The field contains eight completed chalk wells that will go into production by May 2006 and one cased well not previously completed in the Paluxy Sand (2,300 feet).
The company reports that its review of the open hole logs indicate the presence of a significant gas deposit on the property in the Nacotosh sand. Black Dragon intends to build out a gas gathering pipeline adjoining the property.
"This new field represents a significant asset for the company," said Rick Michael, Black Dragon's president. "We expect this acquisition to be accretive to revenues and earnings in 2006."
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