The Company also announced it has entered into a credit agreement with West Texas National Bank of Midland, Texas, to provide additional funding for the transaction as well as potential future acquisitions
Benchmark Energy acquires producing properties in the Western Anadarko Basin. (Credit: drpepperscott230 from Pixabay)
Benchmark Energy (“Benchmark” or the “Company”) announced today that the Company recently completed the acquisition of producing and undeveloped oil and gas assets (the “Assets”) in the Western Anadarko Basin from a private seller. The Assets include over 13k net acres primarily in Roberts and Hemphill Counties in Texas, and an interest in over 150 wells, the majority of which are operated.
The acquisition is Benchmark’s second investment to date. In March 2021, the Company acquired assets in the STACK play of Central Oklahoma and successfully monetized the position in April 2022.
The Company is run by an experienced management team led by Chief Executive Officer Kirk Goehring. Mr. Goehring previously served as Chief Operating Officer of both Benchmark and Jones Energy, Inc. Mr. Goehring commented, “We are excited to re-enter the Anadarko Basin through this platform investment. The Mid-Continent value proposition remains very compelling in the current environment. These properties exhibit stable production, diversified product mix, and attractive capital investment opportunities. We continue to seek out new investments to add to our portfolio.”
Equity financing for the acquisition was led by McArron Partners, LP (“McArron”) alongside members of management. Jonny Jones, CEO of McArron stated, “The current dislocation in the oil and gas market creates an attractive entry point for long-term investment opportunities. The Benchmark team has a demonstrated track record of value creation across market cycles, and we look forward to our continued partnership.”
The Company also announced it has entered into a credit agreement with West Texas National Bank of Midland, Texas, to provide additional funding for the transaction as well as potential future acquisitions.
Benchmark Energy is an independent oil and gas company engaged in the acquisition, production and development of oil and gas resources in the Anadarko Basin of Texas and Oklahoma. Benchmark refers to both Benchmark Energy, LLC and Benchmark Energy II, LLC and is headquartered in Austin, Texas.
McArron Partners, L.P. is the investment arm of the Jones family office. McArron’s CEO is Jonny Jones, founder of Jones Energy and past Chairman of the Texas Oil & Gas Association and U.S Oil & Gas Association. McArron deploys its capital in a mix of global public and private investments. The Jones family has supported energy entrepreneurs for more than five decades.
Source: Company Press Release