Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) reported having hired Calgary-based Sproule Associates Limited in connection with it initiating a four-phase work plan on its Woodrow Prospect based in northwest Montana.
The company finalized a Master Services Consulting Deal with Sproule on September 16, allowing Sproule’s team of expert and experienced petrophysicists, engineers, geologists and geophysicists to commence work on the program immediately. The deal includes assessment of potential resources within the Woodrow Prospect, and procedural advisory services pertaining to Black Stallion’s four-phase work plan. The company projected the completion of Phase I of the designed four-phase work program in the next month.
The management comments
George Drazenovic, the CEO of Black Stallion, said that they engaged Sproule for this advisory capacity and assessment because they are famous as a renowned petroleum consulting entity with highly skilled staff and an outstanding reputation with the financial group. While company’s technical team is encouraged by its review and assessment of the available data, as they commence work program, the shareholders can expect the results of another independent assessment of the Woodrow Prospect’s potential in coming weeks.
Black Stallion reported that it is going to be a four-phased program. In it the first phase will focus on the initial regional assessment of prospect. The phase two will focus on enhanced technical studies summarizing drilling recommendations and prospect identification.
Then in the next phase, the focus will shift on drilling and completion recommendations, primarily finalizing plans for drilling and completions. The last phase will include drilling and completion activities of the well. Predominantly, Phase 1 will focus on the discovery of the most potential reservoir zones and probable reservoir parameters.
Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) had been a in a small contracting range for the previous 3 sessions and the last session saw a breakout attempt that failed at the end of the day though the stock closed with a gain of 4.84%. The day high took place at $1.52, which was very close to the trendline resistance, pushing the price down in the last 2 weeks. The price rejection there was strong enough to push the price almost 14% down by the closing from the day high. The probability of a retest of $0.80 levels gets stronger with every passing day.