Avista Capital, Carrizo Oil and Gas Form JV

Buyout shop Avista Capital Partners has teamed up with Carrizo Oil and Gas Inc. to buy and develop properties in Ohio’s Utica shale. The Utica shale is thought to hold large amounts of crude oil and natural gas. Avista could contribute up to $130 million to the venture, Reuters reported. Carrizo will initially own a 10% stake in the venture, but holds options to increase its stake to 50%, Reuters wrote.

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