The companies will invest up to $1bn via a new entity, called Alta Energy Partners, to acquire these oil and gas assets.
The companies said they have identified a number of potentially attractive investment opportunities to lease or acquire acreage in emerging and developed shale basins in North America.
Alta Resources president and CEO Joseph Greenberg said that the combination of Alta’s 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.
