Apollo Global funds reports merger of Double Eagle, Veritas Energy
Funds managed by affiliates of Apollo Global Management and Post Oak Energy Capital, LP announced that Double Eagle Lone Star LLC, and Veritas Energy Partners Holdings LLC 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, 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. The newly combined company, which is called Double Eagle Energy Permian LLC, has more than 63,000 core Midland Basin net acres 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-CEOs of Double Eagle II, will serve as the Co-CEOs of the new company with Hollis Sullivan, the current President of Veritas Energy, serving as Chairman. 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.