Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) Sinks Like a Brick
The pump job that was targeting Black Stallion Oil and Gas Inc (OTCMKTS:BLKG) has been dead and gone for almost a full month now. Without its support, the ticker is slipping and sliding out of control. Shortly before the closing bell yesterday a volume spike pushed the price to a close 23% in the red, to its lowest close for the past six months.
The pump for BLKG started in early August, disclosing a pretty hefty compensation by 2015 standards amounting to $50,000 paid by third party Pansino Investments to advertise the stock. The initial pump emails came at a point in time where BLKG had already climbed to over $2 per share. It only took a handful of days for the promotion to send BLKG over 50% down the chart, all the way down to $1.06.
Another volley of pumps came as the stock bounced from the horrid crash, only to start its nearly constant stampede down the charts in September and October. The last email that tried to persuade people that BLKG is a great investment despite its dreadful chart performance came on October 8, following up on an official press release from the company.
Here is the last reported balance sheet of the entity, which the pumpers describe as a “superstar company”:
- $236 (two hundred and thirty-six US dollars) in cash
- $7 thousand in total company assets
- $20 thousand in total liabilities
- ZERO revenues since inception
- $34 thousand in quarterly net loss
Those numbers, combined with the pumps speak volumes without the need of any additional commentary. BLKG did put up an 8-K filing only yesterday, disclosing the issuance of over 660 thousand units consisting of one share of common stock and one warrant. This brought total proceeds of $550 thousand – a much needed infusion, but hardly anything that could alter the grand course of things.
Long story short, everyone who bought during the pump campaign is now looking at losses reaching up to 73% for those unfortunate enough to buy right before the first crash.
