HOUSTON, February 22, 2024

Peak 10 Energy Holdings (“Peak 10”) today announced a transaction with Strawn Petroleum Holdings, LLC, an affiliate of funds managed by Oaktree Capital Management, L.P. (“Oaktree”), which will contribute the equity of Strawn Petroleum, LP (“Strawn”) and certain affiliates in exchange for the issuance of certain shares of Peak 10.

Strawn’s assets are in the Midland Basin’s Eastern Shelf, adjacent to Peak 10’s existing asset position in the Hermleigh Field. The operational synergies associated with this acquisition enhance the value of Peak 10’s oil and gas investment platform, which focuses on creating value by acquiring long-life oil and gas assets throughout the continental United States.

Strawn currently produces ~800 barrels of oil equivalent per day, the majority of which is operated, and holds an acreage position of over 13,000 net acres. Browning Oil Company Incorporated, the current operator of Peak 10’s existing Hermleigh Field position, will serve as the contract operator on behalf of Peak 10.

“The Strawn transaction validates our strategy of enhancing shareholder value through asset consolidation and creating economies of scale. The operational synergy of this merger not only enhances current production operations but also increases the value of the remaining development which mutually benefits Peak 10 and Strawn equity holders,” noted Peak 10 Chief Executive Officer, Mark Paull.

Baker Botts LLP served as legal advisor to Peak 10 and Legacy Star.

Vinson & Elkins LLP served as legal advisor to Strawn.

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 Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $189 billion in assets under management as of December 31, 2023. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,200 employees and offices in 22 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.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.

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