News

NEW YORK, Feb. 24, 2016 /PRNewswire/–RimRock Oil & Gas (“RimRock” or “the Company”), a start-up oil and gas exploration and production company, today announced that Warburg Pincus, a global private equity firm focused on growth investing, has agreed to a line-of-equity investment of up to $500 million in the Company

RimRock intends to focus on the acquisition and development of unconventional oil and gas assets across select basins in the United States and Canada.

The Company is led by President and Chief Executive Officer Jim Fraser and Managing Director Bob Rooney, both of whom bring decades of upstream oil and gas experience across the United States and Canada. Mr. Fraser has a proven track record of creating, building and leading value-added initiatives at leading energy companies including Talisman Energy, where he led the North American shale division, as well as Chesapeake Energy and Burlington Resources, where he served in executive roles focused on the upstream sector. Mr. Rooney’s experience includes roles as a senior executive, advisor, founder, director and chairman of public and private entities including Talisman Energy.

Mr. Fraser commented, “We are excited to partner with Warburg Pincus. In light of the current commodity price environment, we believe there is a compelling opportunity to acquire and develop large-scale assets with the support from Warburg Pincus.”

Saurabh Agarwal, Principal, Warburg Pincus, said, “Jim and the rest of the leadership team have deep knowledge and operational expertise that positions them well to capitalize on the current market dynamics. We look forward to working alongside the RimRock team to build a business of scale and create value.”

RimRock’s management team has more than 120 years of collective industry experience with technical and commercial skills in acquiring and developing large-scale plays across North America. In addition to Mr. Fraser and Mr. Rooney, other founding team members include Senior Vice President, Geoscience, Glenn Schmidt; Senior Vice President and Chief Financial Officer, Andre Baillargeon; and Senior Vice President, Business Development, Bala Balakrishnan.

The equity for this investment is coming from affiliates of Warburg Pincus Private Equity XII, L.P. and Warburg Pincus Energy, L.P.

Top