Oklahoma City-based American Energy-Woodford LLC , an affiliate of American Energy Partners LP, raised $500 million in equity aimed at a business plan for the Woodford shale-Mississippi Lime area of north-central Oklahoma, the company said Feb. 24.

Additionally, $180 million in bank borrowings was secured, the company noted. American Energy-Woodford’s bank credit facility is led by Texas Capital Bank, the company said.

American Energy-Woodford's private-equity investor is Houston-based The Energy & Minerals Group, but American Energy-Woodford noted that additional equity also came from elsewhere, as well as its own management.

Proceeds will fund acquisition of 120,000 net leasehold acres, and about 6,000 net barrels of oil equivalent per day (BOE/d), in the area, the company said. American Energy-Woodford plans to eventually establish leasehold of about 200,000 net acres, the company added.

Four sellers—Calyx Energy LLC, Calyx Energy II LLC, Liberty Energy LLC and Truevine Operating LLC—supplied the assets, the company said.

Both Calyx Energy LLC and Calyx Energy II LLC were backed by Kayne Anderson Energy Funds, based in Los Angeles, American Energy-Woodford said. Boston-based Old Ironsides Energy LLC backed Liberty Energy LLC, the company added.

Commercial Law Group PC and Andrews Kurth LLP represented American Energy-Woodford, while Baker Botts LLP represented Energy & Minerals Group.