Black Dragon has entered into negotiations with three other oil companies to drill 8 Cotton Valley Deep Wells. Recent company developments have put the company on the fast track to begin the drilling of its first Cotton Valley Well. The purpose of negotiations is to go over drilling terms and timelines with our potential drilling partners.
Cotton Valley is a deep well formation 8-12,000 feet in depth depending upon location and the zone can be 2-400 feet in thickness. The company's lease is adjoining a section where the largest Cotton Valley Deep Well in Shreveport was ever discovered. This adjoining property was originally drilled in the 80's and produced 35,000 mcf per day . The company is looking to acheive a 6,000 mcf per day minimum out of each of its 8 wells drilled. Cotton Valley Wells are know to be very prolific and have a life of 30-40 years.
Black Dragon expects negotiations with its partners to be complete by October, 2010. Black Dragon intends to have the first Cotton Valley Deep well drilled before the end of 2010.
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