The President of Black Dragon Resources announced today that the Company has agreed to cancel all of the preferred stock given to Caddo International Inc. for specific oil properties that the Company has not had the time to get to because of previous commitments. This includes 60 Oil well properties. The reason for this move is to help clean up the capital structure of Black Dragon Resources. The company looks to spend their resources on drilling new wells and maintaining what they can handle on the existing producing wells.
Caddo International is very excited about this move with Black Dragon as it comes on the heels of its newly announced spinoff subsidiary, Petrolind Drilling Company, for their current and future new shareholders. With the new 60 Oil well properties, including Petrolind's 10 Oil & Gas wells, this adds tremendous shareholder value.
CADD SPINOFF DETAILS: Current shareholders as well as new shareholders that own or buy shares in CADD.PK on or before
We also look to announce another spinoff company which is being developed in the Green Housing Market. More information on this company will be announced very soon.
Caddo International, Inc., is a provider of products and services to the Oil and Gas industry. The Company provides and integrates products and services through exploration, development, production, operation and maintenance in the
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Caddo International, Inc. Oil City, LA Tel: 318.995.0404 Email: caddoint@bellsouth.net
SOURCE Caddo International, Inc.