Benchmark Energy has acquired all the oil and gas assets, including 77,000 net acres located in the STACK play located in the Anadarko Basin area of Oklahoma, from SK Nemaha and SK Plymouth. Financial terms were not disclosed.
The SK assets produced 3,600 net barrels of oil equivalent per day in January 2021, which consisted of approximately 60 percent oil and NGLs.
The acreage is 98 percent held-by-production. Approximately 87 percent of the wells will be operated by Benchmark in mature fields with strong cash flow as well as significant development potential from PDNP and PUD opportunities.
The properties also include an integrated gathering and saltwater disposal system, which allows for efficient field management and reduced lease operating expenses.
The deal was funded through a combination of debt and equity. The company entered into a note purchase agreement with Cibolo Energy Partner in which Benchmark may borrow up to $45 million to partially fun
