NEW HEIGHT ENERGY ANNOUNCES TRANSFORMATIVE ACQUISITION OF PRODUCING OIL & GAS ASSETS IN THE MIDLAND BASIN

Rhea-AI Summary

New Height Energy (TCBI) announced on April 1, 2026 the closing of an acquisition of producing oil and gas assets in the Midland Basin. Pro forma net production is expected to exceed 5,000 BOE/day. The deal was supported by new equity commitments and a four-year reserve-based revolving loan with borrowing commitments of $300 million.

The transaction is described as transformative for the company's growth, with sponsors and advisors participating to support integration and future acquisitions.

AI-generated analysis. Not financial advice.

Positive

• Pro forma production expected >5,000 BOE/day
• $300 million maximum borrowing commitments under four-year RBL Facility
• New equity commitments from owners and a family-office consortium led by United Beren Energy

Negative

• None.

News Market Reaction – TCBI

+0.99%

1 alert

+0.99% News Effect

On the day this news was published, TCBI gained 0.99%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Pro forma net production: 5,000 BOE/day RBL borrowing commitments: $300 million RBL facility term: 4 years

3 metrics

Pro forma net production 5,000 BOE/day Expected production after Midland Basin acquisition

RBL borrowing commitments $300 million Maximum commitments under Senior Secured Revolving Credit Agreement

RBL facility term 4 years Reserve-based revolving loan supporting acquisition

Market Reality Check

Price: $99.39 Vol: Volume 503,627 is roughly...

normal vol

$99.39 Last Close

Volume Volume 503,627 is roughly in line with the 20-day average of 497,627 (relative volume 1.01). normal

Technical Price at $94.88 is trading above the 200-day MA of $89.42 and about 12.89% below the 52-week high of $108.92.

Peers on Argus

TCBI gained 2.34% while peers were mixed: FULT up 2.47%, AUB up 1.95%, UCB and R...

TCBI gained 2.34% while peers were mixed: FULT up 2.47%, AUB up 1.95%, UCB and RNST modestly positive, and IBOC down 0.81%, suggesting a stock-specific move rather than a broad sector rotation.

Common Catalyst One peer, FULT, issued an earnings-related date announcement, but there is no broad common catalyst across the regional bank group.

Historical Context

5 past events · Latest: Mar 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 03	Customer award recognition	Positive	-0.9%	Bank earned Best Bank award for middle market banking in U.S. West.
Jan 26	Preferred dividend	Neutral	+0.0%	Declared quarterly cash dividend on Series B preferred depositary shares.
Jan 22	Earnings results	Positive	-0.0%	Reported strong Q4 and 2025 earnings with buyback and solid capital ratios.
Jan 08	Earnings date set	Neutral	-0.3%	Announced date and details for Q4 and full-year 2025 results release.
Nov 19	ETF liquidation	Neutral	+0.1%	Announced orderly liquidation of Texas Small Cap Equity Index ETF.

Pattern Detected

Recent positive corporate updates (awards, strong earnings) often saw flat to slightly negative next-day moves, indicating modest or muted price responses to favorable news.

Recent Company History

Over the last several months, Texas Capital Bancshares has highlighted awards recognition, capital returns, and solid financial performance. On Jan 22, 2026, it reported strong Q4 2025 and full-year results with higher net income and EPS and a new $200 million buyback, yet the stock was nearly flat the next day. Earlier, it announced preferred dividends and an ETF liquidation with minimal price impact. The current announcement ties directly to Texas Capital Securities arranging a $300 million RBL facility, reinforcing its role in energy-linked financing alongside prior growth and capital strength disclosures.

Market Pulse Summary

This announcement highlights Texas Capital Securities’ role as sole lead arranger and Texas Capital ...

Analysis

This announcement highlights Texas Capital Securities’ role as sole lead arranger and Texas Capital as administrative agent for a $300 million reserve-based revolver supporting a Midland Basin acquisition. It reinforces the bank’s energy-linked capital markets capabilities alongside recent strong earnings, buybacks, and solid capital ratios. Investors may watch how this facility performs over its 4-year term, counterparty credit quality, and any concentration to energy borrowers within the broader risk framework disclosed in recent filings.

Key Terms

boe/day, reserve-based revolving loan, senior secured revolving credit agreement, rbl facility

4 terms

boe/day technical

"Pro forma net production is expected to exceed 5,000 barrels of oil equivalent per day ("BOE/day")"

boe/day stands for barrels of oil equivalent per day, a single measure that converts all produced hydrocarbons — crude oil, natural gas liquids and natural gas — into the energy-equivalent volume of barrels of oil. Investors use it like a company’s daily output figure: it shows production scale and trends, helping estimate revenue potential, per-share production and how long reserves might last so different producers can be compared.

reserve-based revolving loan financial

"a four-year reserve-based revolving loan under a Senior Secured Revolving Credit Agreement"

A reserve-based revolving loan is a bank credit line whose borrowing limit is set and periodically adjusted based on the appraised value of a company’s physical resource assets—commonly oil, gas or similar reserves. It functions like a business credit card where the available limit rises or falls with updated reserve estimates; those changes directly affect a company’s cash access, leverage and the risk that lenders will cut funding, so they can quickly influence investor returns and valuation.

senior secured revolving credit agreement financial

"under a Senior Secured Revolving Credit Agreement (the "RBL Facility") with Texas Capital Securities"

A senior secured revolving credit agreement is a loan contract that gives a company repeated access to borrowing up to a set limit, where lenders have first claim on specified assets if the company can’t pay. Think of it like a business credit card backed by collateral: it supplies short-term cash for operations or growth, sets rules about how the company can use funds, and matters to investors because it affects liquidity, borrowing cost, financial flexibility, and who gets paid first in a distress scenario.

rbl facility financial

"under a Senior Secured Revolving Credit Agreement (the "RBL Facility") with Texas Capital Securities"

A RBL facility is a type of bank loan for oil and gas companies where the lender sets the borrowing limit based on the value and quantity of the company’s proven reserves. Think of it like a home equity line tied to the fuel in the ground: as reserves rise or fall in value, the available credit adjusts. Investors watch RBLs because they determine a company’s short-term liquidity, borrowing capacity and vulnerability to price swings, which can affect cash flow and risk.

AI-generated analysis. Not financial advice.

Pro Forma Net Production Expected to Exceed 5,000 BOE/Day; Transaction Supported by New Equity Commitments and Senior Secured Credit Facility

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.

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.

Management Commentary

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 acquire producing assets with the goal of unlocking significant value. We look forward to integrating these properties into our portfolio and continuing our growth strategy through future acquisitions."

Scott Trackwell, Managing Partner & Chief Financial Officer of New Height Energy, commented: "We would like to thank our partners, including our sponsors Spence & Co. and JWJ & Company, Texas Capital, and our new equity investors, for their continued support in advancing the Company's growth initiatives. Their confidence in our strategy and execution is a testament to the quality of our team and the strength of our asset base. We would also like to recognize the Capital Markets team at TenOaks Energy Advisors, led by Lenny Bianco, whose expertise and dedication were instrumental in bringing this transaction to a successful close."

Advisors

TenOaks Energy Advisors, LLC served as financial advisor to the Company in connection with securing the equity commitments and the RBL Facility. Sidley Austin LLP served as legal counsel to the Company in connection with the equity commitments and the RBL Facility. Harris, Finley & Bogle, P.C. served as legal counsel to the Company in connection with the acquisition. Paul Hastings LLP served as legal counsel to the equity investors. Latham & Watkins LLP served as legal counsel to Texas Capital in connection with the RBL Facility.

About New Height Energy

New Height Energy is a privately held oil and gas company headquartered in Houston, Texas, focused on acquiring and enhancing producing assets in the Permian Basin and other established basins across the Lower 48. Founded in 2021 with equity commitments from the family offices of Stuart Spence (Chairman of New Height Energy, LLC) and Jeff Wilhelm (Vice-Chairman of New Height Energy, LLC), the Company executes a disciplined acquisition strategy aimed at unlocking value through focused operations and active asset management of underinvested properties. New Height Energy is actively pursuing additional acquisition opportunities that align with its strategy.

About Texas Capital

Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank ("TCB"). TCBI Securities, Inc. is a subsidiary of Texas Capital Bancshares, Inc., and an affiliate of Texas Capital Bank. TCBI Securities, Inc. is a member of FINRA and SIPC and has registered with the SEC, MSRB, and other state securities regulators as a broker dealer. Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, Texas Capital is headquartered in Dallas with offices and financial centers in Austin, Houston, San Antonio and Fort Worth and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. Deposit and lending products and services are offered by TCB. For deposit products, Member FDIC. For more information, please visit texascapital.com.

About United Beren Energy Capital, LP

United Beren Energy Capital, LP ("UBE") is a Houston-based private investment firm founded in 2024 that specializes in providing asset-based financing solutions to U.S. lower middle-market oil and gas companies. The firm focuses on independent and sponsor-backed companies that sit outside of the traditional bank lending market due to size, concentration, or other structural factors. Backed by a multi-generational U.S. oil and gas family, UBE's investment team brings decades of collective experience spanning credit, underwriting, energy financing, trading, portfolio management, private equity, and E&P operations. The firm's technical expertise and deep sourcing network support its ability to originate and structure tailored financing solutions for its clients.

About TenOaks Energy Advisors, LLC

TenOaks Energy Advisors is a premier energy-focused investment bank that delivers specialized solutions through its three integrated platforms: Energy Capital Markets, Upstream A&D, and Power & Infrastructure. TenOaks Energy Capital Markets advises upstream, midstream and energy services companies in connection with securing commitments for debt, equity, and asset-level capital. With a proven track record of over 400 completed transactions exceeding $8 billion in aggregate value, TenOaks combines deep technical acumen with tailored execution to maximize results for clients across the energy landscape. For more information, please visit https://tenoaksenergyadvisors.com/.

For media inquiries, please contact: Scott Trackwell, Chief Financial Officer, New Height Energy, Scott.Trackwell@NewHeightEnergy.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-height-energy-announces-transformative-acquisition-of-producing-oil--gas-assets-in-the-midland-basin-302731916.html

SOURCE New Height Energy, LLC

FAQ

What did New Height Energy (TCBI) acquire in the Midland Basin on April 1, 2026?

They closed an acquisition of producing oil and gas assets in the Midland Basin. According to the company, the acquisition adds assets that yield a pro forma net production exceeding 5,000 BOE/day and expands the firm's producing footprint.

How large is the reserve-based loan supporting New Height Energy's (TCBI) acquisition?

The acquisition is supported by a four-year reserve-based revolving loan with up to $300 million in borrowing commitments. According to the company, Texas Capital Securities led the facility with a syndicate of banks providing the commitments.

Who provided the new equity commitments for New Height Energy's (TCBI) Midland Basin deal?

Equity commitments came from current owners and a consortium of family offices led by United Beren Energy. According to the company, sponsors including Spence & Co. and JWJ & Company also supported the transaction.

What does the >5,000 BOE/day pro forma production mean for New Height Energy (TCBI)?

It indicates a substantial scale-up of producing volumes for the company. According to the company, the pro forma production above 5,000 BOE/day marks a transformative milestone in its growth trajectory and asset base expansion.

Which advisors and legal teams worked on New Height Energy's (TCBI) acquisition and financing?

TenOaks Energy Advisors served as financial advisor and multiple law firms served as counsel. According to the company, Sidley Austin, Harris Finley & Bogle, Paul Hastings, and Latham & Watkins advised on financing and acquisition matters.