Black Elk Energy Expands its Reach in Gulf of Mexico
Submitted by: Advertas, LLC
Houston, TX (OPENPRESS) June 7, 2011 -- Black Elk Energy Offshore Operations, LLC, ("Black Elk"), an independent oil and gas company, announced today that it closed on its Purchase & Sale Agreement with a private equity company to acquire 40 fields with current production of approximately 8,200 net BOEPD. This acquisition includes a geographically diversified set of Gulf of Mexico assets with significant proved non-producing and proved undeveloped opportunities. This transaction represents the eighth acquisition by Black Elk since 2008. The purchase includes 399 wells, with an estimated 20 net million barrel equivalent of proven reserves.
"This acquisition shifts Black Elk Energy into the next level within the oil and gas industry. Black Elk has once again doubled in size within a very short time frame and this acquisition moves us into the top Quartile of Private E & P producers within the United States", says John Hoffman, President and CEO of Black Elk Energy. "Though I see continued growth for our company, our level of commitment to safety and the environment will not change as our portfolio expands. We will continue to apply our experienced exploitation skills to our enhanced asset base while fully-employing our operating expertise. This acquisition is a step forward in Black Elk's focus within the Gulf of Mexico and is consistent with our pledge to deliver resources to satisfy America's growing energy needs". Future drilling and recompletion projects within these new fields and current properties within Black Elk's asset portfolio hold substantial resource potential for the company and highlight a very positive road ahead.
About Black Elk Energy
Black Elk Energy, LLC is an independent oil and gas company headquartered in Houston, Texas. Black Elk Energy's seasoned industry executives have extensive exploitation experience and knowledge with a unique demonstrated track record of increasing reserves and production while lowering costs. Black Elk pursues properties in areas that meet defined investment criteria and that are under-capitalized. Our Team of professionals is dedicated to performing to the highest industry standards, operating within and beyond the requirements of the government, and maintaining its stance as a good corporate citizen.