Range Resources Ltd

Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS) and AIM-listed (AIM: RRL) exploration and production company with assets in Texas- U.S, Republic of Georgia, Trinidad and Puntland- Somalia.
 
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leatherneck



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Join date : 2010-06-24

PostSubject: Cotton valley(Just to show whats there)   Sat Jun 26, 2010 4:21 pm

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Home>Oil & Gas News,> North America,> Black Dragon Begins European Funding Negotiations for Cotton Valley Formation.Black Dragon Begins European Funding Negotiations for Cotton Valley Formation
Thursday, May 27, 2010
OIL CITY, La., May 26, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource.

Companies, Inc.'s ("the Company," "Dragon") (Pink Sheets:BDGR) Chairman and.

CEO, Mr. Scott D. Smith is pleased to announce that the company has a moved.

forward with its commitment from interested European investors to fund its.

Cotton Valley well drilling program. Meetings are scheduled in Europe in the.

next 2 weeks to finish negotiations with our potential European partners..

This project will couple an aggressive acreage acquisition program with the.

640-acre lease that Dragon has already in our inventory..

The two shallow wells drilled on this property in December will be tied into.

a pipeline for gas sales in the near term, as they show good pressure at the.

well heads. Drilling the Cotton Valley strata on this particular 640-acre.

parcel is a very attractive investment, because a major oil & gas company.

drilled a very successful Cotton Valley well on contiguous acreage. This.

proven well, which was drilled in 2007, flushed in at almost 12 million.

cubic feet of gas (MMCF) per day, and continues to be highly productive to.

date. BDGR hopes to mirror this well's results, with its adjacent acreage,.

as the Cotton Valley is a blanket formation covering much of East Texas and.

Northwest Louisiana with depths ranging from 9,000-12,000 feet, depending on.

location. 12 MMCF per day equates to approximately $1,440,000.00 in gross.

revenue per month at $4.00 natural gas prices. The proposal includes up to.

eight Cotton Valley wells with a turnkey cost of $30,000,000.00 --.

$35,000,000.00; however, upon completion of all eight wells, revenues could.

gross $107,200,000.00 in the first year..

According to Scott D. Smith, Chairman and CEO, "The potential to derive.

revenues for shareholders from this project is enormous. Gas wells can have.

lives in the tens of years and this one project alone long term could equate.

in well over 1 billion dollars in revenue. We are excited to have found.

partners who share our vision and look forward to a solid relationship.

forming between our two groups.".

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..

.

Source: Globe Newswire.
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