Black Elk Energy Restores Production at South Timbalier Block 8, 9
Black Elk Energy, a recently formed limited liability company with offices located in Houston, Texas, and in New Orleans, Louisiana, has restored production at South Timbalier Blocks 8 and 9. The Southern Louisiana properties were acquired on January 29th and initial production was achieved on February 16th for first of the 9 wells, at a rate of 50 barrels of oil and 2.5 million cubic feet of gas per day.
Black Elk's President and CEO John Hoffman said, "This is the first step in an ambitious and well-planned strategy, based on an innovative business model. As a new company, we have taken the best of industry business models to create a uniquely efficient and effective organization with exceptional capability. We are applying this capability in a special niche of the marketplace. The specific combination of key technologies, knowledge and capability is proving to be a great formula for success." Hoffman added that a key part of the company's strategy is to acquire properties with additional development opportunities that are consistent with Black Elk's specific risk profile.