Oil majors and large independent exploration companies are beginning to dominate the Permian Basin in West Texas, but smaller, private equity-backed companies are still doing a lot of drilling.
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Backed by $1 billion from New York private equity firm Apollo Global Management, Double Eagle Development of Fort Worth is preparing to drill five horizontal wells in Midland County and a vertical in neighboring Martin County. The wells target the Spraberry field at depths ranging from 9,000 to 10,600 feet.
The Woodlands-based Rio Oil & Gas, launched with $360 million from Houston private equity firm Quantum Energy Partners, is preparing to drill three horizontal wells on state-owned lands in Reeves County. The wells target the Phantom field of the Wolfcamp formation at depths up to 20,400 feet.
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