By OGJ editors
HOUSTON, Apr. 13 -- Alta Resources LLC and Blackstone Capital Partners agreed to form Alta Energy Partners to develop unconventional oil and natural gas assets.
The new company’s specifically plans to acquire and develop shale oil and gas in North America. It will be backed by up to $1 billion.
Separately, Contango Oil & Gas Co. said it agreed to invest up to $20 million over 2 years in the joint venture with Alta Resources and Blackstone Capital.
Kenneth R. Peak, Contango’s chairman and chief executive officer, noted his company already is a partner with Alta Resources and George P. Mitchell in the Fayetteville shale in Arkansas.
In Pennsylvania, Alta has a field office in Montrose and is leasing acreage. Its partners in Pennsylvania are George P. Mitchell and Centaurus Energy, founded by John D. Arnold.
Alta Resources is a private Houston company that was formed in 1999. Joseph G. Greenberg is Alta Resources president and chief executive officer.
In the past 9 years, Alta has drilled or participated in more than 150 wells in Arkansas, Texas, Louisiana, and Alabama with an overall success rate of 95%, Greenberg said.