Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) released its quarterly report in August month wherein it disclosed revenue of $0 generated in the quarter ended June 30, 2015 against to zero revenue in same period, a year earlier.
The financials
As of June 30, Black Stallion reported $20,571 in total liabilities, stockholders’ deficit of $7,331, and $2,697 in total current assets against total liabilities of $10,929, $32,360 in stockholders’ deficit and total current assets of $26,568 in the earlier quarter completed December 31, 2014. The company stated that working capital deficit jumped to $17,874 from $15,639 as of December 31, 2014. The drop in cash reserves and jump in accrued liabilities as well as increase in accounts payable prompted to large working capital deficit.
The buzz
Black Stallion was established in Delaware State back in September 2011. Its main focus is to extend its business operations in gas and oil exploration, buy and develop gas and oil assets and sell oil and gas produced in same regions. The company wants to spot and lease existing wells for gas and oil production that company intends to offer through an operator, to various oil and gas brokers and gatherers. Black Stallion stated that the gas may be supplied directly to public utility firms.
The target
Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) main objective for 2015 will be to carry out purchase of leases of assets which have production potential. Currently, they are identifying gas and oil exploration prospects in Colorado, Wyoming and Montana. Effective February 2014, the management finalized a lease assignment deal with firm West Bakken Energy Holdings, Ltd.
In last trading session, the stock price of Black Stallion declined more than 4% to close the trading session at $1.67. The decline came at a share volume of 182,026 compared to average monthly share volume of 368,192.
