Black Elk Energy Celebrates First Successful Year of Business
Black Elk Energy has celebrated its first anniversary in October. This rapidly growing producer was launched by John Hoffman, a seasoned energy industry executive of twenty-eight years. Prior to starting Black Elk Energy, Hoffman was Production Manager with Stone Energy Company where he managed offshore and onshore properties. Black Elk Energy was founded on the business strategy of acquiring "non-core properties" where upside potential exists but projects have failed to compete for capital.
During the first year in business Black Elk Energy has experienced dramatic growth, even while managing the production challenges from two hurricanes – Gustav and Ike. The company has also assembled a very strong team, from the field to the office. Highlights of the company's notable accomplishments include:
- Acquiring and rejuvenating the South Timbalier Block 8 Field in Louisiana state waters
- Acquiring a working interest in the West Cameron 66 field, also in Louisiana state waters
- Acquiring an extensive acreage position in Kansas in preparation for a large scale exploration program
- Completing a letter of intent to apply a new Gas-to-Methanol technology that will provide an alternative source of methanol, versus agricultural products
- Launching a major charitable program called "Empowering the Community" (www.EmpoweringtheCommunity.com), which will provide funds to support disadvantaged families in Louisiana
Black Elk Energy is in the final stages of a strategic alliance with a leading geosciences organization. This alignment will bring together that organization's superior capabilities and resources with the operations and engineering expertise at Black Elk Energy. This collaboration will leverage the core competencies of each company and enable greater overall effectiveness of both organizations.
"Our first anniversary represents an important milestone, but we are most excited about the plans for growth of the business in 2009 and beyond," said John Hoffman, President and CEO of Black Elk Energy. "We successfully overcame the challenges posed by the two storms, while proving our business model of rejuvenating under exploited properties. Black Elk Energy will now turn our attention to development of selected properties in the Midwest and diversifying the company’s offshore portfolio. I congratulate everyone on the Black Elk Energy team for their professionalism toward addressing challenges, working with our partners and customers, and achieving a prosperous year."