American Energy – NonOp LLC (AENO), an affiliate of American Energy Partners LP, has closed a series of transactions with Double Eagle Energy Holdings LLC and several additional parties to acquire non-operated working interests with 1,800 barrels of net oil equivalent of daily production in the SCOOP and STACK resource plays in southern and central Oklahoma.
The properties, which are primarily located in the counties of Canadian, Carter, Garvin, Grady, Kingfisher, Love, and Stephens, were acquired for an aggregate purchase price of $251 million. In conjunction with the acquisitions, AENO has secured a $250 million credit facility led by MUFG Union Bank NA. The credit facility has an initial borrowing base of $50 million.
AENO believes it has established a premier, diversified position in the SCOOP and STACK resource plays across 543 existing or potential spacing units with significant exposure to the highly productive Woodford and Meramec shale formations and the emerging Goddard/Springer shale formation, which has recently yielded 24-hour initial production rates greater than 1,100 boe per day resulting in average single well gross estimated ultimate recoveries of 940 mboe (84% liquids).
AENO's lead equity investor is the Energy & Minerals Group, with additional equity provided by AENO's management team. Double Eagle is a company owned by funds affiliated with Apollo Global Management LLC (NYSE: APO).