Black Dragon has put its Haynesville Oil Well Project into production. These wells are capable of producing 150 barrels per month.
The company believes these wells to be good candidates for solar technology driven pumps to tremendously decrease costs associated with pumping. This will allow for a much greater profitability for the project.
According to Scott D. Smith, Chairman and CEO, "Dragon continues to turn producing wells on as fast as possible to increase revenue for shareholders. Dragon also continues to focus on 21st century technologies which increase financial efficiencies associated with oil drilling and pumping. The above mentioned solar technology is new and exciting and we expect to announce a new development in regards to licensing it in the near future. Shareholders need to recognize that with offshore drilling becoming limited due to unfortunate developments in the Gulf Coast Region; Dragon's focus on increasing oil production on our existing onshore wells is timely."
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