Key Takeaways
- • Benchmark Energy II closed a senior secured financing of up to $47.5 million with Cibolo Energy Partners to fund a multi-well development program in its Western Anadarko Basin position.
- • This marks the second financing transaction between Benchmark and Cibolo, signaling an established lender relationship and confidence in the operator's assets and execution.
- • Proceeds will be deployed across Benchmark's operated, liquids-rich, oil-weighted acreage in the Western Anadarko, with rig activity in the basin accelerating driven primarily by private operators.
- • Benchmark Energy II is majority owned by Acacia Research Corporation (Nasdaq: ACTG) and operates over 150,000 net acres producing more than 8,700 barrels of oil equivalent per day across Western Oklahoma and the Texas Panhandle.
- • TenOaks Energy Advisors served as exclusive financial advisor to Benchmark in the transaction.
Summary
Benchmark Energy II announced the closing of a senior secured financing providing up to $47.5 million from Cibolo Energy Partners, LLC, with proceeds dedicated to an operated multi-well development program in the company's Western Anadarko Basin position. The financing represents Benchmark's second transaction with Cibolo, underscoring the lender's confidence in the operator and the quality of its asset base.
According to Kirk Goehring, CEO of Benchmark Energy II, the capital infusion enables acceleration of development across the company's operated acreage footprint. Goehring noted that rig activity in the Western Anadarko has increased sharply, led predominantly by private operators, and that well-level results have improved significantly compared to a decade ago, driven by operators' focus on higher-quality rock, conservative well spacing, and modern completion techniques. The straightforward execution of the financing reflected Cibolo's deep familiarity with the basin from their prior relationship with Benchmark.
Benchmark Energy II is majority owned by Acacia Research Corporation and operates as a joint venture with McArron Partners and members of management. The company operates over 150,000 net acres producing more than 8,700 barrels of oil equivalent per day across Western Oklahoma and the Texas Panhandle, focusing on acquiring, producing, and developing operated assets in the Anadarko Basin. TenOaks Energy Advisors acted as exclusive financial advisor to Benchmark on the transaction.
According to Kirk Goehring, CEO of Benchmark Energy II, the capital infusion enables acceleration of development across the company's operated acreage footprint. Goehring noted that rig activity in the Western Anadarko has increased sharply, led predominantly by private operators, and that well-level results have improved significantly compared to a decade ago, driven by operators' focus on higher-quality rock, conservative well spacing, and modern completion techniques. The straightforward execution of the financing reflected Cibolo's deep familiarity with the basin from their prior relationship with Benchmark.
Benchmark Energy II is majority owned by Acacia Research Corporation and operates as a joint venture with McArron Partners and members of management. The company operates over 150,000 net acres producing more than 8,700 barrels of oil equivalent per day across Western Oklahoma and the Texas Panhandle, focusing on acquiring, producing, and developing operated assets in the Anadarko Basin. TenOaks Energy Advisors acted as exclusive financial advisor to Benchmark on the transaction.
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