FOR IMMEDIATE RELEASE
Houston, Texas - September 24, 2014 – John Hoffman, former CEO & President of Black Elk Energy Offshore Operations, LLC ("Black Elk Energy" or "Company"), announced today the launch of P3 Petroleum, LLC, ("P3 Petroleum") an independent oil and gas company with a focus on undercapitalized assets. Mr. Hoffman departed from Black Elk Energy following their August sale of a significant amount of the Company's assets. John, along with key members of the former Black Elk Energy management team left to establish P3 Petroleum to pursue a similar strategy.
John Hoffman, Chief Executive Officer of P3 Petroleum, commented "After successfully executing our 'buy, shine, sell' strategy at Black Elk Energy, P3 Petroleum is combining industry experience and knowledge to deliver outstanding results over the long term. We will implement the appropriate technology with the flexibility of a small entrepreneurial company which will enhance our competitiveness. The combination of the team's individual competencies and oil and gas background together with a disciplined technical decision-making process provides the basis for building a portfolio of quality targets to ultimately deliver success."
P3 Petroleum's purpose is to create long-term shareholder value through acquiring the right assets, developing these assets to their full potential and marketing these natural resources. P3 Petroleum is targeting acquisitions between $100 million and $400 million with assets in the lower 48 states.
Mr. Hoffman will lead P3 Petroleum with over 35 years of industry experience. His abilities have been recognized by his peers several times throughout the years. Mr. Hoffman was awarded the Chairman's Award for Operational Excellence and the Charles E. Braithwait Leadership Award for excellence in community action and humanitarianism. Further distinguishing his superior business skills, Mr. Hoffman was honored as a winner of Ernst & Young Entrepreneur Of The Year® Gulf Coast Area Award, Who's Who in Energy and the TX Top Producers CEO category. Mr. Hoffman is joined by a select group of his most trusted experts who collectively have over 250 years of experience.
About P3 Petroleum, LLC
P3 Petroleum, LLC ("P3 Petroleum") is an exploitation and production start-up focused on oil and liquid-rich natural gas opportunities in the lower 48 states. P3 Petroleum's focus will be value creation through utilizing horizontal, multi-stage completion technology, supplemented by strategic acquisitions. P3 Petroleum always puts safety first and makes people a priority. P3 Petroleum embraces openness, trust, teamwork, diversity and relationships that are mutually beneficial. Our main focus is People, Planet and Profit. Our purpose is to create long-term shareholder value through acquiring the right assets, developing these assets to full potential and marketing our natural resources.
We are inclusive and build pride and loyalty in our workforce. Our ability to grow our organization safely and in an environmentally responsible way is core to our business. Sustainability is part of P3's business model and is integrated in all company processes including planning, reporting, risk management, implementation and communication with internal and external stakeholders. (www.p3Petro.com).