available.
Management believes having twenty wells on one lease than having a few in each lease, will cut production cost and increase bottom line profit. Management is pleased to announce that both companies have their own website and all the developments will be posted on their website on regular basis. Management is requesting all the shareholders and all interested parties to visit our website. The websites are: for Black Dragon Resources Inc.: www.black-dragonoil.com and for Dragon Exploration Resources Ltd.: www.dragonexploration.com. (This site is under construction and will be up by Oct 20, 2011).
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 Resources companies, Inc
Investors Relation (323)387-1203