Contago to invest US$ 20 million in shale assets

Contango Oil & Gas Company announced today that it has committed to invest up to US$ 20 million over the next two years, in a joint venture that will acquire, operate, explore, and develop onshore unconventional shale operated and non-operated oil and natural gas assets (including undeveloped oil and gas leasehold interests), as well as produce and sell any hydrocarbons produced from such assets. Other participants include Alta Resources, LLC and Blackstone Capital Partners.

Kenneth R. Peak, Contango’s Chairman and Chief Executive Officer, said, “We are pleased about the opportunity to be partners once again with Joe Greenberg and Alta Resources. Alta was our partner in our very successful Fayetteville Shale investment and they have been leaders in recognising and capturing value in shale plays. We also look forward to being partners with Blackstone with their financial acumen and expertise.”

Read the article online at: https://www.oilfieldtechnology.com/exploration/13042011/contago-to-invest-us$-20-million-in-shale-assets-/