Black Dragon to Re-Enter Caddo Lake Wells
Black Dragon Resource Companies has commenced a program to re-enter and rework 43 wells previously shut in on its Caddo Lake property. These wells, originally drilled by Gulf Oil Company will be re-opened to add to the production of approximately 1800 barrels per month from the wells on the lake that have been previously drilled. The company hopes to reestablish production at the rate of 10 wells per month and anticipates production of 4 to 7 barrels of oil per day from each well. This would add at least 250 barrels per day when the project is completed, or 7500 barrels per month.
This project will be carried out simultaneously with the Company's program of drilling new wells on the lake and the completion of the gas gathering system on the Caddo Lake property previously announced. Gemini Exploration, Inc. the operator of the property has sufficient barge loaded equipment and crews in place to conduct all three projects.
Black Dragon Resource Companies, Inc. is oil and gas production
company focused on the acquisition of mature, producing and existing
U.S. oil and gas fields. The Company's focus on mature, domestic oil
fields eliminates exploration risk, reducing costs, and provides
immediate generation of income in a niche market where larger
independent and major oil companies are not positioned to compete.