Double Eagle and Veritas Energy to create new exploration and production company

Double Eagle Lone Star and Veritas Energy Partners have agreed to merge to create a single pure-play exploration and production company focused on the Permian’s Midland Basin in the US.

Double Eagle was a previous subsidiary of Double Eagle Energy (Double Eagle II), a portfolio company of Apollo Natural Resources Partners Funds I and II.

Veritas Energy was a portfolio company of investment partnerships managed by Post Oak.

Double Eagle II co-CEOs John Sellers and Cody Campbell said: “We believe combining the highly complementary Midland Basin acreage positions of Double Eagle and Veritas Energy creates a true world class asset in the core of the most economic basin in North America.”

Known as Double Eagle Energy Permian, the newly combined company will be headquartered in Fort Worth, Texas, US.

It has more than 63,000 core Midland Basin net acres located in Midland, Martin, Howard and Glasscock counties.

Veritas Energy current president Hollis Sullivan said: “With the strength of the new company’s combined management team and its operated, drill-ready acreage position, Double Eagle Energy Permian is uniquely positioned for rapid growth and expansion in the region.”

Double Eagle II invests in and develops oil and gas resources across the US and its primary focus is on the Permian Basin.

This company is the second partnership between Apollo Natural Resource Partners and co-founders, Cody Campbell and John Sellers.