Black Elk Energy Offshore Operations, LLC, an independent oil and gas company, announced yesterday 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.”
[mappress] Press Release, October 18, 2012