Encana Corp., one of the major players in north Louisiana’s Haynesville Shale, is selling all of those assets to a joint venture for $850 million.
GEP Haynesville, a joint venture of GeoSouthern Haynesville LP and GSO Capital Partners LP, will be the owner. The deal includes leases on about 112,000 acres and 300 operated wells, located primarily in DeSoto and Red River parishes.
The properties contained the equivalent of 720 billion cubic feet of natural gas as of Dec. 31.
Calgary, Alberta-based Encana will use the money to pay down debt.
GeoSouthern is a privately held exploration and production company based in The Woodlands, Texas. The company said it will continue to look for energy acquisitions.
GSO is the credit division of Blackstone, one of the world’s largest investment firms. GSO had roughly $81 billion in assets under management as of June 30, while Blackstone had $333 billion.