Double Eagle Energy, Tumbleweed Royalty form new entities with $2.5bn in equity

EnCap Investments and the squad down Double Eagle companies person expanded their strategical partnership, forming Double Eagle Energy Holdings V (Double Eagle V) and Tumbleweed Royalty V (Tumbleweed V) with $2.5bn successful equity.

Headquartered successful Fort Worth, Texas, Double Eagle V volition chiefly put successful lipid and state properties crossed the Permian Basin.

Tumbleweed V volition absorption connected royalty and mineral investments crossed aggregate US basins, with a superior absorption connected the Permian Basin.

The entities clasp commitments from Double Eagle management, Elda River Capital Management, Apollo Global Management affiliates and different strategical partners.

Double Eagle co-chief enforcement officers Cody Campbell and John Sellers said: “We person enjoyed our concern with EnCap and are pleased to grow the relationship. We person a large woody of assurance successful our squad and are arrogant of the assets we person been capable to assemble and the unthinkable operational ratio that we person been capable to achieve.

“With the fiscal spot of our partners, and the tremendous commercialized and operational momentum we person built, we are well-equipped to confidently prosecute adjacent greater ambitions successful the Permian Basin.”

The aforesaid absorption squad that led the predecessor companies formed Double Eagle V and Tumbleweed V.

EnCap managing partners Jason DeLorenzo and Doug Swanson said: “We person enjoyed moving with the Double Eagle squad and are excited to proceed our concern aft the tremendous occurrence of Double Eagle IV to date.”

Diamondback Energy precocious announced a definitive statement to get subsidiaries of Double Eagle IV Midco, marking an enlargement successful the Midland Basin, US.

The assets being acquired screen astir 40,000 nett acres successful the Midland Basin’s halfway and are expected to nutrient 27,000 barrels of lipid per day.

As portion of the transaction, Double Eagle volition person astir 6.9 cardinal shares of Diamondback’s communal banal and a currency outgo of $3bn.

"Double Eagle Energy, Tumbleweed Royalty signifier caller entities with $2.5bn successful equity" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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