HOUSTON, TX -- (Marketwired) -- 04/09/13 -- Renaissance Offshore LLC, a privately held Houston-based oil and gas company, announced today that it has completed its acquisition of select Black Elk Energy assets, effective January 1, 2013. The acquisition consists of three operated fields at Eugene Island 331, Ship Shoal 219 and South Timbalier 314/317 with net production of approximately 950 boepd (90% oil).
This is the third acquisition Renaissance has made since its inception in December of 2011, building production to approximately 2,750 barrels of oil per day equivalent (75% oil). Renaissance has committed to two drilling rigs and plans to begin drilling in the second quarter of 2013, while continuing with workover programs and optimization work on the initial acquisitions.
"We are excited about this transaction and the breadth it brings to our portfolio," said Jeff Soine, Chief Executive Officer at Renaissance. "Keeping with our business philosophy of exploiting mature oil fields, this acquisition allows us to add three mature properties to our asset base that have had historical production of over 100 million barrels of oil and half a trillion cubic feet of gas. When combined with the talented team of professionals we have put together and our strong relationship with our partner Quantum Energy Partners, we believe the addition of these mature oil fields will leave us well positioned for the future and continued growth."
About Renaissance Offshore
Renaissance Offshore was founded in December of 2011, in partnership with Quantum Energy Partners, to acquire and redevelop legacy oil properties on the Gulf of Mexico shelf. Renaissance Offshore focuses on selective acquisitions of mature, oil-weighted properties and the redevelopment of those assets to unlock hidden value by deploying technology, capital and the collective experience of our seasoned management team. For more information on Renaissance, please visit www.renaissanceoffshore.com.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates, more than $6.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.
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