Terry Pegula has closed on a deal first struck in June to sell drilling rights on land in Ohio and West Virginia for $1.75 billion.
Pegula and his wife Kim are front-runners to buy the NFL’s Buffalo Bills.
The former owner, Ralph Wilson, died in March.
Pegula already owns the NHL’s Buffalo Sabres.
On Tuesday,Oklahoma-based American Energy said it closed a deal with Pegula’s East Resources Inc. to buy drilling rights on 75,000 acres of land.
The Pegulas have advanced to the next round of bidding for the Bills, along with Donald Trump.
Both have reportedly bid at least a $1 billion for the NFL franchise.
Pegula is worth about $3.3 billion, according to Forbes.
In 2010, he sold some of his company’s assets to Shell for $4.7-billion.
He said he still owns oil and gas assets in Colorado, Wyoming, New York, West Virginia and Pennsylvania.