[not verified in body] The "Black Horse" study began with a bar napkin at the White Sands Missile Range Officers’ Club on May 12, 1993.

The original concept was developed by then Air Force Captain Mitchell Burnside Clapp, who envisioned an aerial refueled, rocket-powered single-stage to orbit (SSTO) vehicle using jet fuel and hydrogen peroxide.

This concept seemed a natural match for the Air Force's TransAtmospheric Vehicle (TAV) mission and studies began at the USAF Phillips Laboratory.

[citation needed] During the winter of 1993–94, the U.S. Air Force's Phillips Laboratory conducted a six-week study with WJ Schafer Associates and Conceptual Research Corporation which developed the Aerial Propellant Transfer (APT) concept further.

Also, rather than push for the very high performance required to achieve true SSTO operation, the Black Colt was a suborbital vehicle, with the 1000-lb payload then being delivered to orbit by means of a Star 48V upper stage.