RimRock Oil & Gas Holdings, L.P.
Home - Rimrock Oil & Gas.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
RimRock Oil & Gas Holdings, L.P. was an independent oil and gas company focused on the acquisition and development of assets in North America, particularly within the Rocky Mountains region. The company was established in 2016 by industry veteran James Fraser, who served as President and Chief Executive Officer, leveraging his extensive experience in the U.S. upstream oil and gas sector. Upon its formation, RimRock secured a significant line-of-equity investment of up to $500 million from the global private equity firm Warburg Pincus, which became its primary financial backer.
The company's core business model revolved around the exploration and production of unconventional oil and gas assets. It generated revenue through the direct sale of extracted crude oil and natural gas, with its financial performance tied to prevailing commodity market prices. RimRock's strategy centered on applying modern technologies to optimize the performance of its assets and operate as a low-cost producer. A key milestone was the 2017 acquisition of assets from Whiting Petroleum Corp. in the Bakken Shale, which significantly established its presence in the region. This led to the accumulation of a strategic and contiguous acreage position in the Williston Basin.
By 2022, RimRock's portfolio had grown to include over 38,000 net acres in the Williston Basin, operating nearly 200 wells. The company's operations were focused on assets located on the Fort Berthold Indian Reservation in Dunn County, North Dakota. In June 2022, in a culminating achievement, RimRock announced it would be acquired by Devon Energy Corp. The all-cash transaction for its leasehold interest and related assets was valued at $865 million and officially closed in July 2022, marking the successful exit for its private equity investor.
Keywords: RimRock Oil & Gas, oil exploration, oil production, Williston Basin, James Fraser, Warburg Pincus, Devon Energy acquisition, Bakken Shale, upstream oil and gas, unconventional assets, Fort Berthold Indian Reservation, energy assets, leasehold interest, low-cost operator, crude oil, natural gas sales, E&P, North American oil, Rocky Mountains energy, energy exploration company