Benchmark Energy II, LLC, a majority-owned subsidiary of Acacia Research Corporation, is in the process of acquiring certain exploration and production assets, including significant Anadarko wells, along with related facilities in Texas and Oklahoma.
In a press release, Acacia announced that this acquisition is intended to expand Benchmark’s portfolio, adding about 140,000 net acres in the productive western Anadarko Basin, encompassing the Texas Panhandle and western Oklahoma.
Important wells at Anadarko for the company
[post_relacionado]This transaction encompasses a major interest of approximately 470 operated wells . Between them, they produce about 6,000 barrels of oil equivalent per day in the heart of the western Anadarko basin, along with a non-operated interest in the undeveloped Cherokee field.
According to the statement issued, these mature, low-producing wells will add significant diversification to Benchmark’s production. Benchmarks production, creating a balanced pro-forma portfolio comprised of approximately 60% liquids and 40% natural gas.
In addition, the proximity of these assets to Benchmark’s existing Texas operations provides expanded potential to develop operational synergies of scale throughout the Anadarko basin, enhancing the economic ecosystem for the oil subsidiary.
Benchmark Energy Financing
The financing of this transaction will be accomplished using cash from Benchmark’s current owners, Acacia and McArron Partners, as well as committed debt financing from a consortium of local and regional banks, it was announced.
The corresponding portion of the consideration for Acacia is estimated at approximately US$57.5 million. The closing of the transaction, scheduled for the second quarter of 2024, is expected to be subject to customary closing conditions and termination rights.
Kirk Goehring, CEO of Benchmark, said this acquisition represents a transformative moment in the company’s history and a significant event in its partnership with Acacia and McArron.
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Source: Benchmark Energy