HOUSTON--(BUSINESS WIRE)--Alta Resources, LLC and Blackstone Capital Partners, an affiliate of The Blackstone Group (NYSE:BX), announced today 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.”
About Alta Resources, LLC
Alta Resources, LLC is a private company formed in 1999 to explore for onshore oil and natural gas in the United States. The company is headquartered in Houston. In the past eleven years Alta has drilled or participated in more than 160 wells in Arkansas, Pennsylvania, Texas, Louisiana, and Alabama with an overall success rate of 95%. Further information is available at http://www.alta-resources.com.
About The Blackstone Group
Blackstone is one of the world’s leading investment and advisory firms and is an experienced and active investor in the energy and natural resources sector. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.