Blackstone Energy Partners and Jetta Form Pure Play Delaware Basin Acquisition Partnership – Jetta Permian, LP
August 25 2016 - 3:57PM
Business Wire
Blackstone (NYSE:BX) today announced the formation of Jetta
Permian, LP (“Jetta Permian”), a partnership between an affiliate
of Jetta Operating Company, Inc. (“Jetta”) headquartered in Fort
Worth, Texas and funds managed by Blackstone Energy Partners L.P.
(“Blackstone”). Jetta Permian will target assets and leasehold in
the Delaware Basin located in West Texas and southern New Mexico
with $1.0 billion of capital committed from Blackstone and Jetta’s
partners.
A commitment of this scale, and flexibility combined with
Jetta’s deep technical expertise and a long-term focus on
best-in-class operations and results enables and differentiates
Jetta Permian to pursue creative and unique opportunities of scale
within the Delaware basin. Jetta’s strategy includes pursuing asset
and leasehold acquisition opportunities, farm-in transactions and
partnerships or joint ventures with existing operators and
landowners.
Angelo Acconcia, a Senior Managing Director with Blackstone who
oversees their investments in the oil and gas sector, said, “We are
excited to partner with Greg and the Jetta team to launch this new
platform in the Delaware Basin. It is a great example of our focus
on aligning ourselves with best-in-class teams, and providing them
with significant long-term, patient and flexible capital to
effectuate a focused and unique business plan. We have known the
Jetta team for a number of years, and have come to respect them as
top-tier operators with a unique local presence in the Delaware
Basin. We believe that Jetta Permian is well positioned to become
one of the leading Delaware Basin pure-play companies and a partner
of choice for those that are looking for someone to provide
additional capital and operational resources to optimally develop
their assets and / or leasehold.”
Greg Bird, CEO and President of the general partner of Jetta
Permian and the President and owner of Jetta, said, “With a $1.0
billion equity commitment and with the collective resources of the
Blackstone team to support the partnership, coupled with the Jetta
team’s operating capabilities and track record, this will allow for
and enable the strategic and successful acquisition and development
of high quality oil and gas assets in the Delaware Basin. Jetta is
excited to have the confidence of an institution like Blackstone
with its broad financial resources, reputation of excellence and
oil and gas track record. The teams assembled to work on this
partnership are exceptional. We look forward to the challenges
ahead and to applying our technical passion, experience, and
diligence into creating a pure play Delaware Basin platform.”
About Blackstone Energy
Partners
Blackstone Energy Partners is Blackstone's energy-focused
private equity business, with a successful record built on our
industry expertise and partnerships with exceptional management
teams. Blackstone has invested over $9 billion of equity globally
across a broad range of sectors within the energy industry.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies in which we invest, and the communities in
which we work. We do this by using extraordinary people and
flexible capital to help companies solve problems. Our asset
management businesses, with over $350 billion in assets under
management, include investment vehicles focused on private equity,
real estate, public debt and equity, non-investment grade credit,
real assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
About Jetta Operating Company,
Inc.
Jetta Operating Company, Inc. is a privately held oil and gas
company founded in 1991 and headquartered in Fort Worth, Texas.
Since its founding, Jetta has been involved in over 30 acquisitions
and built a quality management and technical team focused on
maintaining and growing reserves by exploiting opportunities
determined from detailed reservoir analysis and through the
drill bit. Jetta has been an active participant in the recent
growth of the Delaware Basin, developing the Delaware interval,
Bone Spring and Wolfcamp reservoirs. Since acquiring its first
leasehold in the Basin in 2003, Jetta has drilled approximately 150
wells, both horizontal and vertical, in the Delaware along with the
build out of the associated midstream gathering systems.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160825006248/en/
BlackstonePaula Chirhart, +1-212-583-5011Public
Affairspaula.chirhart@blackstone.com
Blackstone (NYSE:BX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Blackstone (NYSE:BX)
Historical Stock Chart
From Apr 2023 to Apr 2024