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Monday, March 1, 2021

Fort Worth, Denver firms form DoublePoint Energy for Midland Basin

Fort Worth-based Double Eagle Energy Holdings III and Denver-based FourPoint Energy announced June 5 they have formed DoublePoint Energy, a pure-play Midland Basin company with over 70,000 acres in Midland, Glasscock, Martin, Howard, Upton and Reagan counties.

The assets of the new company are a combination of Double Eagle’s existing Midland Basin acreage and production, along with additional assets that were recently acquired from undisclosed sellers. DoublePoint will continue to consolidate its position in its core areas through bolt-on acreage acquisitions and acreage trades while investing additional capital in an active drilling program. Currently, Double Eagle has one rig running, and as field and drilling operations are transitioned to the combined company, DoublePoint plans to ramp up drilling and development activity over its footprint, which has been largely undeveloped to date.

Double Eagle was formed in 2017 with backing from funds managed by certain affiliates of Apollo Global Management LLC, Magnetar Capital and management. FourPoint Permian LLC was formed with equity from Quantum Energy Partners, FourPoint Energy, funds managed by GSO Capital Partners LP, and other investors. John Sellers and Cody Campbell will serve as co-CEOs of DoublePoint and George Solich will serve as the executivecChairman.

“Pulling from the strengths of both companies, we believe DoublePoint will be a dynamic player in the Midland Basin focused on acreage acquisitions, acreage trades, and the development of our low risk, multi-pay resource,” said John Sellers, co-CEO of Double Eagle and DoublePoint.

“We believe this unique structure and the strong capitalization from our equity partners have provided the foundation for DoublePoint to consolidate and develop one of the top acreage positions in the Midland Basin,” said Cody Campbell, co-CEO of Double Eagle and DoublePoint.

“By augmenting Double Eagle’s best-in-class Midland Basin expertise with FourPoint’s strong technical and operational proficiencies, we are confident this partnership will yield an unprecedented opportunity to quickly and efficiently grow production and cash flow,” said George Solich, president and CEO of FourPoint Energy and executive chairman of DoublePoint.

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