The southern Louisiana properties were acquired by Black Elk Energy in January 2008 and initial production was achieved in February 2008 for first of the nine wells, at a rate of 50 barrels of oil and 2.5 million cubic feet of gas per day.
John Hoffman, Black Elk’s president and CEO, 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.
