HOUSTON, August 30, 2023

Peak 10 Energy (“Peak 10”) today announced its launch as an oil and gas investment platform focused on acquiring long-life oil and gas assets throughout the continental United States. Peak 10’s asset base consists of non-operated oil and gas properties in Reeves, Fisher, Scurry, Gaines, Dawson and Andrews Counties, including over 100 producing wells and a multi-year drilling program of tier 1 undeveloped drilling opportunities.

Building on a portfolio of long-life Permian Basin assets, Peak 10’s inaugural platform acquisition is its purchase of non-operated upstream oil and gas and associated water handling and recycling assets in the Eastern Shelf of the Permian Basin in Fisher and Scurry Counties, Texas, which closed with a private seller on August 23, 2023.

“The formation of Peak 10 and the closing of the Eastern Shelf transaction represent transformational moments in our ability to create scale by consolidating dislocated oil and gas assets,” noted Peak 10 Chief Executive Officer Mark Paull. “We look forward to additional opportunities to provide a differentiated and value-added solution to the market.”

Peak 10’s capitalization consists of (i) cash, (ii) contributed assets and (iii) future capital commitments from Legacy Star Capital Partners, a Texas-based asset management firm, as well as (iv) debt financing from Prudential Private Capital, Prudential Energy Capital Partners, LP., and Production Lending, LLC, which in aggregate are estimated to exceed $500 million in balance sheet resources.

Legacy Star and Peak 10 are advised by a team at Baker Botts LLP led by Clay Brett.

About Peak 10 Energy Holdings

Based in Houston, Peak 10 specializes in the acquisition and development of long-life oil and gas assets within the Permian Basin. Additional information can be found at www.peak10energy.com.

About Legacy Star Capital Partners

Legacy Star Capital Partners is a generalist private equity firm focused on private debt and equity investment opportunities in the energy, real estate, infrastructure, manufacturing, specialty finance, and technology sectors.

About Prudential Private Capital

For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $98 billion for our partners as of June 30, 2023.

About Production Lending

Production Lending is a private lender focused in the oil and gas space. Since 2016, PL has funded nearly $250 million in capital across more than 40 transactions. The firm specializes in providing growth and acquisition financing in the form of short-term bridge capital, longer tenor debt and preferred equity investments throughout North America. More information about Production Lending can be found at www.productionlending.com.

About Baker Botts LLP

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

For Peak 10 Energy: info@peak10energy.com
General Media Inquiries: Taina Rosa, Baker Botts, taina.rosa@bakerbotts.com Cautionary Statement Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, the ability to achieve the anticipated benefits of the Peak 10 platform, or the types, forms and performance of investment solutions and products provided by the Peak 10 platform.

Legacy Star cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Legacy Star is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Legacy Star does not intend to do so.