Arena Energy Closes $480 Million Department of Energy Loan for Energy Infrastructure Improvements in the Gulf of America

Project Elkhorn will retool, refurbish, and repower offshore platforms in the Southern Eugene Island area off the coast of Louisiana

THE WOODLANDS, Texas, Nov. 10, 2026 /PRNewswire/ -- Arena Energy, LLC ("Arena"), a leading independent oil and natural gas exploration company focused on the shallow waters of the Gulf of America, today announced that its wholly owned subsidiary, Elkhorn Offshore, LLC, has reached financial close on a $480 million loan from the U.S. Department of Energy's (DOE) Office of Energy Dominance Financing (EDF) supporting Project Elkhorn, an energy-infrastructure reinvestment project in the Gulf of America. The financing will be used to retool, refurbish, repower, and expand capacity across offshore platforms in the Southern Eugene Island area off the coast of Louisiana, extending their use and enabling critical infrastructure upgrades.

Project Elkhorn will return idled platforms to service and expand production and water-handling capacity at active facilities. The project also includes the development of new natural gas pipeline infrastructure to connect future wells into existing pipelines, improving midstream connectivity across the field. Together, these investments are expected to add approximately 125 million barrels of additional oil and 250 billion cubic feet of natural gas production over the life of the project, helping ensure Americans have access to affordable, reliable, and secure energy while maintaining the highest standards of operational and environmental safety. This increase in domestic production will lead to an estimated $1.6 billion in additional royalties collected by the federal government, a total return of more than three times for American taxpayers.

The closing follows completion of the technical, legal, environmental, and financial due diligence required under DOE's loan program.

"The United States is the world's largest producer and exporter of oil and natural gas, and thanks to President Trump, American energy production will continue to grow," said U.S. Secretary of Energy Chris Wright. "Project Elkhorn will increase oil production by up to 38,600 barrels per day and create thousands of jobs. By providing financing for projects like Project Elkhorn, the Energy Department is expanding domestic production and strengthening our energy security to power American prosperity for decades to come."

"Arena was founded on the belief that the mature fields of the Gulf Shelf still hold vast potential, and Project Elkhorn is a critical part of that strategy," said Mike Minarovic, CEO and Founder of Arena Energy, LLC. "The Southern Eugene Island area is one of the most prolific oil-producing regions in American history, and its infrastructure still has decades of productive life ahead. What it needed was long-term capital to match the opportunity. This financing from the Department of Energy delivers that capital and lets us put existing infrastructure back to work, develop proved reserves, and keep producing some of the most reliable barrels in the world right here at home – with American workers, on American leases, for American refineries."

"The Office of Energy Dominance Financing conducted a rigorous review of this project, and we are pleased to have earned its confidence," Minarovic continued. "Reinvesting in existing infrastructure is one of the most efficient ways to add American energy production, support skilled jobs, and generate value. Arena has paid more than $1.8 billion in royalties to the federal government since 1999, and Project Elkhorn will allow us to accelerate additional royalty income for American taxpayers for decades to come."

Project Elkhorn will support 2,800 jobs, including 400 operations roles and 2,400 construction jobs, helping strengthen regional workforce opportunities in one of the nation's most important offshore energy corridors.

Arena will execute the project with its long-standing affiliated partners White Fleet Drilling and Rosefield Pipeline.

About Arena Energy

Arena Energy, LLC was founded in 1999 on the belief that mature producing areas of the Gulf of America Shelf still held vast potential – and that with the right technology, talented oil and gas finders could unlock these drilling opportunities. Today, that vision has been realized many times over. Since its founding, Arena has grown into one of the largest private offshore oil and natural gas companies, having invested more than $5 billion of capital in the Gulf of America, paid more than $1.8 billion in royalties to the federal government, and decommissioned over 300 wells and 45 platforms and other structures. Arena takes pride in safely and responsibly producing the energy that powers the United States and the world.

About Elkhorn Offshore

Elkhorn Offshore, LLC is a wholly owned subsidiary of Arena Energy, LLC formed to own and reinvest in the offshore production infrastructure serving Arena's Southern Eugene Island fields in the federal waters of the Gulf of America.

Contact Information:
Kevin Bruce
Senior Vice President – Government Affairs
[email protected]
281-210-0536

SOURCE Arena Energy, LLC