Blackstone, Alta Invest up to $1B to Jointly Develop N. America Assets
Alta and Blackstone announced the formation of Alta Energy Partners, and a concurrent commitment to invest up to $1 billion via this entity to acquire and develop unconventional oil and gas assets in North America.
Founded in 1999 by Joseph G. Greenberg, its President and CEO, Alta Resources has been a leader in the development of shale gas assets from the Fayetteville shale basin in Arkansas to the Marcellus shale field in Pennsylvania. George P. Mitchell, a partner in Alta Resources, is widely regarded as the father of shale gas for his pioneering role in developing the Barnett shale in Texas.
Alta Resources and Blackstone have worked together recently to evaluate joint investments in unconventional oil & gas assets and have identified a number of potentially attractive investment opportunities to lease or acquire acreage in emerging and developed shale basins in North America.
Mr. Greenberg said, "I am delighted that Blackstone has chosen to partner with Alta Resources. Millions of acres are currently leased for North American shale oil and gas, requiring extraordinary amounts of capital to develop. We believe the combination of Alta's experienced shale gas technical team with Blackstone's strong capital base, network, and industry knowledge will allow Alta Energy Partners to stand apart as the partner of choice for companies seeking joint ventures or exits for their shale oil and gas assets."
David I. Foley, a Senior Managing Director at Blackstone and head of Blackstone's private equity investment activities in the energy and natural resources sector, commented, "Identifying and partnering with exceptional management talent is a fundamental element of Blackstone's investment philosophy and we are very pleased to have the opportunity to back Joe Greenberg and his team in this investment. This management team has worked together successfully for a number of years, has very strong geological and technical skills and a track record of generating outstanding returns for their investors."
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