Black Elk Energy Offshore Operations, LLC, an independent oil and gas company, announced the completion of a significant financial agreement with a New York-based hedge fund Platinum Partners Value Arbitrage Fund L.P. (“Platinum”). The new fund is a $50 Million preferred equity commitment to Black Elk’s 2013 drilling program in the Gulf of Mexico.
The 2013 drilling program includes a 23 well capital campaign that will begin monetizing the companies “proved undeveloped reserve” inventory. The launch of this development program will mark the beginning of a multiple year project.
“We are extremely excited to begin our drilling program”, says John Hoffman , President and Chief Executive Officer of Black Elk Energy . “We look forward to expanding our business and bringing added success to Platinum and our stockholders. With our team of experienced professionals, I am confident 2013 will be successful.”
“We are excited to continue our partnership with Black Elk Energy and look forward to future prospects” , says Mark Nordlicht, Chairman of Platinum . “ Black Elk Energy continues to demonstrate their track record of success and we are excited to begin the drilling program.”
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