Benchmark Energy Acquire Revolution Resources’ Anadarko Assets in $145 Million Deal
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Benchmark Energy II, headquartered in the Texas Panhandle City of Pampa, agreed to acquire more than 470 operating wells in the Western Anadarko Basin in a $145 million deal.
The acquisition of the wells along with 140,000 net acres involves assets in both Oklahoma and Texas. The seller was Revolution Resources which had acquired the assets just four years ago from Jones Energy Inc.
A breakdown of the number of wells in Oklahoma was not made available in the disclosure of the acquisition.
The major acquisition comes a year after Benchmark became majority owned by Acacia Research, a publicly traded American company based in New York City.
The deal is considered a major step for Benchmark, adding to its existing holdings of 110,000 net acres. The new assets are described as liquids-rich, low-decline, and mature production producing about 6,000 barrels of oil equivalent a day.
“The acquisition of these assets represents a transformative moment in Benchmark Energy’s history and an important next step in our partnership with Acacia and McArron,” said Benchmark CEO Kirk Goehring.
“After closing this acquisition, Benchmark will have a large, contiguous acreage position in the heart of the Mid-Continent, and incremental scale to continue driving meaningful operational enhancements to create attractive returns for our stakeholders for many years to come,” added Goehring.
The acquisition is expected to close sometime in the second quarter of 2024. It was funded by cash from Acacia and McArron Partners. McArron is a minority owner of Benchmark Energy.
Benchmark Energy is engaged in the acquisition and development of producing oil and gas fields, targeting the prolific, stacked formations of the Anadarko Basin.
The company focuses on acquisition opportunities that are non-core to the current operator, have predicable decline profiles, provide upside drilling potential, and offer the opportunity for Benchmark to apply small company lease operating costs to enhance returns.
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