OKLAHOMA CITY, Jan. 26, 2015 /PRNewswire/ -- American Energy Partners, LP (AELP) today announced that it has hired Jennifer M. Grigsby as the Chief Financial Officer of its affiliates American Energy – Woodford, LLC (AEW) and American Energy – Minerals Holdings, LLC (AEMN). Grigsby, 45, previously worked for Chesapeake Energy Corporation for 19 years in increasing roles of importance, including serving as Vice President, Assistant Treasurer and Corporate Secretary from 2006 to 2007; Senior Vice President, Treasurer and Corporate Secretary from 2007 to 2013; and Senior Vice President, Corporate and Strategic Planning from 2013 to 2014.
Prior to Chesapeake, Grigsby worked for Commander Aircraft Company and Deloitte & Touche, LLP in various accounting and supervisory roles in Oklahoma City. She earned her MBA with an emphasis in Finance from Oklahoma City University in 1999 and a Bachelor of Science in Accounting from Oklahoma State University in 1991. Grigsby is a certified public accountant and chartered global management accountant.
AEW has built a leading position of over 200,000 net acres in the Central Northern Oklahoma Woodford (CNOW) play and during the third quarter of 2014 produced an average of 8,700 barrels of oil equivalent per day (boe/d) on a gross operated basis and 6,600 boe/d on a net basis. AEW is drilling what it believes are the lowest cost horizontal wells in the U.S., with historical 2014 costs of $2.6 million, current costs of $2.0 million and targeted mid-year 2015 costs of $1.8 million.
AEW has been capitalized with a $500 million equity commitment ($390 million drawn) provided by The Energy & Minerals Group, AEW management and affiliated parties, and $350 million of senior notes due in 2022.
AEMN has built one of the largest mineral and overriding royalty interest (ORRI) positions in the Marcellus, Utica, Woodford and Wolfcamp Shale plays, with ownership of 28,000 net mineral acres and 32,000 net acres of ORRIs, primarily under acreage owned by AELP affiliate companies. AEMN has been capitalized with $500 million of equity commitments from The Energy & Minerals Group, AEMN management and affiliated parties.
This press release contains forward-looking statements. Forward-looking statements express views regarding future plans and expectations. They include statements that include words such as "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions, although not all forward-looking statements contain such identifying words.
Forward-looking statements in this press release include statements regarding AEW's future operating costs. These statements are based on numerous assumptions and are subject to known and unknown risks and uncertainties, many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, and regulatory changes. Actual future results may vary materially from those expressed or implied in these forward-looking statements, and AEW's business, financial condition and results of operations could be materially and adversely affected by numerous factors, including such known and unknown risks and uncertainties. As a result, forward-looking statements should be understood to be only predictions and statements of our current beliefs, and not as guarantees of performance.
About American Energy Partners, LP:
American Energy Partners, LP was founded by Aubrey K. McClendon in April 2013 to capitalize on opportunities available in unconventional resource plays onshore in the U.S. For additional information, please visit www.americanenergypartners.com.
About American Energy – Woodford, LLC:
American Energy – Woodford, LLC is an independent oil and natural gas company affiliated with American Energy Partners, LP focused on the acquisition, development and production of oil, natural gas liquids and natural gas resources in the Central Northern Oklahoma Woodford play in northern Oklahoma.
About American Energy – Minerals Holdings, LLC:
American Energy – Minerals Holdings, LLC is an independent oil and natural gas company affiliated with American Energy Partners, LP focused on the acquisition and development of minerals and overriding royalty interests in the Marcellus, Utica, Woodford and Wolfcamp Shale plays, primarily under acreage owned by AELP affiliate companies.
About The Energy & Minerals Group:
EMG is the management company for a series of specialized private equity funds. The Firm was founded by John Raymond (majority owner and CEO) and John Calvert in 2006. EMG focuses on investing across various facets of the global natural resource industry including the upstream and midstream segments of the energy complex. EMG has approximately $17.1 billion of regulatory assets under management (RAUM) and approximately $8.1 billion in commitments have been allocated across the energy sector since inception. For additional information, please visit www.emgtx.com.
SOURCE American Energy Partners, LP