Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) reported that it will commence a detailed exploration plans on a Woodrow Prospect based in Teton county, Northwest Montana. In the coming weeks, the company plans to engage leading industry experts and several third-party companies and suppliers. They will work to assess and gather all possible information needed to progress with identification of drill targets on the asset. A detailed exploration plan will be designed in the near future.
Last year, Black Stallion obtained a report on the Woodrow Prospect, which stated that the Woodrow Prospect presents multiple opportunities for potential gas and oil production in various prospective targets at shallow depths. The CEO George Drazenovic said that firstly, they are fortunate to have obtained the right to get ownership in such a significant prospect, mainly in an area with this level of prospect for domestic energy production and development.
The prudent approach
The CEO further added that they have taken a calculated approach before beginning the exploration plan due to the chaotic markets in late 2014 and earlier in this year. With that, the management feels confident that it is right time to move forward with this exciting project. Consequently, the company intends to be releasing updates as the plans become clearer in the coming period.
As per the American Association of Petroleum Geologists, the Alberta Basin Bakken is a remarkable new Bakken Shale asset. At present, more than 80% of the production in the region has come from three large fields. These fields are located within twelve to forty miles of the Woodrow Prospect. The interest is growing in the region and industry players are investing huge amounts to buy land in the region.
In last trading session, the stock price of Black Stallion surged more than 11% to close the trading session at $2.10. The gains came at a share volume of 607,600 compared to average share volume of 56,945.