Double Eagle Launches New Venture with Over $1.7 Billion from EnCap, Others

Double Eagle Energy’s latest venture will pursue a similar strategy in the Permian Basin that led to the success of the predecessor companies, but on a “considerably larger scale,” according to the release.
 

Hart Energy Staff
Double Eagle Launches New Venture with Over $1.7 Billion from EnCap, Others

Since forming Double Eagle Energy in 2008, Co-CEOs Cody Campbell and John Sellers have completed thousands of individual transactions encompassing more than 1 million acres and more than $6 billion in transaction value, according to the company’s website. (Source: Hart Energy / Oil and Gas Investor)

Double Eagle Energy launched a new venture to “aggressively pursue very large acquisitions” in the Permian Basin, Co-CEOs Cody Campbell and John Sellers said, with the addition of a new financial backer—EnCap Investments LP.

“I have known Cody and John for many years and our team at EnCap has long admired their approach to business,” Gary Petersen, founder of EnCap Investments, commented in a company release on June 19.

In the release, Double Eagle said it had entered a strategic partnership with EnCap to form Double Eagle Energy Holdings IV LLC and Tumbleweed Royalty IV LLC. The new entities have also received minority investments from Apollo Global Management LLC, Magnetar Capital and other strategic institutional partners. In total, Double Eagle IV has raised over $1.7 billion of equity commitment.

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