Double Eagle Energy Holdings III said Feb. 5 it has secured equity commitments of more than $1 billion, which are anchored by commitments from funds managed by affiliates of Apollo Global Management LLC (NYSE: APO).

Double Eagle’s substantial equity commitments will support the company’s ongoing acquisition and development initiatives in the Permian Basin and will allow Double Eagle to expand its “world-class asset base,” according to the Fort Worth-based company's press release.

Double Eagle was formed by the same management team that successfully led its predecessor companies, with John Sellers and Cody Campbell serving as co-CEOs. The company said it has “substantial experience accumulating and operating top-tier acreage positions in the Permian Basin,” and hopes to continue the momentum from the successful sale of Double Eagle Energy Permian LLC to Parsley Energy Inc. (NYSE: PE) in April 2017.

Campbell said in a statement: “We are excited by the opportunity for Double Eagle to continue to pursue assets in the Permian Basin. With this additional support and capital, we have the clear opportunity to create a tremendous amount of value and look forward to working with our sponsor team in executing our operating plans.”

In addition to land acquisitions, Sellers added that the company is also focused on working with Permian operators to execute trades to drill extended-lateral horizontal wells.

“We plan to have our first operated rig running in April of this year,” he said.