Athlon Energy and Apollo Partner to Pursue Investments in Oil and Natural Gas Properties
New York & Fort Worth, TX, September 1, 2010 - Athlon Energy LP (“Athlon”) announced on August 31 that it has partnered with Apollo Investment Fund VII, L.P. and its parallel investment funds (“Apollo”), which are affiliates of Apollo Global Management, LLC (together with its subsidiaries, “Apollo Management”), a leading global alternative asset manager, to pursue the acquisition and development of long-lived oil and natural gas properties in the onshore United States.
Athlon’s executive management team is led by Bob Reeves, who will assume the role of Chief Executive Officer and President. Prior to Athlon, Mr. Reeves served as Chief Financial Officer and Senior Vice President of Encore Acquisition Company (formerly NYSE: “EAC”) and Encore Energy Partners (NYSE: “ENP”) until the two companies were acquired by Denbury Resources in March 2010.
Kevin Treadway, also a founder of Athlon Energy, will serve as a member of the executive management team. Formerly, Mr. Treadway served as an executive officer for Encore Acquisition Company and Encore Energy Partners in the role of Senior Vice President – Land.
The remaining founders and executives of Athlon include former members of the Encore management team, including Bud Holmes, Jennifer Palko, David McClelland and Rusty Plemons as well as Dallas Dobbs, who joins Athlon from a private oil and natural gas company.
Bob Reeves, CEO and President of Athlon, stated, “We have been very fortunate to assemble a top-notch team of industry professionals who have worked together in a highly successful company over the past decade executing a proven strategy. We plan to continue that same strategy of opportunistically acquiring mature properties that can be further exploited by our vast technical expertise in producing regions such as the Rockies, Permian, Mid-Continent and Ark-La-Tex areas.” Mr. Reeves continued: “We are proud to partner with a premier private equity fund like Apollo in the creation of Athlon Energy. Apollo Management has significant experience in the global commodities sector and they clearly understand the need to buy right with a focus on the fundamentals while considering underlying macro trends impacting the energy industry.”
Greg Beard, a Senior Partner at Apollo Management, said, “We are thrilled to back a first-class team of energy industry executives who share our same view towards the domestic oil and natural gas landscape.” Mr. Beard went on to comment, “Focusing on oil and natural gas assets is consistent with our approach of investing in complex sectors where we seek to appropriately capitalize businesses to withstand market cycles and partner with strong management teams to drive value through operations.”
About Athlon Energy
Athlon Energy L.P. is a newly formed independent oil and natural gas company headquartered in Fort Worth, Texas. The Company will seek to execute its proven low-risk “acquire and exploit” strategy by establishing a footprint in proven basins with initial acquisitions of mature producing properties that have long-lived, predictable reserves in the onshore continental United States. The management team will seek to add value to these properties by deploying its significant operating experience and exploitation skills to expand reserves and production through enhanced recovery techniques, low-risk drilling and operational efficiencies. For more information, please visit www.athlonenergy.com.
About Apollo Global Management
Apollo Global Management is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Hong Kong and Mumbai. As of December 31, 2009, Apollo Global Management had assets under management of $53.6 billion in its private equity, capital markets and real estate funds invested across a core group of nine industries, including commodities, where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
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