September 1, 2009 (FinancialWire) — Dr. R G Bailey announced that the management of Black Dragon (OTC: BDGR) is looking at several joint ventures where Dragon might be able to reach agreements in which Dragon would be carried without any dilution to the shareholders. Participation in attractive ventures provides more opportunity to enhance Dragon ownership in more production.

One of the joint ventures involves a 50-acre salt dome play with first rights to develop several other adjacent acreage plots after the first project is underway. This project could result in 12 wells, producing some 200 plus barrels a day using new enhanced oil recovery technology. Dragon will seek to acquire a majority interest in the project, depending on available percentages. Dr. Bailey has discussed this with a group who are willing to put up the funds for a percentage of the prospect and some restricted shares. Further information will follow whenever a firm position is in place.

While the aforementioned negotiation is only in the formative stages as of this date, it is pertinent that shareholders be aware of concerted efforts by Black Dragon to use innovative means, both with internal improvements and with external partners, to achieve increased oil production. EOR technology has the potential to be a major contributor in existing holdings for improving the recovery of thousands of barrels of previously by-passed oil in stripper fields of the type operated by Black Dragon.

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