GREENWOOD VILLAGE, Colo., June 8, 2022 /PRNewswire/ -- RimRock
Oil & Gas, LP ("RimRock"), today announced the sale of its
leasehold interest and related assets in the Williston Basin to
Devon Energy Corp. (NYSE: DVN), for a total cash consideration of
$865 million. RimRock is a portfolio
company of funds managed by Warburg Pincus LLC, a leading global
growth investor.
RimRock is an independent oil and gas company focused on the
acquisition and development of North American oil and gas assets.
Since its founding in 2016, RimRock operates nearly 200 wells,
including 64 drilled wells and over 130 acquired operating wells.
The company has over 38,000 net acres of total land holdings in the
Williston Basin.
"RimRock was founded with the mission to apply modern
technologies to optimize asset performance as a low-cost operator.
The current commodity environment, combined with our
high-performing assets and the support of our strong team, resulted
in an incredible business that I am proud to have led," said
James Fraser, CEO, RimRock. "I would
also like to thank Warburg Pincus for their partnership over the
past 5 years and believe Devon Energy will benefit greatly from
ownership of these assets moving forward."
"RimRock successfully acquired and developed large-scale assets
with meaningful production in the Williston Basin, leveraging the
deep experience and expertise of its management team," said
Peter Kagan, Managing Director, Head
of Energy, Warburg Pincus. "Over the course of our partnership,
RimRock built a strategic acreage position with a sizable inventory
of core drilling locations, developing a clearly differentiated
asset in the Basin. We would like to thank Jim and the RimRock team
for their hard work and dedication to create a strong business of
scale and value," added John Rowan,
Managing Director, Warburg Pincus.
Wells Fargo served as financial
advisor to RimRock in connection with the transaction, and Kirkland
& Ellis served as legal advisor.
The transaction is subject to customary terms and conditions and
is expected to close in the third quarter of 2022, with an
effective date of April 1, 2022.
ABOUT RIMROCK
RimRock Oil & Gas, LP is an independent oil and gas company
focused on the acquisition and development of North American oil
and gas assets. 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.
ABOUT WARBURG PINCUS
Warburg Pincus LLC is a leading global growth investor. The firm
has more than $80 billion in assets
under management. The firm's active portfolio of more than 245
companies is highly diversified by stage, sector, and geography.
Warburg Pincus is an experienced partner to management teams
seeking to build durable companies with sustainable value. Founded
in 1966, Warburg Pincus has raised 21 private equity and 2 real
estate funds, which have invested more than $100 billion in over 1,000 companies in more than
40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong
Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai, and Singapore. For more information please visit
www.warburgpincus.com. Follow us on LinkedIn.
CONTACT
Sarah Bloom, Warburg Pincus
Sarah.bloom@warburgpincus.com
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SOURCE RimRock Oil & Gas