Funds Affiliated with Apollo Global Management & Post Oak Energy Capital Announce Merger of Double Eagle & Veritas Energy, Fo...
October 03 2016 - 8:00AM
Business Wire
Funds managed by affiliates of Apollo Global Management, LLC
(NYSE:APO) (together with its consolidated subsidiaries, “Apollo”)
and Post Oak Energy Capital, LP (“Post Oak”) announced today that
Double Eagle Lone Star LLC (“Double Eagle”), and Veritas Energy
Partners Holdings LLC (“Veritas Energy”) have entered into a
definitive merger agreement, creating one of the largest pure play
exploration and production companies focused on the Permian’s
Midland Basin. Double Eagle was previously a subsidiary of Double
Eagle Energy Holdings II LLC (“Double Eagle II”), a portfolio
company of Apollo Natural Resources Partners Funds I and II, and
Veritas Energy was previously a portfolio company of investment
partnerships managed by Post Oak.
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The newly combined company, which is called Double Eagle Energy
Permian LLC (“Double Eagle Energy Permian”), has more than 63,000
core Midland Basin net acres (over 70% operated) located
predominantly in Midland, Martin, Howard and Glasscock counties,
and a team with extensive experience drilling and operating wells
in the region.
Double Eagle Energy Permian will be headquartered in Fort Worth,
Texas, and Cody Campbell and John Sellers, the current Co-Chief
Executive Officers of Double Eagle II, will serve as the Co-Chief
Executive Officers of the new company with Hollis Sullivan, the
current President of Veritas Energy, serving as Chairman.
John Sellers and Cody Campbell commented, “We believe combining
the highly complementary Midland Basin acreage positions of Double
Eagle and Veritas Energy creates a truly world class asset in the
core of the most economic basin in North America.”
Hollis Sullivan added, “With the strength of the new company’s
combined management team and its operated, drill-ready acreage
position, Double Eagle Energy Permian is uniquely positioned for
rapid growth and expansion in the region.”
Vinson & Elkins LLP acted as legal advisor and Jefferies LLC
acted as financial advisor to Double Eagle, and Latham &
Watkins LLP acted as legal advisor and Tudor, Pickering, Holt &
Co. acted as financial advisor to Veritas Energy.
About Double Eagle II
Double Eagle Energy Holdings II is a land-centered E&P
company that invests in and develops oil and gas resources across
the United States, with primary focus on the Permian Basin. Double
Eagle II is the second partnership between New York-based Apollo
Natural Resource Partners and co-founders, Cody Campbell and John
Sellers.
About Veritas Energy
Veritas Energy is a Fort Worth, Texas-based private, independent
oil and gas company. Veritas Energy’s primary focus is grassroots
leasing, developing, completing, and operating oil and gas
properties in Texas and Oklahoma. Veritas Energy is dedicated to
accomplishing this focus with integrity and responsibility.
About Post Oak Energy
Post Oak, which was established in 2006, is an energy-focused
private investor based in Houston, Texas. Its management team has
executive management experience and a broad network in the energy
business as well as significant expertise in equity investments,
operations, development, finance, acquisitions and divestitures.
The firm pursues private investments primarily in the upstream
sector of the oil and gas industry in North America and, to a
lesser extent, in oilfield service and related infrastructure. Post
Oak works in close partnership with operating management teams to
build businesses, accelerate growth and enhance shareholder value.
www.postoakenergy.com.
About Apollo Global Management, LLC
Apollo is a leading global alternative investment manager with
offices in New York, Los Angeles, Houston, Chicago, Bethesda,
Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi,
Singapore, Hong Kong and Shanghai. Apollo had assets under
management of approximately $186 billion as of June 30, 2016 in
private equity, credit and real estate funds invested across a core
group of nine industries where Apollo has considerable knowledge
and resources. For more information about Apollo, please visit
www.agm.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161003005432/en/
For Double Eagle Energy Permian:Joshua Gregg,
817-928-3260ir@deeh.comorFor Post Oak Energy:Kelly Kimberly,
713-328-5151kkimberly@kimberlypublicaffairs.comorFor Apollo:Investor
Inquiries:Gary M. Stein, 212-822-0467Head of Corporate
Communicationsgstein@apollolp.comorMedia
Inquiries:Rubenstein Associates, Inc.Charles Zehren,
212-843-8590czehren@rubenstein.com
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