Double Eagle Energy Holdings III Secures More Than $1.0 Billion of Equity Commitments

Investment Focused on Permian Basin Opportunities

FORT WORTH, Texas–(BUSINESS WIRE)–Double Eagle Energy Holdings III (“Double Eagle” or “the Company”)
announced today that inclusive of a recent capital raise the Company has
secured equity commitments of more than $1.0 billion, which are anchored
by commitments from funds managed by affiliates of Apollo Global
Management, LLC (NYSE: APO). Double Eagle’s substantial equity
commitments will support the Company’s ongoing acquisition and
development initiatives in the Permian Basin and will allow Double Eagle
to expand its world class asset base.

Double Eagle was formed by the same management team that successfully
led its predecessor companies, with John Sellers and Cody Campbell
serving as Co-Chief Executive Officers. The Company has substantial
experience accumulating and operating top tier acreage positions in the
Permian Basin, and hopes to continue the momentum from the successful
sale of Double Eagle Energy Permian LLC (“Double Eagle II”) to Parsley
Energy Inc. (NYSE:PE) in April of 2017.

Cody Campbell, Co-Chief Executive Officer of Double Eagle, commented,
“We are excited by the opportunity for Double Eagle to continue to
pursue assets in the Permian Basin. With this additional support and
capital, we have the clear opportunity to create a tremendous amount of
value and look forward to working with our sponsor team in executing our
operating plans.”

John Sellers, Co-Chief Executive Officer of Double Eagle, added, “In
addition to leveraging our land acquisition capabilities, we are focused
on working with Permian operators to execute trades to drill extended
lateral horizontal wells. We plan to have our first operated rig running
in April of this year.”

About Double Eagle

Double Eagle is a Fort Worth, Texas-based energy company focused on
acquiring and developing oil and gas assets in the Permian Basin.

Contacts

For Double Eagle:
Joshua A. Gregg, 817-928-3260
Chief
Financial Officer
[email protected]