Black Stallion Oil & Gas Acquires Remaining 50% Working Interest in Montana Prospect
LOS ANGELES, Oct. 07, 2015 (GLOBE NEWSWIRE) -- Black Stallion Oil & Gas, Inc. (OTCQB:BLKG) (herein after "Black Stallion", "we", "our" and/or "the Company") has acquired the remaining 50% Working Interest (WI) in the 12,233-acre Woodrow Prospect in Teton county, northwest Montana, within the Alberta Basin Bakken fairway. The Company is pleased to confirm it now holds a 100% WI in the prospect.
In June 2014, Black Stallion received a NI 51-101 report from B.L. Whelan, P. Geo. ("the Whelan report") on the Woodrow Prospect. The author reviewed the available technical data, reports derived from the public domain and information from wells within the leases and currently producing wells in adjacent fields. The report concluded the Woodrow Prospect offers multiple opportunities for possible success in oil and gas production across multiple potential targets at shallow depths, and recommended an exploration program be carried out on the leases to determine the potential hydrocarbon content of the various formations.
On September 21, 2015, Black Stallion announced it had entered a Master Services Consulting Agreement ("the agreement") with Calgary-based Sproule Associates Limited ("Sproule") in connection with the Company commencing a four-phase work program on the prospect. The agreement includes estimation of prospective resources within the Woodrow Prospect, and technical advisory services relating to the Company's work program. The Company expects Phase I of the four-phase work program to be completed by late October 2015.
Black Stallion's CEO, George Drazenovic, commented: "We're fortunate to have acquired the remaining 50% Working Interest in such a large prospect in a region with this level of potential for domestic energy development and production. We're also fortunate to have Sproule's team of experienced geologists, geophysicists, petrophysicists and engineers actively engaged on our work program so we can better determine the Woodrow Prospect's production potential."
Over 80% of the Alberta Basin Bakken's production has come from 3 large fields that are within ~12 to 40 miles of the Woodrow Prospect. As interest has grown in the Alberta Basin Bakken over the past few years, major industry players have invested heavily in acquiring land in the fairway's southern region, close to the Woodrow Prospect. Among the major players in the Alberta Basin Bakken are ExxonMobil, Royal Dutch Shell and Occidental Petroleum, among others.
FOR ADDITIONAL INFORMATION
Read more about the Woodrow Prospect's targets and work program, and additional information about the Company and its latest press releases at the official Black Stallion website at http://www.blackstallionoil.com.
ABOUT BLACK STALLION OIL & GAS
Black Stallion Oil & Gas, Inc. (OTCQB:BLKG) is a publicly traded, Los Angeles, CA based energy exploration company focused on developing America's abundant shale oil and gas resources. Black Stallion is currently focused on the emerging Alberta Basin Bakken in northwest Montana, which lies due west of, and shares characteristics with, the prolific Williston Basin. Black Stallion has acquired a 100% Working Interest in the large 12,233-acre Woodrow Prospect in Teton county, northwest Montana, within the Alberta Basin Bakken fairway.
This press release may include certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Black Stallion's current projections and expectations in regard to future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Black Stallion's anticipated business prospects, strategies, new developments, financial performance and similar matters. Black Stallion disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits US companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured," "indicated," and "inferred resources," which the SEC guidelines prohibit US registered companies from including in their filings with the SEC. US investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from our website at http://www.blackstallionoil.com.
CONTACT: ON BEHALF OF THE BOARD OF DIRECTORS,
Black Stallion Oil & Gas, Inc.
George Drazenovic, CEO
633 W. 5th Street
Los Angeles, CA
(October 7, 2015 - 9:01 AM EDT)
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