EnCap Upsizes Double Eagle Equity Commitment to $2.3 Billion
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EnCap Investments, Double Eagle Energy Holdings, and Tumbleweed Royalty have made an equity commitment upsize and establishment of their RBL facility. The expansion of capital will provide for acceleration of Double Eagle’s core strategy of acquiring and developing top-tier, accretive drilling opportunities in the Permian Basin.
The establishment of Double Eagle’s syndicated RBL facility, led by JP Morgan Chase Bank, with Citibank, PNC Bank, and RBC Capital Markets acting as joint lead arrangers and joint bookrunners, enhances Double Eagle’s ability to pursue high-quality assets and increase development pace.
“We are excited to announce this commitment increase with EnCap and our other investors. We are also pleased to have established our RBL facility with four great banks. We appreciate the support of our strategic partners and look forward to continuing these legacy relationships from previous Double Eagle iterations,” said Cody Campbell and John Sellers, co-chief executive officers of Double Eagle.
“This all comes at a time when we are ramping up our development pace — we recently added two additional drilling rigs to our program and will continue running four rigs for the foreseeable future with a potential fifth rig joining later this year. We are now in a position to execute on a robust development plan while maintaining the ability to expand our footprint throughout the Permian,” added Campbell and Sellers.
“We are pleased to show our continued support of Double Eagle through this commitment expansion. Since our partnership began less than a year ago, the team at Double Eagle has been highly successful in re-establishing themselves as a premier acquirer and developer of assets. We are excited to continue building this business together with them,” said Jason DeLorenzo, managing partner of EnCap.
About Double Eagle
Double Eagle is a Fort Worth, Texas-based energy company focused on acquiring and developing oil and gas assets throughout North America.
To stop by Double Eagle’s website, CLICK HERE
About EnCap Investments
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 24 institutional funds totalling approximately $40 billion and currently manages capital on behalf of more than 350 U.S. and international investors.
To stop by EnCap’s website, CLICK HERE
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