Alta Resources, LLC and Blackstone Capital Partners, an affiliate of The Blackstone Group have formed Alta Energy Partners which will invest up to $1 billion 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 and 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.