Rimrock oil & gasoline (“rimrock” or “the agency”), a begin-up oil and gas exploration and production company, today introduced that it has finished the purchase of upstream property positioned in the Williston basin from whiting petroleum corporation for $500 million. the received assets are located. On the citadel, Berthold Indian reservation of Dunn and McLean counties as well as in North Dakota and encompass approximately 30,000 net acres and modern-day net production of about 8,000 barrels of oil equal in keeping with day.
“we’re thrilled to accumulate those belongings. Which encompass each meaningful present manufacturing. And an extensive, Quantity of exceedingly appealing undeveloped acreage. In the middle of the Williston basin,” said James Fraser, president, and chief govt officer of rimrock. This transaction is consistent with our method of building a business enterprise of a sustainable scale inside. The basin and we can maintain to evaluate extra opportunities to grow our platform.”
Rimrock become formed in 2016 through a $500 million line-of-equity funding from Warburg Pincus. A worldwide personal fairness firm centered as well as on boom investing. in July 2017. The organization relocated its headquarters from Calgary, Alberta to the Denver, colorado location to similar attention. On oil and fuel exploration within u.s. rocky mountain basins.
About Rimrock oil & fuel
Rimrock oil & gasoline (“rimrock”) is a start-up oil and gas exploration and production organization. rimrock focuses on the acquisition and improvement of unconventional oil as well as gasoline belongings inside the location of the rocky mountain of us. the enterprise is led as well as by using president and leader executive officer Jim Fraser, who brings decades of vast upstream oil and fuel experience in the united states.
Rimrock oil & gasoline, lp is as well as an unbiased oil and fuel organization centered on the acquisition and improvement of North American oil and gasoline belongings. founded in 2016 and presently based in Denver, Colorado, rimrock is a portfolio organization of Warburg Pincus.
Mr. Fraser has a confirmed as well as track document of making, building and leading. Value-introduced initiatives at leading energy groups including talisman energy. Wherein he led the North American shale division. As well as Chesapeake strength and Burlington assets, where he served in govt roles targeted at the upstream sector.
