Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) reported that it bought the remaining 50% Working Stake in the Woodrow Prospect in Northwest Montana, based within the Alberta Basin Bakken. Following the latest deal, the company now owns a 100% working interest in the Woodrow Prospect.
The company stated that lately a large part of the Alberta Basin Bakken’s production has been recorded from three fields that are located close to the Woodrow Prospect. Several industry players have made huge investment in the fairway’s southern region.
Last year in June, Black Stallion obtained a NI 51-101 detailed report from B.L. Whelan, P. Geo. on the Woodrow Prospect. The writer reviewed the technical data, reports obtained from the public domain and details from wells within the leases and presently producing wells in adjoining fields.
The Whelan report stated that the Woodrow Prospect offers numerous opportunities for probable success in gas and oil production across several prospective targets at shallow depths, and suggested an exploration program to be conducted on the leases to assess the potential hydrocarbon content of the different formations.
Last month, Black Stallion reported that it had finalized a Master Services Consulting Agreement with Sproule Associates Limited in connection with the firm launching a four-phase work plan on the prospect. The deal covers assessment of potential resources within the Prospect, and technical advisory services pertaining to the company’s work plan. Black Stallion expects Phase I to be concluded by end of this month.
George Drazenovic, the CEO said that they are fortunate to have bought the remaining 50% Working Stake in Woodrow prospect in a region with immense potential for domestic energy production and development. They are delighted to have Sproule’s team of experienced geophysicists, petrophysicists, engineers and geologists actively involved in designed work plan so that they can better evaluate the Woodrow Prospect’s potential.
Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) lost a major part of the recent gains on Friday as it finished the last trading session with a loss of 9.48%. The volume of the day at 465,000 was not that higher than the daily average of 402,000, keeping the notion of a normal correction or retracement alive. On the other hand, the broader trend being down, any rally becomes suspect automatically and any decline seems to be the most logical thing to expect. The only hope for the bulls would be the major support area around $0.80.