Permian players Double Eagle, Veritas Energy to merge

Double Eagle Lone Star LLC and Veritas Energy Partners Holdings LLC have entered into a definitive merger agreement. The newly combined company, named Double Eagle Energy Permian LLC and focused on the Permian Basin, has more than 63,000 core Midland Basin net acres (over 70% operated) located predominantly in Midland, Martin, Howard, and Glasscock counties.

Double Eagle was previously a subsidiary of Double Eagle Energy Holdings II LLC, a portfolio company of Apollo Natural Resources Partners Funds I and II, and Veritas Energy was previously a portfolio company of investment partnerships managed by Post Oak Energy Capital LP.

Double Eagle Energy Permian will be headquartered in Fort Worth, Texas, and Cody Campbell and John Sellers, the current co-CEOs of Double Eagle II, will serve as the co-CEOs of the new company with Hollis Sullivan, the current president of Veritas Energy, serving as chairman.

Vinson & Elkins LLP acted as legal advisor and Jefferies LLC acted as financial advisor to Double Eagle, and Latham & Watkins LLP acted as legal advisor and Tudor, Pickering, Holt & Co. acted as financial advisor to Veritas Energy.

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