Feb. 11, 2021 -- RimRock Oil & Gas ("RimRock" or "the Company"), an oil and gas exploration and production company focused on the Williston Basin of North Dakota, today announced the completion an Exchange Agreement with XTO Energy Inc. ("XTO"), a subsidiary of Exxon Mobil Corporation.
Under the terms of the agreement, RimRock and XTO exchanged approximately 5,500 net acres and associated production located in Dunn County, North Dakota. RimRock now operates its entire land position with an average 85% working interest across approximately 31,500 gross acres, including a subset of acreage previously operated by XTO.
"This transaction is an exciting milestone for RimRock as it successfully transitions the company's acreage position to a fully operated one, without impacting the overall size of RimRock's net footprint or development inventory. RimRock will fully control both its capital spend and pace of development moving forward, creating a unique asset with meaningful inventory in the core of the Williston," said James Fraser, President & Chief Executive Officer, RimRock.
Feb. 24, 2016 –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.
Copyright © 2021 RimRock Oil & Gas, LP - All Rights Reserved.