OREANDA-NEWS. Black Elk Energy Offshore Operations, LLC (“Black Elk Energy” or “Company”), an independent oil and gas company headquartered in Houston, announced that on September 16, 2013, they entered into a subscription agreement with Asiasons Capital Limited (“Asiasons”), an alternative asset and management firm with headquarters in Singapore for the sale of 9,9 60,159 Class B Units of the Company for an aggregate purchase price of USD 50,000,000. This agreement was based on a fixed exchange rate of USD 1.00 US Dollar for SUSD 1.27 Singapore Dollars.

Asiasons will fund their purchase with issuance of USD 56,697,304 of their new ordinary shares, which are listed on the Official List of the Singapore Exchange (“SGX ST”).

The issuance of the Class B Units is subject to customary closing conditions, including satisfactory completion by Asiasons of financial, legal and operational due diligence of the Company, accuracy of representations and warranties, and listing approval of the ordinary shares on the Singapore Exchange.

On September 18, 2013, Asiasons shares opened on the Singapore Exchange at USD 1.41 and rallied to USD 2.08 before closing at USD 2.05.

Black Elk Energy is focused on strategic growth and continuing to evaluate acquisition opportunities. The company recently completed the 7th capital project in a 10 project campaign for 2013 and has outlined a similar capital program for 2014.

Asiasons is highly vigilant of the excellent opportunities arising in the oil and gas industry. This agreement allows Asiasons to participate in the oil and gas sector which will enhance their long term shareholder value.

“I am very pleased that Asiasons has selected Black Elk Energy as the desired investment company for their entry into the oil and gas industry,” says John Hoffman, President and CEO of Black Elk Energy. “We look forward to this partnership with Asiasons and bringing long-term value to their firm and shareholders.”