|By Marketwired .||
|April 3, 2014 03:19 PM EDT||
HENDERSONVILLE, TN--(Marketwired - April 03, 2014) - Black Gold Resources, Inc. (BGR) announced its acquisition of an additional 30% stake in the Sullivan Lease located in Pottawattamie County, OK, bringing its total stake in the lease to 50%. A Consulting Geologist has evaluated the lease's potential and concluded in his report, "... an estimated 51,000 barrels of recoverable oil reserves could be expected from the Simpson Dolomite formation of the Sullivan #1-32 well." BGR expects to initiate completion procedures in the coming weeks.
Black Gold Resources, Inc. is engaged in the oil and gas business, with operations located primarily in Oklahoma and Texas. The Company's ultimate strategic focus is the production of oil and natural gas, lease development, and the maximization of recovery resulting in the enhancement of reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. JG Forrester, President, stated, "BGR is pleased to have increased its position in the Sullivan Lease in Pottawattamie County, OK which further solidifies a substantial value and tremendous upside to the company and its partners. The completion efforts on the Sullivan should begin soon, and we couldn't be more excited about this prospect."
Black Gold Resources is a Tennessee based independent exploration and Production Company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in Oklahoma and Texas. Black Gold Resources and its experienced management team are poised to take advantage of the many opportunities that are present in today's energy markets. Black Gold Resources believes that with the stabilization of higher than average oil prices, it is well positioned to profit in today's booming energy market.
This press release may contain "forward-looking statements" defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
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