The next chapter of Double Eagle is officially underway. Following the $4.08 billion sale of Double Eagle IV assets to Diamondback Energy, founders Cody Campbell and John Sellers have secured a $2.5 billion equity commitment from EnCap Investments to launch Double Eagle V and Tumbleweed Royalty V. And they are wasting no time putting that capital to work.
With the new funding in place, Double Eagle V is ramping up development across the Permian Basin, while Tumbleweed V will expand mineral and royalty acquisitions across multiple shale regions, with a heavy focus on the Permian. The new initiatives carry forward existing partnerships with Elda River Capital Management, affiliates of Apollo Global Management, and other institutional backers. Campbell and Sellers will continue serving as co-CEOs.
This launch represents more than a continuation—it’s a doubling down on a proven model: build high-quality Permian inventory, scale development, exit into a top-tier operator, then repeat. And now, the first infrastructure filings show the next production cycle has already begun.
Early Development Signals: Double Eagle V Files Two New Air Permits in the Midland Basin
Less than a day after the Double Eagle IV deal closed, DE V Operating LLC registered two new oil and gas battery projects in Glasscock County, Texas, confirming active build-out of production facilities in the Midland Basin. Both permits were filed and approved on December 2, 2025 with the Texas Commission on Environmental Quality (TCEQ).
🔹 Permit #1: SEE FOREVER BATTERY
| Attribute | Details |
|---|---|
| Permit # | 182345 |
| Project # | 401544 |
| Operator | DE V Operating LLC (CN606455046) |
| County | Glasscock |
| Region | TCEQ Region 07 — Midland |
| Location | Garden City, TX |
| Action Type | NOTIFYNEW |
| Permit Type | Standard Permit (STDPMT) |
| Status | Complete — Approved 12/02/2025 |
| Fee Paid | $25.00, Credit Card |
📌 Directions to Site:
From Main St. & TX-158 W, go 1.5 mi to CR 110, then follow CR 110 for 14.6 mi to the south battery location.
🔹 Permit #2: SAN SABA BATTERY
| Attribute | Details |
|---|---|
| Permit # | 182347 |
| Project # | 401546 |
| Operator | DE V Operating LLC (CN606455046) |
| County | Glasscock |
| Region | TCEQ Region 07 — Midland |
| Location | Garden City, TX |
| Action Type | NOTIFYNEW |
| Permit Type | Standard Permit (STDPMT) |
| Status | Complete — Approved 12/02/2025 |
| Fee Paid | $25.00, Credit Card |
📌 Directions to Site:
From Main St. & TX-158 W, go 13.7 mi west → turn on TX-137 S for 2.2 mi → Olease Rd 0.2 mi → continue straight at fork for 0.6 mi to site.
🛢️ What the Permits Reveal About Double Eagle V
These filings signify immediate infrastructure build-out tied to new wells expected to enter production. Battery registrations typically correlate with:
- Upcoming completions & first production (IP)
- Multi-well pad development
- Pipeline connection planning
- Expanded facility capacity
They also show that Double Eagle V did not wait for conceptual planning—the drilling and development cycle is already underway, beginning in Glasscock County east of the Midland Basin’s high-performance core.
📌 What’s Next?
Given this early activity, service companies should expect additional permitting related to:
- tank batteries & separators
- VRUs & emissions equipment
- gas lift and pipeline tie-ins
- produced water handling & disposal links
Mineral buyers and royalty investors watching Tumbleweed V should also expect rapid leasing and acquisition activity near these locations.
🎯 Final Takeaway
Double Eagle V is not starting from scratch—it is starting from momentum. With $2.5B of dry powder and early facility filings in place, Campbell and Sellers are signaling that the Permian Basin remains the most scalable, repeatable, and capital-efficient oil play in North America.
And if the past is any indicator, this new cycle may already be on the path to the next billion-dollar exit.
