Blackstone, partner raises $1 bln to develop shale fields:report

Reuters News
|
Posted: Feb 09, 2012 12:08 AM
Blackstone, partner raises $1 bln to develop shale fields:report

(Reuters) - Blackstone Group LP and an energy company it invested in raised $1 billion from commercial banks to develop shale fields in south Texas, a Wall Street Journal report said, citing people familiar with the matter.

The largest publicly listed alternative asset manager is expected to announce the deal, involving GeoSouthern Energy Corp, on Thursday.

The investment gave Blackstone a position in the oil-rich Eagle Ford Shale in south Texas.

Blackstone Group was not immediately available for comment.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Muralikumar Anantharaman)