Apollo Global Management, an alternative investment manager headquartered in New York, through its affiliates has expanded its strategic partnership with Double Eagle Energy, a Texas-based energy company, according to a joint statement.
The purpose of the expansion is to invest in oil and gas assets and to pursue larger and more opportunities in new basins.
“Through this expansion, we plan to continue with our operations in the Mid-Continent, and will look to add new projects and opportunities in the Permian Basin, Eagle Ford, and the Rockies,” Double Eagle co-chief executive Cody Campbell said, referring to shale plays in the western US.
The companies did not specify the terms of expansion.
“We continue to be impressed with Double Eagle’s ability to accumulate and manage non-operated working interest at attractive rates of return, by leveraging a unique strategy and understanding of the industry,” said Greg Beard, Apollo’s global head of natural resources and senior partner.
Based in Fort Worth, Texas, Double Eagle focuses on acquiring and owning oil and gas assets in North America. It has leased more than 1 million acres across Texas and the Mid-Continent over the last several years.
As of September 30, 2013, Apollo had approximately $113 billion in assets under management in private equity, credit and real estate funds, invested across a core of nine industries, which include commodities, chemicals, distribution and transportation, manufacturing and industrial. In addition to its New York headquarters, Apollo also has offices in Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong.