Fort Worth-based Double Eagle Energy Holdings III announced Feb. 5 that the company has secured equity commitments of more than $1 billion, primarily from funds managed by affiliates of Apollo Global Management LLC of New York.
Double Eagle’s substantial equity commitments will support the company’s ongoing acquisition and development initiatives in the Permian Basin and will allow Double Eagle to expand its world class asset base, according to a news release.
The investment follows the sale of Double Eagle Energy II to Austin’s Parsley Energy for about $2.8 billion in April 2017.
Double Eagle Energy II was founded by John Sellers and Cody Campbell, also founders of Double Eagle III.
“We are excited by the opportunity for Double Eagle to continue to pursue assets in the Permian Basin. With this additional support and capital, we have the clear opportunity to create a tremendous amount of value and look forward to working with our sponsor team in executing our operating plans,” sasid Cody Campbell, co-CEO of Double Eagle.
John Sellers, Co-CEO said: “In addition to leveraging our land acquisition capabilities, we are focused on working with Permian operators to execute trades to drill extended lateral horizontal wells. We plan to have our first operated rig running in April of this year.”