Exhibit 99.1

Black Elk Energy Offshore Operations, LLC Reports Third Quarter 2012

Financial and Operational Results

Houston, January 16, 2013

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

Financial Results

Oil and natural gas production. Total oil, natural gas and plant product production of 1,291 MBoe decreased 196 MBoe, or 13%, during the three months ended September 30, 2012 compared to the same period in 2011 as a result of the relinquishment of uneconomic leases and several fields being shut-in. For the nine months ended September 30, 2012, total oil, natural gas and plant production of 4,119 MBoe increased 381 MBoe, or 10%, compared to the nine months ended 2011 due to the properties acquired in the Merit Acquisition in May 2011 (971 MBoe for the nine months ended September 30, 2012) which was partially offset by lower production in uneconomic leases that were relinquished and several fields being shut-in during the second and third quarters of 2012.

Total revenues. Total revenues for the three and nine months ended September 30, 2012 of $57.1 million and $239.9 million, respectively, decreased $84.2 million, or 60%, and $24.8 million, or 9%, respectively, over the comparable periods in 2011.

Revenues, excluding the realized and unrealized revenues from commodity hedge contracts, decreased $14.4 million, or 17%, for the three months ended September 30, 2012 compared to the same period in 2011 as a result of lower oil and gas production due to uneconomic leases that were relinquished and several fields being shut-in and lower natural gas and plant product prices. For the nine months ended September 30, 2012, revenues, excluding the realized and unrealized revenues from commodity hedge contracts, increased $3.3 million, or 2%, compared to the same period in 2011 as a result of increased production due to properties acquired in the Merit Acquisition in May 2011 and higher oil prices partially offset by lower gas and plant product prices.

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We entered into certain oil and natural gas commodity derivative contracts in 2012 and 2011. We realized gains on these derivative contracts in the amounts of $3.3 million and $11.2 million for the three and nine months ended September 30, 2012, respectively, and realized gains of $6.7 million and $3.7 million for the three and nine months ended September 30, 2011, respectively. We recognized unrealized gains (losses) of $(16.1) million and $7.4 million for the three and nine months ended September 30, 2012, respectively, and unrealized gains of $50.2 million and $43.0 million in the same periods of 2011.

Excluding hedges, we realized average oil prices of $102.92 per barrel and $107.93 per barrel and gas prices of $3.06 per Mcf and $2.63 per Mcf for the three and nine months ended September 30, 2012, respectively. For the same periods in 2011, excluding hedges, we realized average oil prices of $102.56 per barrel and $105.44 per barrel and $4.28 per Mcf and $4.43 per Mcf, respectively. Average prices realized from the sale of oil on a third quarter and year-to-date basis reflected the economic turnaround that began during 2011. Gas prices were lower on a quarter and year-to-date basis compared to 2011 but are higher than the second quarter of 2012.

Operating Expenses

Lease operating costs. Our lease operating costs for the three and nine months ended September 30, 2012 decreased to $43.8 million, or $33.95 per Boe, and increased to $131.1 million, or $31.82 per Boe, respectively. For the three and nine months ended September 30, 2011, our lease operating costs were $47.1 million, or $31.69 per Boe, and $100.0 million, or $26.75 per Boe, respectively. Lease operating expenses decreased for the three months ended September 30, 2012 compared to the same period in 2011 due to cost reduction initiatives and the unmanning of platforms as well as lower offshore insurance costs. The increase in lease operating costs for the nine months ended September 30, 2012 compared to the same period in 2011 was directly related to the additional properties acquired from the Maritech and Merit Acquisitions. The increase in cost per Boe during 2012 was primarily attributable to a mix of increased properties and certain non-recurring safety and regulatory costs on the newly acquired properties and lower production due to pipeline repairs and leaks in 2012.

Workover costs. Our workover costs for the three and nine months ended September 30, 2012 were $4.4 million and $10.5 million, respectively, a decrease of $1.7 million compared to the third quarter of 2011 and a decrease of $1.1 million compared to the first nine months in 2011. For the nine months ended September 30, 2012, Eugene Island 240, West Cameron 20/45, Eugene Island 156/South Marsh 22, West Delta 31/32, and Eugene Island 331 were the primary workover expense projects.

Exploration. Our exploration expenses for the three and nine months ended September 30, 2012 were $0.3 million and $1.2 million, respectively. There were no exploration costs for the same periods in 2011. Exploration costs for 2012 include expenses to drill a non-operated well, South Pelto 13, which was unsuccessful.

Depreciation, depletion, amortization and impairment. DD&A expense was $12.3 million, or $9.53 per Boe, and $36.5 million, or $8.87 per Boe, for the three and nine months ended September 30, 2012, respectively, and $14.4 million, or $9.69 per Boe, and $32.0 million, or $8.57 per Boe, for the three and nine months ended 2011, respectively. The decrease in DD&A for the three months ended September 30, 2012 was a result of lower production due to uneconomic leases and several fields being shut-in. DD&A increased for the nine months ended September 30, 2012 due to production associated with the properties acquired in 2011, partially offset by lower production due to uneconomic leases and several fields being shut-in. Depletion is recorded based on units of production and DD&A expense includes depletion of future asset retirement obligations. We recorded a $3.6 million and $7.0 million impairment for the three and nine months ended September 30, 2012, respectively, and a $1.1 million and $5.4 million impairment for the same periods in 2011, respectively.

General and administrative expenses. G&A expense was $8.3 million, or $6.43 per Boe, and $20.7 million, or $5.02 per Boe, for the three and nine months ended September 30, 2012, respectively, and $5.0 million, or $3.36 per Boe, and $16.9 million, or $4.51 per Boe, for the same periods in 2011, respectively. The increase in G&A expense for the three and nine months ended September 30, 2012 was due to an increase in staff and related administrative costs attributable to our growth, in addition to higher legal fees and insurance costs.

Accretion expense. We recognized accretion expense of $9.3 million and $27.2 million for the three and nine months ended September 30, 2012, respectively, compared to $9.1 and $18.5 million for the three and nine months ended September 30, 2011, respectively. The increase in accretion expense in 2012 was attributable to assumed asset retirement obligations related to our acquisitions in 2011.

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Miscellaneous expense. Miscellaneous expense of $0.9 million and $2.4 million increased $0.4 million and decreased $3.7 million for the three and nine months ended September 30, 2012, respectively, compared to the same periods in 2011. The higher year-to-date expense in 2011 was a result of a consent solicitation fee paid under the First Supplemental Indenture.

About Black Elk Energy Offshore

We are an 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 acquire and economically maximize properties that are currently producing or have the potential to produce given additional attention and capital resources. We are engaged in continual efforts to monitor and reduce operating expenses by finding opportunities to safely increase efficiencies related to staffing, transportation and operational procedures. Moreover, our ability to accurately estimate and manage plugging and abandonment costs associated with potential acquisitions increases the likelihood of achieving our target returns on investment. 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 whether the reservoirs possess potential upside. Each opportunity is presented, catalogued and graded by our management and risked appropriately for the overall impact to our company.

Conference Call Information. Black Elk will hold a conference call to discuss financial and operational results on Thursday, January 17, 2013 at 10:00 a.m. Central Time. To participate, dial (800) 404-8174 in the United States or (303) 223-2685 from outside the country at least ten minutes before the call begins.

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

Michelle Simmons

IR@blackelk.com

11451 Katy Freeway, Suite 500

Houston, Texas 77079

(281) 598-8647

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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 and nine months ended September 30, 2012 and December 31, 2011:

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