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Apollo, Double Eagle form Permian-focused oil, gas investment company

Apollo Global Management LLC affiliates, along with Double Eagle Development LLC, formed Double Eagle Energy Holdings III LLC, which will focus primarily on investing in oil and gas properties in the Permian Basin.

The formation of Double Eagle Energy Holdings III follows the sale of Double Eagle Energy Permian LLC, or Double Eagle II, to Parsley Energy Inc. for about $2.8 billion. The new company will follow the strategy of Double Eagle II but on a larger scale with more commitment from funds managed by Apollo, according to an Aug. 22 news release.

Double Eagle II developed a significant acreage position in the heart of the Midland Basin, including about 72,000 net acres, production of 3,600 barrels of crude oil equivalent per day and about 3,300 net horizontal drilling locations, the release said.

The new company was formed by the same management team that led its predecessor companies. John Sellers and Cody Campbell will serve as co-CEOs of the new company and continue to mange Double Eagle Development, one of the largest independent acquirers of oil and gas leasehold interests across Texas and the Mid-Continent.

Apollo Global Management is one of the world’s largest alternative investment managers, with a total of about $232 billion of assets under management as of June 30.