Exhibit 99.1

Black Elk Energy Offshore Operations, LLC Reports First Quarter 2012 Financial and Operational Results

Houston, May 11, 2012

Black Elk Energy Offshore Operations, LLC today announces financial and operational results for the first quarter of 2012. Some of the highlights include:

John G. Hoffman, Chief Executive Officer and President, stated, “We continue to reap the benefits of our production optimization programs initiated in the winter of 2011 increasing both production and reserves. We have a disciplined focus on operational synergies which help to drive down field costs and make us a strategic operator in the Gulf of Mexico. With the price of oil and the premium we receive for it offshore, we are deploying our efforts on several oil-based drilling and exploitative projects while continuing to be active in the acquisition arena.”

Financial Results

Production

Oil and natural gas production. Total oil, natural gas and plant product production of 1,550 MBoe increased 566 MBoe, or 58%, during the three months ended March 31, 2012, compared to the same period in 2011. The increase in production during 2012 was primarily a result of properties acquired in the Maritech Acquisition in February 2011 (32 MBoe) and the Merit Acquisition in May 2011 (558 MBoe).

Revenues

Total revenues. Total revenues for the three months ended March 31, 2012 of $76.2 million increased $51.7 million, or 211%, over the comparable period in 2011. The increase in revenues during 2012 was a result of increased production related to the properties acquired in the Maritech Acquisition ($2.1 million) and the Merit Acquisition ($28.7 million) and higher oil prices which were partially offset by lower natural gas prices.

We entered into certain oil and natural gas commodity derivative contracts in 2012 and 2011. We realized a gain on these derivative contracts in the amount of $1.5 million for the three months ended March 31, 2012 and realized a loss of $0.3 million for the three months ending March 31, 2011. We recognized an unrealized loss of $6.7 million for the three months ended March 31, 2012 and an unrealized loss of $31.0 million in the same period in 2011. Revenues, excluding the realized and unrealized revenues from commodity hedge contracts, increased $25.6 million, or 46%, for the three months ended March 31, 2012 compared to the same period in 2011 as a result of increased oil, natural gas and plant products production from the acquisitions and higher oil prices.

Excluding hedges, we realized average oil prices of $114.42 per barrel and $99.49 per barrel and gas prices of $2.55 per Mcf and $4.52 per Mcf for the three months ended March 31, 2012 and 2011, respectively. Although average prices realized from the sale of oil reflected the economic turnaround that began during 2011, economic conditions continue to remain uncertain. Oil and natural gas prices will remain unstable and we expect them to be volatile in the future.

Operating Expenses

Lease operating costs. Our lease operating costs for the three months ended March 31, 2012 increased to $43.2 million, or $27.90 per Boe. For the three months ended March 31, 2011, our lease operating costs were $23.1 million, or $23.43 per Boe. The increase in lease operating costs during 2012 is directly related to the increase in properties from the Maritech and the Merit Acquisitions. The increase in cost per Boe during 2012 is primarily attributable to a mix of increased properties and certain non-recurring safety and regulatory costs on the newly acquired properties.

Workover costs. Our workover costs for the three months ended March 31, 2012 were $2.6 million, a decrease of $0.6 million compared to the same period in 2011. For the three months ended March 31, 2012, Galveston 389/424, High Island A443, Eugene Island 331, Eugene Island 240 and West Delta 31/32 were the primary workover expense projects.

Depreciation, depletion and amortization. DD&A expense was $12.4 million, or $7.98 per Boe, for the three months ended March 31, 2012 and $8.0 million, or $8.12 per Boe, for the three months ended 2011. In 2012, the increase in DD&A was a result of increased production associated with the properties acquired in 2011. Depletion is recorded based on units of production and DD&A expense includes depletion of future asset retirement obligations.

General and administrative expenses. G&A expense was $6.4 million, or $4.15 per Boe, for the three months ended March 31, 2012 and $4.5 million, or $4.60 per Boe, for the same period in 2011. The increase in G&A expense in 2012 resulted principally from costs associated with the increase in staff and related administrative costs attributable to our growth in 2011.

Accretion expense. We recognized accretion expense of $9.1 million for the three months ended March 31, 2012 compared to $3.9 million for the three months ended March 31, 2011. The increase in accretion expense in 2012 was attributable to assumed asset retirement obligations related to our acquisitions in 2011.

Interest expense. Interest expense of $6.5 million increased by $0.7 million for the three months ended March 31, 2012 compared to the same period in 2011. The increase was a result of borrowing on the Credit Facility to fund the Merit P&A obligation.

Conference Call Information. Black Elk will hold a conference call to discuss financial and operational results on Wednesday, May 16, 2012 at 2:00 p.m. Central Time. To participate, dial (800) 610-4500 and enter the participant access code 47105285 at least ten minutes before the call begins.

About Black Elk Energy Offshore

We are a privately held oil and gas company engaged in the acquisition, exploitation, development and production of oil and natural gas properties. We seek to acquire and exploit properties with proved developed reserves, proved developed non-producing reserves and proved undeveloped reserves. Our strategy is to economically maximize

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properties that are currently producing or have the potential to produce given the needed attention and capital resources. We believe that our strategy provides assets to develop and produce with minimal risk, cost or time of traditional exploration. Our management team has extensive engineering, geological, geophysical, technical and operational expertise in successfully developing and operating properties in both our current and planned areas of operation.

We seek to acquire assets in our areas of focus from oil and gas companies that have determined that such assets are noncore and desire to remove them from their producing property portfolio or have made strategic decisions to deemphasize their offshore operations. Prior to an acquisition, we perform stringent structural engineering tests to determine if we believe that the reservoirs still possess potential upside. Each opportunity is presented, catalogued and graded by our management and risked appropriately for the overall impact to our company.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Black Elk Energy Offshore Operations, LLC and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, and involve known and unknown risks and uncertainties. Although Black Elk believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Black Elk’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Black Elk’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at www.sec.gov. All forward-looking statements attributable to Black Elk or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Black Elk does not assume a duty to update these forward-looking statements.

Contact

James Hagemeier

IR@blackelk.com

11451 Katy Freeway, Suite 500

Houston, Texas 77079

(281) 598-8600

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BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)

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BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands)

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How We Evaluate our Operations:

We use a variety of financial and operational measures to assess our overall performance. Among those measures are (1) volumes of oil and natural gas produced, (2) oil and natural gas prices realized, (3) per unit operating and administrative costs and (4) Adjusted EBITDA (as defined in the following table).

The following table contains certain financial and operational data for each of the three months ended March 31, 2012 and December 31, 2011:

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