Affiliates of Apollo Global Management LLC (NYSE: APO) and Double Eagle Energy Holdings LLC (Double Eagle I) announced Nov. 19 the formation of Double Eagle Energy Holdings II LLC (Double Eagle II) to invest in oil and gas properties.
Double Eagle II, headquartered in Fort Worth, Texas, has an executive management team led by John Sellers, co-CEO, and Cody Campbell, co-CEO. Sellers and Campbell also manage Double Eagle Development LLC, which has been one of the largest independent acquirers of oil and gas leasehold interests across Texas and the Midcontinent, leasing more than one million acres over the last several years.
Formation of this new partnership follows the recent successful sale by Double Eagle I of its Oklahoma SCOOP assets to American Energy Non-Op LLC, an affiliate of American Energy Partners LP.
Double Eagle II will pursue a nonop strategy similar to Double Eagle I, but on a significantly larger scale and with a more substantial commitment from funds managed by Apollo.
Sellers said in a statement, “We are excited to continue and deepen our relationship with Apollo. The success of Double Eagle I further demonstrates that we have created a viable and repeatable business strategy. Broadening and expanding our relationship with Apollo will allow us to aggressively pursue larger and more numerous opportunities in the highest return basins in North America. Through Double Eagle II, we will look to continue to be the nonoperator partner of choice in the Midcontinent, Permian, Eagle Ford and Rockies.”
Greg Beard, global head of natural resources and senior partner at Apollo, said in a statement, “We are thrilled to work again with John and Cody on Double Eagle II. The team has displayed an impressive ability to accumulate and manage nonoperated working interest at attractive rates of return, by leveraging a unique strategy and understanding of the industry.”
Apollo is a global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. The firm had assets under management of roughly $164 billion as of Sept. 30.
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