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

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, [email protected]

SOURCE New Height Energy, LLC