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US-based Acacia Research has acquired a majority stake in independent oil and gas company Benchmark Energy II.

Financial terms of the deal were undisclosed.

As part of the deal Benchmark’s existing lead investor, McArron Partners, will retain its investment in Benchmark. It also plans to make an additional capital commitment to support Benchmark’s growth.

Benchmark CEO Kirk Goehring said: “Acacia has a deep understanding of our business and is the right long-term partner to support Benchmark’s continued growth.

“This new partnership will allow Benchmark to pursue larger, accretive acquisitions and drive value in our existing operations.”

Benchmark is engaged in the acquisition, production and development of oil and gas properties in mature resource plays in Texas and Oklahoma.

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The company’s assets include more than 13,000 net acres, primarily located in Roberts and Hemphill Counties in Texas.

It also owns stakes in more than 125 wells, the majority of which are operated.

Acacia interim chief executive officer Martin D McNulty Jr said: “Benchmark’s existing assets are well-known, high-quality assets with attractive return profiles.”

In a press statement, Acacia said: “Acacia has made a control investment in Benchmark and intends to utilise its significant capital base to acquire predictable and shallow decline, cash-flowing oil and gas properties whose value can be enhanced via a disciplined field optimisation strategy, with risk managed through robust commodity hedges and low leverage.”