Benchmark Energy II Lands $47.5 Million for Anadarko Basin Drilling

Benchmark Energy II has secured up to $47.5 million in senior secured financing from Cibolo Energy Partners to fund a multi-well drilling program across its operated Western Anadarko Basin acreage.

The Austin, Texas-based oil and gas producer will direct the capital toward its liquids-rich, oil-weighted position in the basin. Benchmark operates as a joint venture with McArron Partners and members of its management team, and Acacia Research Corporation holds majority ownership.

What does the money buy?

The facility funds development, not acquisition. Benchmark and its affiliates hold more than 150,000 net acres across western Oklahoma and the Texas Panhandle, currently producing more than 8,700 barrels of oil equivalent per day.

"This financing enables us to accelerate development across our operated acreage footprint," Benchmark CEO Kirk Goehring said.

By deploying proceeds into operated acreage, Benchmark keeps direct control of drilling activity and capital allocation across an existing asset base. The company did not disclose the number of wells planned, drilling locations, expected production additions or the program's timetable. It also withheld the facility's interest rate, maturity, borrowing schedule and initial draw amount.

Why now?

Management sees improving economics in the Western Anadarko Basin. Goehring cited increased drilling activity from private operators and technical advances in well placement, spacing and completion techniques.

"Rig activity in the Western Anadarko is up sharply, led almost entirely by private operators," Goehring said. "Well-level results today are much improved from a decade ago, driven by focus on the best rock, conservative spacing, and modern completions."

Who is Cibolo Energy Partners?

Cibolo is a Houston-based private investment group specializing in alternative credit investments in the North American energy industry. It focuses primarily on privately negotiated lower-middle-market financings for upstream and midstream energy companies.

This is Benchmark's second financing with the firm, a repeat relationship Goehring said simplified the process.

"This is our second transaction with the Cibolo team," Goehring said. "They understand the basin and have been a strong partner across both, which made this a straightforward process."

Who backs Benchmark?

Acacia Research's majority ownership places Benchmark inside a broader investment platform spanning energy, industrial and technology businesses. Acacia describes its strategy as acquiring and operating businesses based on the quality and potential of their underlying cash flows rather than adhering to a predetermined holding period.

McArron Partners, the investment arm of the Jones family of Albany, Texas, has backed energy businesses and entrepreneurs for more than five decades and invests in Benchmark alongside management.

TenOaks Energy Advisors served as Benchmark's exclusive financial advisor on the financing.

The $47.5 million facility marks Benchmark's shift toward converting its existing Western Anadarko acreage into added production through operated drilling rather than relying solely on acquisitions for growth. With dedicated development capital in place, the company plans to scale up drilling using modern completions and selective well placement across its oil-weighted position.