The assets include 107,000 net acres in North Louisiana in the core of the Haynesville Shale natural gas shale basin.
Planned to close in the fourth quarter of 2014, the transaction is subject to regulatory approvals.
Vine Oil & Gas is a joint partnership established by Blackstone Energy Partners and funds affiliated with Blackstone, an alternative investment manager.
Vine president and chief executive officer Eric Marsh said: "We are pleased to acquire and develop a significant, strategic, and top-tier position in the core of the Haynesville Shale, a premier North American unconventional dry gas play located next to multiple growing sources of demand and an area where we have operated extensively before.
Blackstone Energy Partners managing director Angelo Acconcia said: "We are very excited to accelerate the growth of our partnership with Vine via this acquisition and to continue to grow through future partnerships, joint ventures or acquisitions."
