Black Stallion Oil and Gas (OTCMKTS:BLKG) Pump Turns Painful
We have been warning about it for some time now and it finally seems to have come round to its inevitable outcome. The pump job targeting Black Stallion Oil and Gas (OTCMKTS:BLKG) is crashing and burning, with another 29% drop in yesterday’s session. The stock has so far lost 55% from its inflated high of $2.39 on Aug 13.
The company was targeted by paid pumpers Wall Street Report, through both an email campaign and a landing page set up on the promoter’s website. The emails disclosed compensation of $50,000 and the landing page listed $100,000 paid out to promote BLKG.
Until yesterday the most current information on BLKG’s financial situation was contained in the company’s Q1 report and the figures in that were downright disheartening. Yesterday BLKG put up its new Q2 financial report and here is what the new one contained:
- $239 in cash (two hundred and thirty-nine US dollars)
- $2.6 thousand in total current assets
- $20 thousand in total liabilities
- ZERO in revenues since inception
- $34 thousand in quarterly net loss
Miraculously, BLKG has even less cash on hand than it did back in March, when the filing listed $800 dollars. In light of those figures reported just yesterday, the pumper promises of the stock hitting ridiculous highs of $45 per share seem even more inane.
BLKG still has a lot of air beneath its feet and can potentially drop much further, as more people come online and find out that the company, which the promoter promised would very nearly be the next Exxon, actually doesn’t even have enough cash in the bank to buy an office computer, much less develop massive oil properties.
