Black Dragon Resource Companies Inc. Announces Reduction in Authorized Shares
22 Octubre 2010 - 12:56PM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR) is pleased to announce today that the company
will reduce the Authorized shares from 100 Billion to 25 Billion.
Company management recently increased the authorized shares to
100 Billion to satisfy a debt holder. With the verbal commitment on
the selling of the two leases, the note holders have agreed to
increase their debt-holding period for an additional
year.
With this concession, management feels that they can now reduce
the authorized back to 25 Billion once the terms are
signed. The mean Company's market value is approximately $2.5
million at $0.0001, while the company's asset value is $14-18
million.
Management recently announced its plans for a Share Buyback. The
company is committed to reducing its share structure in an effort
to increase shareholder value.
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.
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may
constitute forward-looking statements within the Private Securities
Litigation Reform Act of 1995 and the federal securities laws.
Although the Company believes that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions at the time made, it can give no assurance that its
expectations will be achieved. Readers are cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements are inherently subject to unpredictable and
unanticipated risks, trends and uncertainties such as the Company's
inability to accurately forecast its operating results; the
Company's potential inability to achieve profitability or generate
positive cash flow; the availability of financing; and other risks
associated with the Company's business. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
CONTACT: Black Dragon Resource Companies, Inc.
Investor Relations
913-226-3818
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