John Hoffman, former CEO and president of Black Elk Energy Offshore Operations LLC, launched P3 Petroleum LLC, an independent company specializing in undercapitalized assets, P3 Petroleum said Sept. 24.

The Houston-based company will target domestic acquisitions between $100 million and $400 million, the company added.

Former members of Black Elk Energy’s management team established P3 Petroleum with Hoffman, P3 Petroleum said.

Hoffman has more than 35 years’ experience in the industry, and collectively, the former Black Elk Energy management team has more than 250 years’ experience, the company noted. Hoffman received the Ernst & Young Entrepreneur of the Year-Gulf Coast Area award. He was also recognized by Who’s Who In Energy and the TX Top Producers CEO category, the company added.

“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,” Hoffman said.

“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,” he added.