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Sunday, August 10, 2014

Blackstone close to deal for Shell's 50 percent stake in shale assets -source, (NYSE: BX)

Blackstone Group LP is close to a deal to purchase a 50 percent stake worth $1.2 billion in a gas field in Louisiana currently owned by Royal Dutch Shell , according to a person familiar with the matter. The shale assets lie in the Haynesville Shale in Louisiana and Texas. Shale gas, or natural gas trapped in layered rock, has revitalized the U.S. gas market by providing an abundant new supply source.The source asked not to be identified because the discussions are private.The Wall Street Journal was first to report the news on Sunday. A representative for Blackstone declined to comment. A representative for Shell said it does not comment on speculation or rumor.Shell entered the region in 2007 through a joint venture with Canadian energy company Encana, the newspaper reported.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.07% or $0.35/share to $32.98. In the past year, the shares have traded as low as $21.30 and as high as $36.08. On average, 4592890 shares of BX exchange hands on a given day and today's volume is recorded at 2528502.