The BHTC produces a season of 5 noon hour and 3 mainstage productions every year between September and April. Noon hour productions are free and run in the Theatre Program's Black Hole Theatre, an intimate 120 seat thrust theatre located in the basement of University College. The 3 mainstage productions run over a two week period in the months of November, January and March with 10 performances each. The November and March performances take place in the Black Hole Theatre. The January performances take place in the 230 seat Gas Station Theatre in the Osborne Village as part of the Manitoba Theatre Centre's Master Playwrights Festival.

The origins of the Black Hole Theatre Company begin with the formation of the U of M Dramatic Society in 1915 and a first production at the Walker Theatre. By the late 1960s, the Dramatic Society had evolved into the University of Manitoba Theatre Group with financial support from the University of Manitoba Student Union. The company performed in many venues around the campus and city, with its home base being the "Studio Theatre", a former floor hockey room in the basement of University College. By the early 1980's, this location had evolved into the current Black Hole Theatre.

As the Theatre Group continued to evolve its mandate, the group struck out on its own and formed the The Black Hole Theatre Company in the early 80s, shortly after the arrival of Dr. Chris Johnson of the U of M Theatre Program. The Company name was coined by then member, Bruce Michalski (Winnipeg Harvest) and Chris Johnson. The company's mandate was to remain self sufficient and rely primarily on Box Office revenue for income while at the same time providing both creative and technical training opportunities in theatre for students, staff, alumni and the general population. In keeping with this mandate, BHTC auditions are open to the entire university community and the general public.

With the exception of the Theatre Program teaching and support staff, the BHTC is made up of and staffed by roughly 140 students who are currently taking part in Theatre Program courses. The company's executive board is made up of current theatre students and faculty.

Since the early 1970's, the company has produced over 250 one act and full length productions with a number of these being original productions.

The Black Hole Theatre Company has seen many successes for itself and its alumni over the years. The Company has co-produced two productions with Videon Public Access (Shaw Cable) including the world premiere of Carol Shields' first play, Departures and Arrivals. The Company has co-produced with Prairie Theatre Exchange and was a founding participant in the annual Manitoba Theatre Centre's Master Playwrights Festival.

Black Hole Theatre Company alumni include playwrights Carol Shields, Governor General Award winner Ian Ross, Ross McMillan, actors such as Maria Lamont, Ari Cohen, and Anne Ross and film director, Guy Maddin.