Benchmark Energy LLC, Austin, Tex., has completed the acquisition of all the oil and gas assets, including 77,000 net acres in the STACK play within Grant, Garfield, and Kingfisher counties of Oklahoma, from SK Nemaha LLC and SK Plymouth LLC.
The acquired SK assets produced 3,600 net boe/d in January 2021, which consisted of 60% oil and NGLs. The acreage is 98% held-by-production. The properties also include an integrated gathering and saltwater disposal system.
The deal was funded through a combination of debt and equity. Benchmark entered into an agreement with Cibolo Energy Partners LLC, as administrative agent, pursuant to which Benchmark may borrow up to $45 million to partially fund the acquisition as well as potential future transactions. Benchmark's existing owner, McArron Partners LP, provided equity to fund the balance.
