Black Elk Energy Offshore Operations, LLC Announces Major Gulf of Mexico Drilling Program
Submitted by: Black Elk Energy
Black Elk Energy Offshore Operations, LLC, an independent oil and gas company, announced today their Board of Managers has approved a 23 well capital campaign that will begin monetizing the companies "proved undeveloped reserve" inventory.
Houston, TX (OPENPRESS) October 18, 2012 -- Black Elk Energy Offshore Operations, LLC, an independent oil and gas company, announced today their Board of Managers has approved a 23 well capital campaign that will begin monetizing the companies "proved undeveloped reserve" inventory. Black Elk Energy plans to begin drilling and major rig work on the first of the 23 wells beginning in November of 2012. The program's development costs are projected below $12/boe. The launch of this development program will mark the beginning of a multiple year project.
"We are excited to expand our strategic focus to include development drilling", says John Hoffman, President and Chief Executive Officer. "We celebrated our five year anniversary this month and we are well prepared to begin an ongoing development campaign with our team of experienced professionals. I'm proud of our accomplishments and external recognitions such as 'best places to work', 'top workplaces' and the recent 'INC 500 fastest growing companies in the U.S'. We will continue to strategically acquire assets that fit our specific criteria and look forward to another exciting year in 2013. I know that our team is well-equipped for a successful road ahead."
About Black Elk Energy
Black Elk Energy Offshore Operations, LLC is an independent oil and gas company headquartered in Houston, Texas. The Company's seasoned industry executives have extensive exploitation experience and knowledge with a unique demonstrated track record of increasing reserves and production while lowering costs. Our team of professionals is dedicated to performing to the highest industry standards, operating within and beyond the requirements of the regulations, and maintaining its stance as a good corporate citizen.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Black Elk Energy Offshore Operations, LLC and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although Black Elk believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Black Elk's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Black Elk's periodic reports that are filed with the Securities and Exchange Commission and available on its website at www.sec.gov. All forward-looking statements attributable to Black Elk or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Black Elk does not assume a duty to update these forward-looking statements.