Black Dragon Moves to Avert Possible Hostile Takeover
Black Dragon Resource Companies management on Tuesday announced that the Board of Directors has unanimously voted to take the proper measures, including buying shares in the open market, to thwart a possible hostile takeover attempt.
Management believes that the recent decline in stock price is due to a group who is looking to orchestrate a hostile takeover. The recent $.05 share price has the Company valued in the mid $4 million range. Management considers this to be a ridiculously low figure, when one takes into account Black Dragon's current production.
"Black Dragon management has started to buy shares in the open market and will, if at all possible, retire 10% of outstanding shares, in order to fight off this takeover bid and get the value of the stock back where it belongs," stated Joe Lanza, CEO of Black Dragon.
Black Dragon Resource Companies, Inc. is an oil and gas Production
Company focused on the acquisition of mature, producing and existing
U.S. oil and gas fields.