Aug. 02--American Energy Partners LP completed its move into the oil-rich Permian Basin in West Texas, the Oklahoma City-based company announced Friday.
Affiliate American Energy-Permian Basin LLC closed on its acquisition of about 63,000 net acres of leasehold and associated gathering assets in the southern part of the region. The acreage is located primarily in three counties.
American Energy, which was founded last year by Aubrey McClendon, paid $2.5 billion to Denver-based Enduring Resources II LLC for the Permian acreage. American Energy-Permian Basin will finance a portion of the deal with proceeds from a $1.6 billion senior notes offering that closed Friday.
Enduring Resources has been operating four rigs on the acreage, American Energy said when the deal was announced in June, but McClendon's company intends to increase activity there.
American Energy plans to have as many of eight rigs in the field by the end of 2015, with an eye toward increasing its acreage in the Permian with future acquisitions.
The company intends to drill as many as 2,500 gross wells on its new acreage over the next decade.
American Energy also announced Friday that former
American Energy-Permian Basin has entered into a reserves-based revolving credit facility with an initial borrowing base of $500 million to fund its operations.
It also has raised about $1.145 billion in private equity capital.
About three-quarters of that came from lead investor The Energy and Minerals Group, which holds a majority of seats on American Energy-Permian Basin's board.
McClendon's American Energy Partners has raised about $10 billion in committed equity and debt capital in less than a year. It has affiliates operating in Oklahoma, Texas, Ohio and West Virginia, with plans to form a midstream company serving those areas, as well.