By correlating the well logs of the wells surrounding the first four drilling locations, Black Dragon said it is able to determine the depth of each well.
The Humble Project, located in Harris County, Texas, has been affected by the unexpected presence of sour gas.
After reevaluating the new operating cost to eliminate the sour gas in this operation, Black Dragon has decided to recoup the money invested by accepting a rescission offer.
The Humble Project managers have agreed to rescind the funds Black Dragon invested into the project and preparations for a closing are being expedited.
Black Dragon management also announced the contracts that were scheduled to be signed this week involving the sale of leases located in two of the oil and gas fields in Louisiana are in the process of being revised.
Black Dragon is an oil and gas exploration and production company currently engaged in the acquisition of mature, producing and existing domestic oil and gas fields.
