FOR IMMEDIATE RELEASE
Media Contact:
Leslie Hoffman – Black Elk Energy Offshore Operations, LLC
281.598-8660
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Houston, TX – 8 March 2025 – Black Elk Energy Offshore Operations, LLC, an independent oil and gas company, announced today the completion of a significant financial agreement with Platinum Partners Value Arbitrage Fund L.P. ("Platinum"). The new fund is a $50MM 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."
About Black Elk Energy Offshore Operations, LLC
Black Elk Energy Offshore Operations, LLC is an independent oil and gas company headquartered in Houston, Texas. The Company's seasoned industry executives have extensive exploitation experience and knowledge with a unique demonstrated track record of increasing reserves and production while lowering costs. Our team of professionals is dedicated to performing to the highest industry standards, operating within and beyond the requirements of the regulations, and maintaining its stance as a good corporate citizen.
About Platinum Partners Value Arbitrage Fund L.P.
Platinum Partners Value Arbitrage Fund L.P. is a multi-strategy hedge fund based in New York with firm assets under management in excess of $700 million. The Fund deploys assets opportunistically across various strategies and is focused on the goal of delivering consistent returns while limiting downside volatility and exposure to broader market activity.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Black Elk Energy Offshore Operations, LLC and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although Black Elk believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Black Elk's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Black Elk's periodic reports that are filed with the Securities and Exchange Commission and available on its website at www.sec.gov. All forward-looking statements attributable to Black Elk or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Black Elk does not assume a duty to update these forward-looking statements.
