Apollo Natural Resources Partners II and Double Eagle Development Announce Formation of Double Eagle Energy Holdings III

Investment focused on Permian Basin Opportunities

NEW YORK & FORT WORTH, Texas–(BUSINESS WIRE)–Affiliates of Apollo Global Management, LLC (NYSE: APO) (together with
its consolidated subsidiaries, “Apollo”) and Double Eagle Development,
L.L.C. (“Double Eagle”) announced today that they have expanded their
strategic relationship to create Double Eagle Energy Holdings III LLC
(“Double Eagle III”). Headquartered in Fort Worth, Texas, Double Eagle
III will primarily focus on investing in oil and gas properties in the
Permian Basin. Double Eagle III was formed by the same management team
that successfully led its predecessor companies, with John Sellers and
Cody Campbell continuing to serve as Co-Chief Executive Officers. John
and Cody also manage Double Eagle, which has been one of the largest
independent acquirers of oil and gas leasehold interests across Texas
and the Mid-Continent.

Formation of this new company follows the recent successful sale of
Double Eagle Energy Permian LLC (“Double Eagle II”) to Parsley Energy
Inc. (NYSE: PE) for approximately $2.8 billion. Double Eagle II
developed a significant acreage position in the heart of the Midland
Basin, including approximately 72,000 net acres, production of 3,600
barrels of crude oil equivalent per day and approximately 3,300 net
horizontal drilling locations. Double Eagle III will pursue a similar
strategy to Double Eagle II, but on a significantly larger scale and
with a more substantial upfront commitment from funds managed by Apollo,
along with the management team.

Cody Campbell, Co-Chief Executive Officer of Double Eagle, commented,
“We are excited to have the opportunity to work once again with Apollo.
The continued strong relationships with their team, paired with their
funds’ financial strength and track record of success allow us to
aggressively pursue larger and more numerous opportunities in the most
prolific basin in North America. With the integration of our world-class
operating team and the collective resources of the Apollo team, Double
Eagle III will look to continue the strategic and successful acquisition
and development of high quality oil and gas assets in the Permian Basin.”

Greg Beard, Global Head of Natural Resources and Senior Partner at
Apollo, said, “John and Cody, along with the rest of the Double Eagle
team, are a great example of Apollo’s focus on working with
best-in-class teams and providing them with significant long-term
capital and support. The Double Eagle team has displayed an impressive
ability to acquire and develop high quality assets by leveraging a
unique strategy and an unparalleled understanding of the industry. We
believe that Double Eagle III is well positioned to continue to enhance
its already outstanding track record of success.”

About Double Eagle

Double Eagle is a Fort Worth, Texas-based energy company focused on
acquiring and developing oil and gas assets throughout North America.

About Apollo Global Management, LLC

Since its founding in 1990, Apollo has grown to become one of the
world’s largest alternative investment managers. As of June 30, 2017,
Apollo had total assets under management of approximately $232
billion, with a team of
988 employees, including 368 investment professionals, located in sixteen
offices around the world. For more information about Apollo, please
visit www.agm.com.

Contacts

For Double Eagle:
Joshua A. Gregg, 817-928-3260
Chief
Financial Officer
[email protected]
or
For
investor inquiries regarding Apollo:
Gary M. Stein, 212-822-0467
Head
of Corporate Communications
[email protected]
or
Noah
Gunn, 212-822-0540
Investor Relations Manager
[email protected]
or
For
media inquiries regarding Apollo:
Rubenstein Associates, Inc.
Charles
Zehren, 212-843-8590
[email protected]