EnCap and Double Eagle Announce Equity Upsize to $2.3 Billion in Commitments and Establishment of RBL Facility
— Well Positioned to Capitalize on Top-Tier Opportunities and Accelerate Growth —
HOUSTON & FORT WORTH, Texas–(BUSINESS WIRE)–EnCap Investments L.P.(“EnCap”), Double Eagle Energy Holdings IV, LLC (“Double Eagle”), and Tumbleweed Royalty IV, LLC (“Tumbleweed”) announced the successful 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, N.A. with Citibank, N.A., PNC Bank, N.A., 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.
Cody Campbell and John Sellers, Co-Chief Executive Officers of Double Eagle, commented, “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. 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.”
Jason DeLorenzo, Managing Partner of EnCap, added “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.”
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.
About EnCap Investments L.P.
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. For more information, please visit www.encapinvestments.com.
Contacts
For Double Eagle:
Jordan Huelse
Vice President – Finance
817-928-3260
For EnCap:
Meredith Hargrove Howard
Redbird Communications Group
210-737-4478
For other investor inquiries regarding EnCap
Charles W. Bauer
Partner – Investor Relations
713-659-6100
Matt Crystal
Managing Director – Investor Relations
713-659-6100
