Black Dragon Resource Companies Updates Texas Frac Sand Acquisition and Share Buyback Plans
Black Dragon Resource Companies (BDGR) confirmed that its acquisition of a frac sand property in Texas remains on schedule for completion within the previously announced 45-day timeframe. The company also plans to begin an open-market share buyback starting August 31, signaling progress toward capital management and resource development. An independent evaluation by Lonquist & Co. estimated approximately 50.8 million tons of 40/140 frac sand product within the property's evaluated extraction areas, with a total sand resource estimate of around 64.7 million tons. While Black Dragon has previously valued these resources at $1.5 billion, the Lonquist report does not include this valuation. Chairman Anthony Saviano will lead the share buyback initiative using company treasury funds. The completion of both the acquisition and repurchase efforts is expected to shift focus from technical evaluation toward commercial operations and capital strategy execution.
Tickers: $BDGR
Topics: frac sand acquisition resource development share buyback