Blackstone, Alta Partner for North American Assets

Blackstone Capital and Alta Resources have entered into partnership to invest up to $1bn in acquiring and developing unconventional oil and gas assets in North America.

Both firms have worked together to evaluate joint investments in unconventional oil and gas assets and have identified potentially attractive investment opportunities to lease or acquire acreage in the shale basins of North America.

Alta Resources president and CEO Joseph Greenberg said that millions of acres are being 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,” Greenberg said.