July 18--Aubrey McClendon is teaming up with another group of real estate investors to raise money for oil and gas assets.
Energy 11 LP of Fort Worth, Texas, plans to raise up to $2 billion in a private offering, according to a prospectus filed Thursday with the Securities and Exchange Commission.
The partnership intends to sell up to 100 million common units to qualified investors at $20 per unit in an offering that will end by Sept. 30, 2016.
Energy 11 entered into a management agreement with McClendon's E11 Management LLC to obtain oil and gas assets. E11 Management is a subsidiary of American Energy Partners LP, the Oklahoma City-based energy company founded by McClendon after he left Chesapeake Energy Corp.
Energy 11 includes executives or directors of Apple REIT Ten Inc., a Richmond, Va.-based real estate investment trust whose assets include 188 hotels in 33 states. Among them is Anthony "Chip" Keating, principal of Rock Creek Capital and a former real estate development manager for Chesapeake.
A former Chesapeake executive, Clifford Merritt, has signed a consulting agreement with Energy 11 and will become its president after the initial closing of the offering. Merritt was Chesapeake's vice president of land for the southern division until September.
A consulting agreement filed Thursday said Merritt will help Energy 11 evaluate assets in the South Central Oklahoma Oil Province, known as the SCOOP.
McClendon's involvement with Energy 11 marks the second time in the past year he has teamed up with real estate investors on new oil and gas ventures. American Energy Capital Partners LP formed last year and plans to raise up to $2 billion in an offering that started in May.
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