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American Energy Partners Taps CFO of Woodford Affiliate
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American Energy Partners, LP has hired Jennifer M. Grigsby as the Chief Financial Officer of its affiliates American Energy – Woodford, LLC and American Energy – Minerals Holdings, LLC.
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.