Black Dragon Ramps Up Production in 2010
Black Dragon has shown continued oil production growth throughout 2010 and intends to ramp up production significantly in the Fourth Quarter.
Production numbers by the Quarter for 2010:
- January- March production - 4770 barrels
- April- June production - 6536 barrels
- July- August (excluding September) - 4715 barrels
Company management estimates the company will produce 3061 barrels in September which would give Black Dragon 7776 barrels of oil production in the July through September quarter.
Management anticipates getting oil production well over 15,000 barrels in the 4th quarter bringing oil production to nearly 35,000 barrels for 2010. This will be accomplished by using its new system of putting 21 wells online minimum per month which will be achieved by having 3 rigs working in the field, each turning on at least 7 wells per month.
These numbers exclude the addition of the Humble EOR project to which the company is going to achieve a 25% working interest. The Humble Project has an estimated 1,500,000 barrels or greater of recoverable oil.
Next month the company will begin publishing its gas production numbers. Management has hired a team of experienced people to begin hooking up company wells that have excess gas. Black Dragon has already received permission from a gas partner to hook up company gas wells into their line.