Benchmark Energy II LLC Closes on Anadarko Assets from Revolution Resources

Benchmark Energy II LLC closed an acquisition of Anadarko Basin assets from private sellers, the company said April 17.

Benchmark Energy II, a majority owned subsidiary of publicly traded Acacia Research Corp., acquired approximately 140,000 net acres in the western Anadarko Basin from Revolution Resources II, Jones Energy and several related affiliates, according to regulatory filings.

The deal, announced in February, includes 470 operated producing wells in Oklahoma and Texas. Benchmark also picked up operated and non-operating interests across 27,000 net acres in the emerging Cherokee play.

The aggregate purchase price to the sellers was $145 million in cash. Acacia’s share of the consideration, including fees, was approximately $59.9 million.

The remaining consideration was funded through revolving credit facility borrowings and $15.25 million in contributions from other Benchmark investors, Acacia said in a filing with the U.S. Securities and Exchange Commission.