November 16, 2016
Magnetar Capital has inked a deal to invest up to $450 million of equity and delayed draw unsecured debt capital for Double Eagle Energy Permian LLC. Double Eagle Energy Permian, a pure-play Midland energy and production company, currently owns more than 60,000 Midland Basin net acres in Midland, Martin, Howard, Glasscock, Upton and Reagan counties. The extra capital provided by Magnetar will help boost Double Eagle’s drilling program, as well as support more well and land acquisitions.
Double Eagle Energy Permian represents the merger of Double Eagle Energy Lone Star LLC and Veritas Energy Partners Holdings LLC, which took place in early October. Double Eagle, in turn, was co-founded by Cody Campbell and John Sellers, as well as representing a second partnership between Apollo Global Management LLC and Post Oak Energy Capital LP.
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