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Black Gold Gas & Oil, Inc. (fka BKGD) RSS Feed

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Created
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Black Gold Gas & Oil is a recently formed natural resources and exploratory gas and oil production company. The corporation acquires companies that develop and operate oil and gas production and exploration, timber production and manufactures and sells oil and gas drilling equipment. Formed by the merger of two existing organizations to take a position as one of the exciting new style energy exploration and development companies currently being organized in the US. Initial Project CHEROKEE BASIN OIL and COALBED METHANE PROJECT The first project is the producing oil and gas properties and related mineral rights on approximately 8,000 acres from a single operator in the Cherokee Basin of Southeastern Kansas. This producing acreage will be further developed with infill drilling for coal bed methane gas ("CBM") and approximately 50 work-overs of existing oil and gas wells throughout the acreage. Upon completion, the project will produce from 60 new CBM wells, 78 oil wells, and 23 existing CBM and conventional natural gas wells for a total of 161 producing wells. Phase I of Black Gold's present oil production is 77 BOPD. At $48/bbl that is $111,880/mo. Present gas production is 425MCF/day at $7/MCF that is $89,250/mo. Total present income is $200,130/mo. This does not include income from the 5 new gas wells that tested near 200MCF/day each. Also two new offsets to the 25 BOPD oil well have been drilled and are presently being completed. The value of Phase I is approximately $120,000,000. This also does not reflect production from workovers, new drilling, or pipeline. Company to continue to grow and expand through acquisition and product expansion, which could dramatically increase Black Gold's future revenue. Phase II and Phase III exploration and production along with the purchasing of the leases in the area should take Black Gold's revenues in oil and gas production along with income from its pipeline well into the hundreds of millions of dollars. Argentina Timber Project The timber project will be the first project which Black Gold will bring into operation. The first tract is 134,000 hectares of land with a land value of over $400 per hectare and over $500,000,000 of hardwoods. The woods include pines, eucalyptus, willows, cottonwoods and other types of hardwoods which carry a wholesale value of well over $1,000,000,000 (one billion USD). Black Gold Gas & Oil, Inc. is a Florida Corporation. The Company was organized as an Ontario corporation under the name of First Pioneer Maintenance and Supplies Inc. on November 10, 1994. On March 5, 2005, First Pioneer merged with Black Gold Gas & Oil, Inc., a Florida corporation, with Black Gold being the surviving entity. In November of 2005, Black Gold entered into an agreement with Asset Utilization Services LLC ("AUS"), a major shareholder of Black Gold for the acquisition of working interest in certain oil and gas producing properties through Foster Oil and Gas. Black Gold also entered into an agreement with AUS to purchase all the existing shares of CRISTAL for the acquisition of approximately 130,000 hectares of and land and timber. CRISTAL is an Argentinean company At present, the Company has 100,000,000 shares of common stock issued and outstanding of which 6,250,000 are freely tradable.
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