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American Energy Capital Partners files for IPO, looks to raise $2 billion

(Credit: Reuters) Image shows an oil drilling facility.US Oil Drill
December 14
2:24 AM 2013
by VCPOST Staff Reporter

American Energy Capital Partners LP (AECP) filed for an initial public offering on Friday to raise up to $2 billion. Proceeds from the listing will be used by AECP to buy and drill oil and gas properties within the United States.

AECP is a partnership related to Chesapeake Energy Corp.'s former chief executive officer Aubrey McClendon, Reuters said in a report.

The report, citing AECP's filing with the US Securities and Exchange Commission, said that the energy firm is selling 100 million shares. Shares to be offered are priced at $20 apiece.

According to Reuters, AECP's operations is managed by AECP Management LLC. AECP Management was founded by McClendon in July this year. AECP Management said in early October that it had raised $1.7 billion to drill on shale acreage in Ohio's Utica Shale. 

McClendon left Chesapeake in April after clashes over spending with the company's board. McClendon co-founded the energy corporation in 1989, the report said.   

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VCPOST Staff Reporter

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