CEO Mr. Scott D. Smith made an announcement yesterday, January 7, 2010 that Dragon is going to increase its position in the Humble Salt Dome EOR Project from 6.75% to 16% by the end of next week.
"Drilling has begun on the initial well in the primary 5 well pattern. This project has excellent potential for production and also utilizes top tier technology. I feel that this project will be a major turning point for Black Dragon because it creates a working relationship with other companies that have patented technology that Dragon could benefit from, as well as the fact that is gets Dragon involved in additional oil and gas fields above and beyond our norm," stated Mr. Smith.
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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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