GREENWOOD VILLAGE, Colo., Sept. 1, 2017 /PRNewswire/ -- RimRock Oil & Gas ("RimRock" or "the Company"), a start-up oil and gas exploration and production company, today announced that it has completed the acquisition of upstream assets located in the Williston Basin from Whiting Petroleum Corporation for $500 million. The acquired assets are located on the Fort Berthold Indian Reservation of Dunn and McLean Counties in North Dakota and include approximately 30,000 net acres and current net production of approximately 8,000 barrels of oil equivalent per day.
"We are pleased to acquire these assets, which include both meaningful existing production and a substantial amount of highly attractive undeveloped acreage in the core of the Williston Basin," said James Fraser, President and Chief Executive Officer of RimRock. "This transaction is consistent with our strategy of building a company of sustainable scale in the basin and we will continue to evaluate additional opportunities to grow our platform."
RimRock was formed in 2016 through a $500 million line-of-equity investment from Warburg Pincus, a global private equity firm focused on growth investing. In July 2017, the Company relocated its headquarters from Calgary, Alberta to the Denver, Colorado area to further focus on oil and gas exploration in the U.S. Rocky Mountain basins.
About RimRock Oil & Gas
RimRock Oil & Gas ("RimRock") is a start-up oil and gas exploration and production company. RimRock focuses on the acquisition and development of unconventional oil and gas assets in the Rocky Mountains region of the United States. The Company is led by President and Chief Executive Officer Jim Fraser, who brings decades of significant upstream oil and gas experience in the United States. For more information, please visit www.rimrockoil.com.
RimRock Oil & Gas
Mary Armstrong / Christopher Beattie
SOURCE RimRock Oil & Gas