Black Dragon Resource Companies, Inc., specializing in the increase of production in crude oil and natural gas from wells, has restored sixteen wells as a result of Summit Resource Management’s interim leadership. Summit personnel have not assumed official corporate leadership roles with the Company, but have been integrally involved with the Black Dragon properties to facilitate a smooth transition.
President of Summit, John Martineck, updated Black Dragon Shareholders, saying, “We have been working diligently to identify the existing leases with the most potential for improvement with minimum effort and the least cost. This improvement has been achieved by simply utilizing the current monthly cash flows from existing operations and yet we were able to restore production at these sixteen wells on four leases.”
“The money needed to be spent on the minor work required to put these wells back into production should be repaid within two months. We are continuing to execute similar minor projects with the limited monthly cash flows presently generated by the Company, but are looking forward to the receipt of new funding required to perform a large number of workovers, recompletions, and new drillings warranted on the leases,” he continued.
President of Black Dragon, Mr. Lanza, noted that the Summit has been a significant assistance to the Company’s ever-improving operating efficiency and reiterated his intention to resign and his eager willingness to turn over full management control to the Summit Group upon receipt of the funding which he expects to obtain in the near future.
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