Black Dragon Resources acquires first major drilling rig
Black Dragon Resource Companies, Inc. has significantly increased its production capacity through the acquisition of a drilling rig for a purchase price of approximately $400,000 to be used at its Hosston Field and Pine Island properties. This drilling rig is being readied for service, and the necessary Salt Water Disposal wells and new infill production wells are expected by the company to be drilled during the fourth quarter of 2006.
According to Richard Michael President, ”The addition of this drilling rig which had an original cost of over $2 million, will provide significant cost savings over the next several months. We anticipate that the savings will exceed the rig purchase price in less than six months. There should be a significant increase in production both at Pine Island and the Hosston field resulting from this new drilling and utilization of the rig,” added Mr. Michael.”
Source: Oil Online
