Black Dragon Net Income for the First Two Quarters of 2009 Was Up 14%admin
Thursday, August 20th 2009
Black Dragon Resource Companies, Inc.’s Dr. Gerald Bailey, CEO of Black Dragon, stated that net income for the first six months was $546,443, compared to 2008 of $477,470. This is a 14% increase. Oil and gas income was down 68% compared to 2008. Savings were achieved in administrative expenses which were down 78%, primarily due to non-recurring legal expenses from 2008.
The large drop in oil prices over this comparative period had a significant negative effect on income. Production was impacted by natural well production decline, along with unseasonably severe weather in the operating area which hampered maintenance operations efficiency. Both oil prices and weather are forecast to improve and should enhance the second half 2009 results. The full first six months 2009 report of financials will be posted this month on pink sheets.
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.