Blackstone pays $1.2 billion for Shell’s Haynesville Shale leases

  // Thursday, 14 August 2014 14:33 //
Haynesville Shale
Haynesville Shale

Advocate staff report

Blackstone and its affiliates have bought Royal Dutch Shell’s stake in the Haynesville Shale for $1.2 billion.

Blackstone acquired the leases on more than 107,000 acres through Vine Oil & Gas LP, an exploration-and-production company based in Dallas, and affiliate Blackstone Energy Partners.

Blackstone formed Vine to be a “significant, independent shale development company.”

The deal must be approved by regulators and is expected to close in the fourth quarter of 2014.

Blackstone has invested around $7 billion in the energy sector. The publicly traded firm manages close to $300 billion in assets.

Some experts have said Blackstone’s investment could prompt additional activity in the massive natural gas formation. The shale’s discovery sparked a land rush by energy companies hoping to take advantage of high natural gas prices, which at one point reached $13 per thousand cubic feet, more than three times the current price.

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