(BUSINESS WIRE) EnCap Investments L.P., Double Eagle Energy Holdings IV, LLC, and Tumbleweed Royalty IV, LLC announced Jan. 9 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.”
