Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) submitted its quarterly report in August wherein it reported revenue of $0 recorded in the quarter completed June 30, 2015 compared to zero revenue in same quarter, a year earlier.
As of June 30, the company reported total liabilities of $20,571, stockholders’ deficit of $7,331, we had total current assets of $2,697 compared to total liabilities of $10,929, stockholders’ deficit of $32,360 and total current assets of $26,568 in the preceding quarter ending December 31, 2014. Black Stallion reported working capital deficit of $17,874 versus $15,639 working capital deficit as of December 31, 2014. The decline in cash reserves and increase in accrued liabilities as well as accounts payable resulted in large working capital deficit.
Black Stallion was incorporate in Delaware State on September 14, 2011. The company’s prime focus is to extend its operations in the field of gas and oil exploration, purchase and develop gas and oil assets and sell gas and oil produced in respective regions. The company plans to identify and lease existing wells for production of gas and oil that company intends to sell through an operator, to gas and oil gatherers and brokers. The gas may be offered directly to public utility firms. .
Black Stallion prime focus for 2015 will be to pursue purchase of leases and/or existing gas and oil wells which have production potential, if revenues warrant. Currently, they are examining gas and oil exploration prospects in the Rocky Mountain States, specifically in Colorado, Montana and Wyoming. Effective February 2014, the company finalized a lease assignment contract with West Bakken Energy Holdings, Ltd, following which the company possess an undivided entire stake in certain oil and gas properties in Montana.
Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) opened with a gap down at $1.66, much lower than the previous day’s closing price of $1.73 but managed to recover all the intraday loss to close the session with a nominal gain 0.58%. The volume for the day at 359,000 was lower than the daily average of 498,000 but it can be expected to increase in the coming days if the price can extend its rally. The hope of the bulls at this emerges from the trendline support the day low took place on, as visible from the chart attached.