Acacia's Benchmark subsidiary to acquire oil & gas assets in TX/OK for $145M

ACACIA RESEARCH CORP

Acacia's subsidiary Benchmark to pay $145M cash for upstream assets in Texas and Oklahoma.
Acquisition adds ~470 operated wells and ~140,000 net acres in the Western Anadarko Basin.
Expected annualized asset-level cash flows of ~$45M from mature, low-decline production.
Acacia contributing $57.5M; funding also from $72.5M debt and $15M from McArron Partners.
Closing expected in Q2 2024; Acacia's post-transaction interest in Benchmark ~73.1%.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ACACIA RESEARCH CORP entered into Purchase and Sale Agreement with Revolution Resources II, LLC, Revolution II NPI Holding Company, LLC, Jones Energy, LLC, Nosley Assets, LLC, Nosley Acquisition, LLC, and Nosley Midstream, LLC valued at $145 million in cash (effective 2024-03-01).

Action: entry
Agreement: asset purchase
Counterparty: Revolution Resources II, LLC, Revolution II NPI Holding Company, LLC, Jones Energy, LLC, Nosley Assets, LLC, Nosley Acquisition, LLC, and Nosley Midstream, LLC
Value: $145 million in cash
Effective: 2024-03-01

Exact text from the filing

On February16, 2024, Benchmark Energy II, LLC (together with its subsidiaries, “Benchmark”), a majority-owned subsidiary of Acacia Research Corporation (the “Company”), entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) with Revolution Resources II, LLC, Revolution II NPI Holding Company, LLC, Jones Energy, LLC, Nosley Assets, LLC, Nosley Acquisition, LLC, and Nosley Midstream, LLC (collectively, “Revolution”).

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Source: SEC EDGAR

accession 0001193125-24-039466

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