Affiliates of Apollo Global Management LLC and Double Eagle Development LLC have formed Double Eagle Energy Holdings III LLC, Fort Worth, to invest in oil and gas properties in the Permian basin.
The move follows the $2.8-billion sale of Double Eagle Energy Permian LLC to Parsley Energy Inc. earlier this year (OGJ Online, Feb. 9, 2017). Double Eagle II developed acreage in the heart of the Midland basin.
Double Eagle III will pursue a similar strategy to Double Eagle II but on a larger scale and with a larger upfront commitment from funds managed by Apollo.
Double Eagle III is led by the same management as predecessor companies, with John Sellers and Cody Campbell continuing to serve as co-chief executive officers.