Guidon Energy, an oil and gas partnership headquartered in Dallas, Texas, and Blackstone Energy Partners, an affiliate of Blackstone, 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 US$500 mm 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 capitalising 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 programmes in the US, and specifically in the Midland Basin, over the course of their careers.”
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/26082016/guidon-energy-and-blackstone-energy-partners-announce-new-permian-basin-platform/