Black Dragon Resource Companies Inc., Oil City, La., (Pink Sheets: BDGR) reports that a verbal agreement has been reached on the purchase of two of the company's oil and gas leases. Contracts are scheduled to be signed by Oct. 27. Upon closing of the transaction, company management will disclose the terms.
Additionally, company management reports it intends to put in a buy order for 1 billion Black Dragon shares at .0001. Black Dragon will buy back shares after each new well drilled has reached $100,000 in monthly revenue. Black Dragon will use 5% to 10% of all profits made as a long-term strategy to buy back common stock on the open market.
Black Dragon is 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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