Double Eagle Energy Holdings III, one of the companies focused on acquiring and developing oil and gas assets in the Permian Basin announced it has secured $1 billion in equity commitments. The commitments are anchored from funds managed by affiliates of Apollo Global Management LLC.
Company leaders hope the commitments will help the company forward after last year’s sale of the Double Eagle Energy Permian LLC to Parsley Energy Inc.
The company was formed by the same management team that led its predecessor companies. John Sellers and Cody Campbell served as Co-Chief Executive Officers. The two played football together at Texas Tech University.
Cody Campbell, Co-Chief Executive Officer of Double Eagle, commented, “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.”