It was announced early last week that Black Dragon has acquired a 6.25% working interest in the Humble Salt Dome EOR Project located near Houston, TX. The plans for this project include drilling five well patterns each of which are producers initially, and once production slows, a centrally located well will be converted to an injection well, optimizing recovery percentages for the remaining four wells.
Chairman and CEO Mr. Scott D. Smith stated, “that the recently drilled Paluxy well, in which Dragon acquired a small overriding royalty interest, has flushed in around 15 barrels per day. Also, Dragon has contracted a company to complete the two recently drilled gas wells on the 640 acre lease, via air drilling. These gas wells must be completed in this manner to minimize the risk of excess salt water disposal costs that can easily remove profitability from this type of well.”
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Black Dragon is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to recomplete additional shallow producing wells and to expand its focus to include drilling of new wells some to deeper levels and to purchase additional leases.
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