Benchmark Energy II Secures $47.5 Million Financing for Rapid Development in Anadarko Basin

In a significant move, Benchmark Energy II, LLC, has announced the successful closure of a senior secured financing round amounting to an impressive $47.5 million. This financing was facilitated by Cibolo Energy Partners, LLC, and is specifically earmarked to expedite a multi-well development program within Benchmark's holdings in the liquid-rich, oil-weighted Western Anadarko Basin.

The majority owner of Benchmark Energy, Acacia Research Corporation (Nasdaq ACTG), along with its joint venture partners including McArron Partners and management team members, is committed to leveraging this new capital to enhance operations in the region. Kirk Goehring, Chief Executive Officer of Benchmark, expressed enthusiasm for the financing, stating, "This financing enables us to accelerate development across our operated acreage footprint."

The Western Anadarko Basin is witnessing a surge in rig activities, primarily driven by private operators. Improved well-level results experienced today contrast sharply with the performance from a decade ago. The positive shift is attributed to several factors including a focus on optimal geological formations, conservative drilling spacing, and the implementation of modern completion techniques.

This transaction marks the second successful collaboration between Benchmark and Cibolo, showcasing the latter's understanding and support of operations within the basin. Goehring highlighted the strength of this partnership, emphasizing how it facilitated a seamless financing process. TenOaks Energy Advisors acted as the exclusive financial advisor for Benchmark throughout this transaction.

About Benchmark Energy II

Benchmark Energy II, LLC, operates as a private oil and gas company, concentrating its efforts on acquiring, producing, and developing operated assets within the Anadarko Basin. The firm operates over 150,000 net acres, generating upwards of 8,700 barrels of oil equivalent each day across regions in Western Oklahoma and the Texas Panhandle. With its headquarters located in Austin, Texas, the operational framework of Benchmark is primarily supported by Acacia Research Corporation, McArron Partners, and management personnel.

For more information, visit Benchmark Energy's website.

About Cibolo Energy Partners

Founded in 2016, Cibolo Energy Partners focuses on alternative credit opportunities specifically within the North American energy sector. With a profound reputation for financing upstream and midstream companies, Cibolo primarily engages in privately negotiated investments in the lower-middle market. Its team comprises seasoned professionals with comprehensive financial and technical expertise. Cibolo is based in Houston, Texas, and operates as a registered investment advisor with the Securities and Exchange Commission.

To learn more, visit Cibolo Energy's website.

About Acacia Research Corporation

Acacia Research Corporation is recognized for its strategy as a value-oriented acquirer and operator of varied businesses across both public and private sectors, particularly within industrial, energy, and technology domains. The firm's decision-making process revolves around the evaluation of underlying cash flows rather than specific investment timelines. Its operational ethos is underscored by three core principles: people, processes, and performance, underpinned by a management team experienced in research, transactions, execution, and operational management.

For additional details, visit Acacia Research's website.

About McArron Partners

McArron Partners serves as the investment branch of the Jones family, rooted in Albany, Texas. Jonny Jones, founder of Jones Energy and the previous chairman of the Texas Oil & Gas Association, leads this initiative. The firm diversifies its capital across a mixture of global public and private investments, continuing a legacy of supporting energy entrepreneurship that spans over five decades.