Oil City, La.-based Black Dragon Resource Companies Inc. (Pink Sheets: BDGR) reports that it will reduce its authorized shares from 100 billion to 25 billion. Black Dragon management recently increased its authorized shares to 100 billion to satisfy a debt holder. Due to the company's verbal commitment to sell two undisclosed oil and gas leases, however, the note holders have agreed to increase their debt-holding period for an additional year.
Black Dragon's market value is approximately $2.5 million at $0.0001 per share, and its asset value is between $14- and $18 million. The company is committed to reducing its share structure in an effort to increase shareholder value.
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.
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