NEW YORK: Acacia Research Corporation, a publicly traded company that invests in intellectual property and other assets, has announced that it has acquired a majority stake in Benchmark Energy II, LLC, an independent oil and gas company operating in Texas and Oklahoma.
Benchmark is led by Kirk Goehring, a veteran in the oil and gas industry, and has over 13,000 net acres of land and an interest in over 125 wells.
Acacia plans to use its capital to buy more oil and gas properties that generate steady cash flow and can be improved through field optimization.
McArron Partners, Benchmark’s existing lead investor, will retain its stake and commit more capital to support growth.
Acacia’s Interim CEO, MJ McNulty, Jr., said he was excited to partner with Benchmark and pursue the strategy of acquiring oil and gas assets at attractive valuations. Goehring said Acacia was the right long-term partner for Benchmark and that the new partnership will allow Benchmark to pursue larger acquisitions and drive value in its existing operations.