Acacia Research’s Benchmark Energy II to Acquire Texas and Oklahoma Assets, Boosting Production and Cash Flow.

Acacia Research, through its majority-owned subsidiary, Benchmark Energy II, has agreed to acquire certain upstream assets and related facilities in Texas and Oklahoma from an undisclosed seller. The acquisition will add over 140,000 net acres, comprising around 470 producing wells in the Western Anadarko Basin across Texas and Okanababas, along with non-operated interest in the undeveloped Cherokee play. The 470 operated wells are expected to produce around 6,000mboe/d, with annualised asset-level cash flows of around $45m. The transaction is expected to be closed in the second quarter of 2024, subject to customary closing conditions and termination rights.