A privately held oil and gas company based in Houston has completed the acquisition of select Black Elk Energy assets. Renaissance Offshore LLC would integrate the three operating oil fields located in Eugene Island 331, Ship Shoal 219 and South Timbalier 314/317.
The three assets has a projected oil production of 950 barrels of oil per day. The oil is 90% pure and this is the third acquisition made by Renaissance since its establishment back in December 2011. Aside from the investment, it would also be committing two drilling rigs and plans are underway to commence drilling by the first half of 2013.
According to Jeff Soine, CEO at Renaissance, "We are excited about this transaction and the breadth it brings to our portfolio. 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."
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