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Blackstone Wins Big with Haynesville Acquisition; Half the Price
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On August 25, Encana Corp. announced it plan to sell its share of the Haynesville Shale JV with Shell for $850 million.
The real story that no one seems to be talking about is that Blackstone, the sponsor of GSO Capital Partners LP, bought Shell's portion of the joint venture in August of 2014.
Last year's deal saw another unit of Blackstone acquire its current share of the JV (107,000 net acres) from Shell for $1.2 billion. This, coupled with the GeoSouthern deal announced yesterday, makes the combined land now under management 350,000 net acres in the play.
Blackstone's vested interest in this Haynesville position is likely directly linked to its purchase of interest in Cheniere Energy Inc., which plans to ship LNG from Louisiana (steps away from the Haynesville play).
What a difference a year has made to the value of gas assets.
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