Black Dragon Progress on JV Funding Yields $100 Million Investment
On January 2, 2008, Mr. Joe Lanza, President of Black Dragon Resource Companies, Inc. announced that negotiations with a Joint Venture Funding Partner, as previously announced last week, were close to being completed.
Mr. Lanza reiterated that the Funding Joint Partner has agreed to provide the Joint Venture with a significant investment of at least $100,000,000. He added that the Joint Venture Partner had just confirmed to its satisfaction that the Company's oil and gas reserves have a value of at least $2.7 billion dollars and that it was prepared to move forward with the transaction, subject to finalization of its audit, which should be completed within a week.
Mr. Lanza also reported that the Joint Venture Partner and the Company had agreed in principle to all terms of the Joint Venture Agreement, the completion of which is now subject only to Counsel's review.
Further, and perhaps most significant, Mr. Lanza reported that he had met with the proposed new management team who, according to Mr. Lanza, has the extensive experience in both oil and gas technology and in production management to ensure the success of the Joint Venture and the full and proper development of Black Dragon's extensive resources.
Mr. Lanza concluded by stating that he was most impressed with the proposed management team and upon the Funding of the Joint Venture and the finalization of all details of the Joint Venture that he believed his goal for the Company would have been realized and that he would promptly resign. All Black Dragon shareholders, he concluded, will be greatly benefited by the new Joint Venture structure, and with the expansion of Black Dragon operations, which could only increase shareholder value.
Management believes that all details of the Joint Venture will be finalized prior to the Annual Meeting on January 16, 2008, so that the matter could be considered by the Stockholders at that