Guidon Energy and Blackstone Energy Partners Announce a New Permian Basin Platform and First Asset Acquisition
August 25 2016 - 3:57PM
Business Wire
Guidon Energy (“Guidon”), an oil and gas partnership
headquartered in Dallas, Texas, and Blackstone Energy Partners, an
affiliate of Blackstone (NYSE:BX), announce their recently formed
platform company in the Midland Basin and purchase in April of this
year of approximately 22,000 gross acres (16,000 net acres) in the
core of Martin County, Texas.
Blackstone Energy Partners and funds affiliated with Blackstone,
a leading global, alternative investment manager and energy
investor, have committed approximately $500mm of capital to Guidon
with the potential to commit significantly more with future
acquisitions. Blackstone and Jay Still formed Guidon in 1Q 2016
with the intent of building a significant, independent shale
development company focused on the Midland Basin. 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.
Guidon is led by Jay Still, who previously held senior executive
positions with both Pioneer Natural Resources and Laredo Petroleum,
and a team of veteran oil and gas executives with significant
operational experience across a range of basins in North America
and who have a long track record of best-in-class operations,
optimizing well costs, recovery factors and production growth in an
environmentally responsible manner.
Jay Still, President and Chief Executive Officer of Guidon
Energy, said, “We are very excited about our partnership with
Blackstone Energy Partners. 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. 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.”
Angelo Acconcia, a Senior Managing Director of Blackstone Energy
Partners who oversees their oil and gas investments, said, “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. 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. Jay is an
incredibly talented operator and manager. He and his team are
uniquely positioned to contribute significant operational expertise
to these assets as well as to future opportunities in the Midland
Basin, as they have successfully led multiple unconventional oil
and gas development programs in the U.S., and specifically in the
Midland Basin, over the course of their careers.”
About Guidon Energy
Guidon is a Dallas, Texas-based oil and gas company. Guidon was
formed by Blackstone earlier this year in order to back a veteran
oil and gas operating team led by Jay Still, a former Executive
Vice President of Pioneer Natural Resources and more recently
President & COO of Laredo Petroleum, where he and his team
achieved significant operational and technical success in a safe,
environmentally responsible, efficient, and commercial manner in
the Permian Basin.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160825006245/en/
BlackstonePaula Chirhart, +1-212-583-5011Public
Affairspaula.chirhart@blackstone.com
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