American Energy Partners LP has secured up to $500 million in equity commitments to acquire oil and natural gas interests, the company announced Wednesday.
American Energy-NonOp LLC, an affiliate of Aubrey McClendon's American Energy, intends to pursue nonoperating working interests in various onshore oil and gas plays being developed by other companies.
The company did not offer any further details in Wednesday's announcement, although it is accepting leasehold submissions. It also is looking to hire reservoir engineers, landmen and other industry professionals with acquisition expertise.
The Energy & Minerals Group, a Houston-based firm, is the exclusive private-equity investor in the new American Energy venture. American Energy's management will provide additional equity.
$8.2 billion in assets
The equity firm, which manages more than $8.2 billion in assets, also was a lead investor in American Energy last fall when the company secured $1.7 billion in equity commitments and loans to move into eastern Ohio's Utica Shale.
The Wall Street Journal reported Wednesday that American Energy has agreed to buy 74,000 acres in the dry gas window of that play for $924 million from Hess Corp.
McClendon launched American Energy last year after being ousted by the new board at Chesapeake Energy Corp., which he co-founded with former partner Tom Ward in 1989.
Ward is starting over as well. He announced the formation of Tapstone Energy LLC in October after losing his position as CEO of SandRidge Energy Inc.