Fort Worth’s Jetta, Blackstone Energy form $1B partnership

Blackstone Energy Partners LP and an affiliate of Fort Worth-based Jetta Operating Company Inc. have announced Jetta Permian LP, a new partnership formed to target assets and leasehold in the Delaware Basin in West Texas and southern New Mexico.

The partnership already has $1billion in capital committed from Blackstone and Jetta’s partners, the firms announced on Thursday Aug. 25.

Funds will be managed by Blackstone Energy Partners LP, New York-based Blackstone’s energy-focused private equity business.

“The teams assembled to work on this partnership are exceptional,” said Greg Bird, president-CEO of Jetta Permian’s general partner and president-owner of Jetta, commenting in a news release.

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A Blackstone official concurred.

“We are excited to partner with Greg and the Jetta team to launch this new platform in the Delaware Basin,” said Angelo Acconcia, a senior managing director with Blackstone who oversees its investments in the oil and gas sector.

“It is a great example of our focus on aligning ourselves with best-in-class teams, and providing them with significant long-term, patient and flexible capital to effectuate a focused and unique business plan,” Acconcia said.

Blackstone is an investment firm whose asset-management businesses manages more than $350 billion in assets. Jetta Operating Company Inc. is a privately held oil and gas company focused on maintaining and growing reserves by exploiting opportunities determined from detailed reservoir analysis and through the drill bit. Since acquiring its first leasehold in the Basin in 2003, Jetta has drilled about 150 wells, both horizontal and vertical.