Black Elk Energy makes two discoveries in Texas

11/18/2013

Black Elk Energy makes two discoveries in Texas

HOUSTON, TX -- Black Elk Energy Offshore Operations, LLC, an independent oil and gas company headquartered in Houston, has announced two conventional pay discoveries in south Texas.

The first discovery tested in excess of 8,000 boepd while the second tested in excess of 3,000 boepd, which was primarily oil. Black Elk Energy expects the new wells to produce initially at a well allowable rate of 1,000 boepd and decline to 100 boepd by month 6 with total estimated ultimate recoveries of 300,000 barrels. Both discoveries will be online and producing this week.

Black Elk is in the process of acquiring a substantial land position to further exploit the success of these discoveries and a third exploration well began drilling on November 15, 2013. Each of the discoveries has proven multiple pay zones and Black Elk plans to initially focus on the objective horizon and plan development on the other pay zones in 2014. This substantial onshore play has the potential to more than double the company revenues in 2014 alone.

“This is a tremendous achievement and will greatly contribute to the Black Elk strategy of having a balanced reserve portfolio both onshore and offshore”, says John Hoffman, president and CEO of Black Elk Energy. “We have not disclosed details of the discovery due to the highly competitive nature of this conventional play, but we are planning for a phase 1 development of 120 wells which will primarily be developed over the next few years. We look forward to a successful road ahead.”

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