From Bloomberg News:
By Stephen Cunningham
Jan. 29 (Bloomberg) -- American Energy Partners LP, the energy company founded by former Chesapeake Energy Corp. CEO Aubrey McClendon, raised as much as $500 million through an affiliate to acquire stakes in U.S. onshore oil and natural gas deposits.
The funds will be used to purchase non-operated working interests, the Oklahoma City-based company said today in a statement. Houston-based private-equity firm Energy & Minerals Group, led by John T. Raymond, is the exclusive private equity investor, with additional equity provided by management of the affiliate, known as American Energy - NonOp LLC.
McClendon, who founded Chesapeake and built it into the second-largest U.S. gas producer, said in October American Energy had raised about $1.7 billion from several private-equity firms, including Energy & Minerals, to explore Ohio’s Utica shale formation. McClendon stepped down as chief executive officer of Chesapeake last year after questions were raised about his personal borrowing from some of its biggest financiers.
McClendon also announced plans in December to seek as much as $2 billion by selling units in a blind pool investment, a speculative vehicle with no assets or profits that gives backers a chance to help fund potential oil and gas developments.
Commercial Law Group LLC represented American Energy, while Energy & Minerals received legal counsel from Baker Botts LLP.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.