Business
NEW HEIGHT ENERGY ANNOUNCES TRANSFORMATIVE ACQUISITION OF PRODUCING OIL & GAS ASSETS IN THE MIDLAND BASIN
New Height Energy, LLC ("New Height Energy" or the "Company"), a privately held oil and gas company focused on acquiring and improving producing assets, today announced the closing of its acquisition of producing oil and gas assets in the Midland Basin (the "Acquisition"). Pro forma net production is expected to exceed 5,000 barrels of oil equivalent per day ("BOE/day"), marking a transformative milestone in the Company's growth trajectory.
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"Pro Forma Net Production Expected to Exceed 5,000 BOE/Day; Transaction Supported by New Equity Commitments and Senior Secured Credit Facility","length":141,"tagName":"p"},{"type":"text","content":"HOUSTON, April 1, 2026 /PRNewswire/ -- New Height Energy, LLC ("New Height Energy" or the "Company"), a privately held oil and gas company focused on acquiring and improving producing assets, today announced the closing of its acquisition of producing oil and gas assets in the Midland Basin (the "Acquisition"). Pro forma net production is expected to exceed 5,000 barrels of oil equivalent per day ("BOE/day"), marking a transformative milestone in the Company's growth trajectory.","length":527,"tagName":"p"},{"type":"image","alt":"New Height Energy, LLC","displaySize":"","headline":null,"caption":"New Height Energy, LLC","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":172,"url":"https://media.zenfs.com/en/prnewswire.com/d13134c3e5a0cbed80b61f4d63f7bfc9"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/dnbFwA4SpaQDbBXVk9J1Sw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMwMw--/https://media.zenfs.com/en/prnewswire.com/d13134c3e5a0cbed80b61f4d63f7bfc9","width":400,"height":172}},"href":"https://mma.prnewswire.com/media/2948238/New_Height_Energy_LLC_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"In connection with the closing of the Acquisition, the Company secured equity commitments from current owners and a consortium of family offices led by United Beren Energy, as well as a four-year reserve-based revolving loan under a Senior Secured Revolving Credit Agreement (the "RBL Facility") with Texas Capital Securities as Sole Lead Arranger and Texas Capital as Administrative Agent, and a syndicate of banks providing for borrowing maximum commitments of $300 million. The transaction underscores New Height Energy's disciplined strategy of identifying and acquiring assets across premier domestic basins.","length":627,"tagName":"p"},{"type":"text","content":"Management Commentary","length":21,"tagName":"p"},{"type":"text","content":"Jon Benavides, Managing Partner & Chief Executive Officer of New Height Energy, commented: "We are pleased to announce this transformative acquisition that further validates our thesis to acquir...