P3 Petroleum launched as new E&P firm

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.”

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 chief executive officer 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 nonoperated 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,” said Hoffman, adding, “We will implement the appropriate technology with the flexibility of a small entrepreneurial company, which will enhance our competitiveness.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...