---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-099084"
form_type: "8-K"
ticker: "ACTG"
cik: "0000934549"
company_name: "ACACIA RESEARCH CORP"
filed_at: "2024-04-17T23:59:59+00:00"
generated_at: "2026-06-03T22:00:36.563378+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Acacia Research subsidiary Benchmark closes $145M acquisition of Anadarko Basin assets

## Summary
- Closed acquisition of upstream assets in Texas/Oklahoma for $145M cash; Acacia contributed $59.9M, others $15.25M.
- Acquired ~140,000 net acres and interest in ~470 operated producing wells in Western Anadarko Basin.
- Benchmark entered $150M revolving credit facility; $82.7M drawn at closing; 3-year maturity.
- Expected annualized asset-level cash flows of approx. $45M from low-decline, liquids-rich production.
- Acacia's ownership in Benchmark post-closing is approx. 73.5%.

## SEC filing metadata
- accession: 0001193125-24-099084
- form_type: 8-K
- ticker: ACTG
- cik: 0000934549
- company_name: ACACIA RESEARCH CORP
- filed_at: 2024-04-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/934549/000119312524099084/0001193125-24-099084-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/934549/000119312524099084/d818755d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-099084
- JSON: https://secwatch.observer/filing/0001193125-24-099084.json
- Plain text: https://secwatch.observer/filing/0001193125-24-099084.txt

## Key facts
- Debt Financings
  ACACIA RESEARCH CORP incurred revolving credit of maximum aggregate credit amount of $150 million, of which approximately $85 million was available at the Closing Date, a with Frost Bank as Administrative Agent; BE Anadarko II, LLC as Borrower at Adjusted Term SOFR Margin Rate plus a margin of 3.00% to 4.00% maturing three years from the Closing Date.
  - Instrument: revolving credit
  - Principal: maximum aggregate credit amount of $150 million, of which approximately $85 million was available at the Closing Date, a
  - Counterparty: Frost Bank as Administrative Agent; BE Anadarko II, LLC as Borrower
  - Rate: Adjusted Term SOFR Margin Rate plus a margin of 3.00% to 4.00%
  - Maturity: three years from the Closing Date
  - Event: incurrence
  source text: On the Closing Date (defined below) in connection with the Transaction (defined below), BE Anadarko II, LLC (“BE Anadarko”), a subsidiary of Benchmark Energy II, LLC (together with its subsidiaries, “Benchmark”), a majority-owned subsidiary of Acacia Research Corporation (the “Company”), entered into a Loan Agreement (the “Loan Agreement”), by and among BE Anadarko, as Borrower, Frost Bank, as Administrative Agent and LC Issuer (“Frost Bank”), and the lenders from time to time party thereto (the “Lenders”), governing a new revolving credit facility (the “Revolving Credit Facility”), with a maximum aggregate credit amount of $150 million, of which approximately $85 million was available at the Closing Date, that BE Anadarko may draw upon from time to time subject to the terms and conditions set forth in the Loan Agreement. The Revolving Credit Facility will mature three years from the Closing Date and includes a letter of credit subfacility. On the Closing Date, $82.7 million, including
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000119312524099084/0001193125-24-099084-index.htm
- M&A Transactions
  ACACIA RESEARCH CORP completed an acquisition involving Revolution Resources II, LLC, Revolution II NPI Holding Company, LLC, Jones Energy, LLC, Nosley Assets, LLC, Nosley Acquisition, LLC, and Nosley Midstream, LLC for $145 million in cash (closed 2024-04-17).
  - Action: acquisition
  - Counterparty: Revolution Resources II, LLC, Revolution II NPI Holding Company, LLC, Jones Energy, LLC, Nosley Assets, LLC, Nosley Acquisition, LLC, and Nosley Midstream, LLC
  - Consideration: $145 million in cash
  - Closing: 2024-04-17
  source text: of the Purchase Agreement (such purchase and sale, together with the other transactions contemplated by the Purchase Agreement, the “Transaction”) for a purchase price of $145 million in cash (the “Purchase Price”), subject to customary post-closing adjustments. The Company’s contribution to Benchmark to fund its portion of the Purchase Price and related fees
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000119312524099084/0001193125-24-099084-index.htm
- Material Agreements
  ACACIA RESEARCH CORP entered into Loan Agreement with Frost Bank, as Administrative Agent and LC Issuer, and the lenders from time to time party thereto valued at $150 million.
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Frost Bank, as Administrative Agent and LC Issuer, and the lenders from time to time party thereto
  - Value: $150 million
  source text: BE Anadarko II, LLC (“BE Anadarko”), a subsidiary of Benchmark Energy II, LLC (together with its subsidiaries, “Benchmark”), a majority-owned subsidiary of Acacia Research Corporation (the “Company”), entered into a Loan Agreement (the “Loan Agreement”), by and among BE Anadarko, as Borrower, Frost Bank, as Administrative Agent and LC Issuer (“Frost Bank”), and the lenders from time to time party thereto (the “Lenders”), governing a new revolving credit facility (the “Revolving Credit Facility”), with a maximum aggregate credit amount of $150 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000119312524099084/0001193125-24-099084-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.