Benchmark Energy II, which is majority owned by Acacia Research, has closed the acquisition of certain upstream assets and related facilities in the US from an undisclosed private seller. 

The deal between the parties was announced in February 2024.

The acquisition involves approximately 470 operated producing wells in Texas and Oklahoma.

Acacia said these assets are expected to add significant diversification to Benchmark’s production.

With a balanced pro-forma portfolio of approximately 60% liquids and 40% natural gas, the acquisition also presents opportunities for operational enhancements and exposure to the emerging Cherokee development play.

Benchmark Energy’s acquisition expands its operated position in the Western Anadarko Basin by approximately 140,000 net acres.

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The mature production base consists of around 6,000 barrels of oil equivalent per day across 470 operated wells, offering a stable, low-decline profile.

The acquisition also brings a suite of field enhancement opportunities such as artificial lift optimisation, workovers and return-to-production projects.

The anticipated annualised asset-level cash flows from the acquired assets are approximately $45m.

To manage financial risk, Benchmark plans to hedge a significant portion of the production from these assets.

Acacia CEO MJ McNulty, Jr said: “We are pleased to inform our stockholders that our Benchmark subsidiary has closed its previously announced acquisition of operated producing wells in the Western Anadarko Basin.

“We are excited to work closely with the Benchmark team as they continue to execute on their strategy of acquiring mature cash flowing properties, improving operations, maximising production, and most importantly, returning capital.

“With this transformative acquisition now closed, we look forward to continuing to identify and acquire valuable businesses at attractive valuations and deploying disciplined operating and capital allocation methods to create value for our stockholders.”