Benchmark Energy II Closes $47.5 Million Financing to Accelerate Western Anadarko Development

AUSTIN, Texas, Oct. 6, 2026 /PRNewswire/ -- Benchmark Energy II, LLC ("Benchmark" or the "Company") announced today the closing of a senior secured financing providing for up to $47.5 million with Cibolo Energy Partners, LLC ("Cibolo"). Proceeds are dedicated to an operated, multi-well development program across Benchmark's liquids-rich, oil-weighted Western Anadarko Basin position. Benchmark is majority owned by Acacia Research Corporation (Nasdaq: ACTG) and is a joint venture with McArron Partners and members of management.

"This financing enables us to accelerate development across our operated acreage footprint," said Kirk Goehring, Chief Executive Officer of Benchmark Energy II. "Rig activity in the Western Anadarko is up sharply, led almost entirely by private operators. Well-level results today are much improved from a decade ago, driven by focus on the best rock, conservative spacing, and modern completions. This is our second transaction with the Cibolo team. They understand the basin and have been a strong partner across both, which made this a straightforward process."

TenOaks Energy Advisors acted as exclusive financial advisor to Benchmark in connection with the financing.

About Benchmark Energy

Benchmark Energy II, LLC is a private oil and gas company focused on acquiring, producing, and developing operated assets in the Anadarko Basin. Benchmark and its affiliates operate over 150,000 net acres producing more than 8,700 barrels of oil equivalent per day across Western Oklahoma and the Texas Panhandle. The Company is headquartered in Austin, Texas, and is capitalized by Acacia Research Corporation, McArron Partners, L.P., and members of management.

www.benchmark-energy.com

About Cibolo Energy Partners

Cibolo Energy Partners, LLC is a private investment group specializing in alternative credit opportunities within the North American energy sector. Founded in 2016, Cibolo has built a strong reputation for successfully financing upstream and midstream companies. Focusing primarily on privately-negotiated investments in the lower-middle market, Cibolo's team of investment professionals brings extensive expertise in both the financial and technical domains. Cibolo is headquartered in Houston, Texas, and is a registered investment advisor with the Securities and Exchange Commission.

www.ciboloenergy.com

About Acacia Research Corporation

Acacia Research Corporation (Nasdaq: ACTG) is a value-oriented acquirer and operator of businesses across public and private markets and industries including the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.

About McArron Partners

McArron Partners is the investment arm of the Jones family of Albany, Texas. McArron's Chief Executive Officer is Jonny Jones, founder of Jones Energy and former 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.

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SOURCE Benchmark Energy