By August 26, 2016 Read More →

Blackstone, Jay Still join forces to buy 16,000 net acres in Permian Basin

BlackstoneBlackstone commits $500 million, says much more available for future expansion

Blackstone, one of the world’s biggest investment firms, is expanding its presence in the Permian Basin of Texas, by joining up with a team of industry veterans led by Jay still.

Blackstone Energy Partners, an affiliate of Blackstone (NYSE:BX), has partnered with Still and Guidon Energy, an oil and gas partnership headquartered in Dallas, to buy 22,000 gross acres (16,000 net acres) in the core of the Midland Basin in Martin County, Texas.

“We look forward to building upon our partnership with Guidon Energy through this acquisition and to continue to grow through future partnerships, joint ventures and acquisitions,” said Angelo Acconcia, a senior managing director of Blackstone Energy Partners who oversees oil and gas investments.

“Guidon Energy is illustrative of our focus on recruiting and aligning ourselves with best-in-class management teams who have significant operating experience and an impressive technical track record.”

Blackstone Energy Partners has committed $500 million to Guidon and says there is the “potential to commit significantly more with future acquisitions,” the partners said in a press release, adding that Guidon’s objective is to “optimally develop its leasehold through manufacturing styled horizontal well development.

“By capitalizing on the team’s unique operational excellence, track record and capital resources, Guidon expects to continue to grow its acreage position and to drive best-in-class well results while maintaining a strong health, safety and environmental track record.”

“Blackstone’s successful and deep track record of investing in energy and in the oil and gas sector specifically, and its extensive industry relationships, in combination with the Guidon team’s operational capabilities and experience, will allow us to continue to optimally develop our properties and to be a long-term partner of choice in the Midland Basin,” said Still, who previously held senior executive positions with both Pioneer Natural Resources and, most recently, was president of chief operating officer of Laredo Petroleum.

“We are very pleased to have acquired a significant, strategic, and top-tier position in the core of the Midland Basin, a premier North American liquids-rich play, which was signed in the second quarter of this year and has subsequently closed.”

Blackstone has invested over $9 billion of equity globally across a broad range of sectors within the energy industry and its asset management businesses, has over $350 billion in assets under management.


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