P3 Petroleum LLC has been launched as an exploitation and production startup focused on oil and liquid-rich natural gas opportunities in the Lower 48 states of the US.
The company says it will utilize horizontal, multistage completion technology, supplemented by strategic acquisitions. It plans to spend $100-400 million on assets.
The company is led by John Hoffman, former CEO and president of Houston-based Black Elk Energy Offshore Operations LLC. He’s joined by several members of the former Black Elk management team.
Hoffman departed Black Elk following its August sale of seven operated and one non-operated assets in the Gulf of Mexico to Renaissance Offshore LLC for $149.2 million. Those assets represented a significant portion of Black Elk’s cash flow, proved reserves, and production.
“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,” Hoffman said. “We will implement the appropriate technology with the flexibility of a small entrepreneurial company, which will enhance our competitiveness.”