Vinson & Elkins advised funds managed by affiliates of Apollo Global Management, LLC in connection with equity commitments to Double Eagle Energy Holdings III
Affiliates of Apollo Global Management, LLC (NYSE: APO) and Double Eagle Development, L.L.C. have expanded their strategic relationship to create Double Eagle Energy Holdings III LLC (“Double Eagle III”). Headquartered in Fort Worth, Texas, Double Eagle III will primarily focus on investing in oil and gas properties in the Permian Basin. Double Eagle III was formed by the same management team that successfully led its predecessor companies, with John Sellers and Cody Campbell continuing to serve as Co-Chief Executive Officers. John and Cody also manage Double Eagle, which has been one of the largest independent acquirers of oil and gas leasehold interests across Texas and the Mid-Continent.
Formation of this new company follows the recent successful sale of Double Eagle Energy Permian LLC (“Double Eagle II”) to Parsley Energy Inc. (NYSE: PE) for approximately $2.8 billion. Double Eagle II developed a significant acreage position in the heart of the Midland Basin, including approximately 72,000 net acres, production of 3,600 barrels of crude oil equivalent per day and approximately 3,300 net horizontal drilling locations. Double Eagle III will pursue a similar strategy to Double Eagle II, but on a significantly larger scale and with a more substantial upfront commitment from funds managed by Apollo, along with the management team.
V&E advised with a team including Jim Fox (Picture), Dan Komarek and Xiaotang Wang, with assistance from David Peck, Stephen Jacobson, Sean Becker and Kelly Reddington.
Involved fees earner: James Fox – Vinson & Elkins LLP; Dan Komarek – Vinson & Elkins LLP; Xiaotang Wang – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Stephen Jacobson – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP;
Law Firms: Vinson & Elkins LLP;
Clients: Apollo Global Management;