Black Dragon Increases Oil Flow at Humble Project
Black Dragon announced that the company is beginning the process of using its patented chemical to greatly increase oil flow figures on the Humble Project. By forcing the chemical down a centrally located well via pressurized steam into the extremely porous Miocene Sand Formation, the chemical will break loose and thin the oil which is embedded in the sand and force it toward the surrounding production wells, stimulating output numbers to an estimated 50 BOPD per well. The chemical has proven to retrieve up to 94% of the hydrocarbons in the ground leaving only 6% left in the well, meaning we can recover a majority of the proven reserves.
By being able to recover 94% of the hydrocarbons in the ground the value of our proven reserves has increased substantially, which is expected to increase the value of the pv-10 in the marketplace. Dragon can now maximize the return of its hydrocarbons on its existing wells.
According to Scott D. Smith, Chairman and CEO, "Dragon is using a chemical that has been proven to increase oil production flows on oil wells exhibiting the traits associated with our Humble EOR project. We are very excited to begin this part of the project and look forward to reporting significant increases in oil flows to shareholders in the near-term. Dragon remains committed to shareholder value and projects such as the Humble EOR project will prove extreme diligence equates to intrinsic value for our loyal shareholders."