Black Dragon Acquires Interests in Caddo Pine Island Fields
Black Dragon Resource Companies, Inc. says that it has acquired 70 oil and gas wells in the prolific Caddo Pine Island Field in Caddo Parish, Louisiana. Twelve wells are currently in production, and are expected to immediately add to the Company's December production and profitability. The acquisition increases the number of wells that the Company currently has an ownership interest in to 1,087.
Black Dragon also announced that it has contracted three crews and workover rigs to support its 2006 exploration and production activities. These crews will continue the ongoing program of pulling, repairing and enhancing the production from the Company's wells. Black Dragon has also contracted a fourth crew that will be dedicated to connecting flowlines to tanks and pipelines and electricity to wells reequipped during the year. The Company has also contracted the exclusive use of two crews for drilling new wells, both onshore and over the Ferry Lake area during 2006.
"We are very excited to have acquired such attractive oil and gas
properties," said Rick Michael, Black Dragon's President. "The
combination of a substantial increase in production and reserves,
dedicated equipment to support our drilling activities and strong
commodity prices positions the Company for strong growth in 2006."