US energy company Double Eagle Energy has collaborated with FourPoint Energy to establish a Midland Basin company.
The DoublePoint Energy company will have more than 70,000 acres in the core oil-rich, multi-pay zones in Midland, Glasscock, Martin, Howard, Upton and Reagan Counties, Texas.
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DoublePoint’s asset portfolio will include Double Eagle’s existing Midland Basin acreage and production, as well as other recently acquired assets.
The entity will engage in bolt-on acreage acquisitions to consolidate its position in the core areas, as well as invest in an active drilling programme.
Double Eagle and DoublePoint Co-CEO John Sellers said: “Pulling from the strengths of both companies, we believe DoublePoint will be a dynamic player in the Midland Basin focused on acreage acquisitions, acreage trades, and the development of our low risk, multi-pay resource.”
DoublePoint is planning to scale up drilling and development activity over its footprint after taking control of the field and drilling operations from Double Eagle.
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By GlobalDataFourPoint Energy president and CEO George Solich said: “By augmenting Double Eagle’s best-in-class Midland Basin expertise with FourPoint’s strong technical and operational proficiencies, we are confident this partnership will yield an unprecedented opportunity to quickly and efficiently grow production and cash flow.”
Double Eagle was established last year and is supported by funds managed by certain affiliates of Apollo Global Management, Magnetar Capital and management.
