Blackstone, Alta To Seek ‘Unconventional’ Oil And Gas Deposits

Apr 13 2011 | 7:33am ET

Blackstone Capital Partners and Alta Resources have joined forces to form Alta Energy Partners, a private equity unit that will invest $1 billion to invest in “unconventional” oil and gas assets in North America.

Blackstone Capital is part of the Blackstone Group while Alta Resources is a Houston-based oil and gas exploration company founded in 1999 by Joseph Greenberg. Alta specializes in the development of shale gas assets.

The companies say they’ve been evaluating joint investments and have identified “a number of potentially attractive investment opportunities to lease or acquire acreage in emerging and developed shale basins in North America.

Said Greenberg: “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.”

The United States has huge shale oil deposits but extraction is a costly, energy- and water-intensive process that becomes economically viable only when oil prices are high. Crude oil prices fell sharply on Tuesday as Goldman Sachs warned investors that crude oil was on a "substantial pullback" path and Brent crude would fall back to $105 a barrel (a drop of almost $20).


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.