The former chief executive of Black Elk Offshore Operations has left the firm to set-up shop for a new venture targeting under-capitalised assets.
Under his leadership, Black Elk deployed a “buy, shine, sell” strategy before participating in a mass company asset sell-off last month.
John, who has since launched P3 Petroleum, is now targeting acquisitions between $100million and $400million with assets in the lower 48 states.
The P3 Petroleum company leader said: “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.”