Double Eagle Energy Permian LLC formed a strategic relationship to grow and develop its already leviathan position in the Midland Basin, the company said Nov. 14.

As part of a definitive agreement, Magnetar Capital agreed to invest up to $450 million of equity and delayed draw unsecured debt capital to support Double Eagle's Midland development and A&D activities.

Double Eagle has rapidly grown to become one of the largest pure-play Midland Basin E&Ps following the recent merger of two private equity-backed companies, the release said.

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In October, Double Eagle Lone Star LLC and Veritas Energy Partners Holdings LLC, both based in Fort Worth, Texas, agreed to combine forming Double Eagle Energy Permian. Combined, the companies control more than 60,000 core Midland net acres (over 70% operated) located predominantly in Midland, Martin, Howard and Glasscock counties in West Texas.

Double Eagle is backed by funds managed by affiliates of Apollo Global Management LLC and Post Oak Energy Capital LP.

Vinson & Elkins LLP was legal adviser and Jefferies LLC was financial adviser to Double Eagle. Kirkland & Ellis was legal adviser and Bank of America Merrill Lynch was financial adviser to Magnetar Capital.