Continuing the story introduced in Epica (2003), it is the second and final record in Kamelot's two-part rock opera about Ariel (a character based on Heinrich Faust).

(The Haunting (Somewhere in Time)) Ariel leaves Mephisto, and wonders how all the pain he has caused could come about as a result of his good intentions in searching for the answers to the meaning of life.

(Interlude I: Dei Gratia) Realizing that his sins have prevented him from entering heaven, he begs God for forgiveness but hears no sign from Him.

(Nothing Ever Dies) This moment of total satisfaction brings into effect the contract that Ariel made with Mephisto, and thus his soul now belongs to the fallen angel.

(Memento Mori) With the story over, it is revealed that Ariel's tale is a playset for a New Year's Eve festival, similar to the framing device of Goethe's Faust.

(Interlude III: Midnight – Twelve Tolls for a New Day) The festival ends with a tribute to tragedy, comedy, and the cyclical nature of life.

Rewinding from "March of Mephisto" on some CD players reveal a couple entering a theatre and being told that they have "just made it to the second act", referring to The Black Halo as the second album in a two-part concept.