Rimrock Resource Partners, a Tulsa-based company whose initial target is the Woodford Shale in the SCOOP trend, announced on Thursday that it has closed a $150 million acquisition of assets from an undisclosed seller. The oil and gas assets cover approximately 24,500 net leasehold acres that are 100 percent held by production, approximately 2,100 BOE/D, and 3,100 net mineral acres located predominately in the Golden Trend portion of the Woodford SCOOP, or South Central Oklahoma Oil Province.
In October 2015, Rimrock announced a $75 million funding commitment from Post Oak Energy Capital (Post Oak) and Ceja Corporation (Ceja). At that time, Rimrock owned approximately 2,400 net leasehold acres. Post Oak and Ceja subsequently increased their funding commitment.
“We are very excited to announce this transaction,” said Burt Williams, Chief Executive Officer of Rimrock. “Since last October, we have grown our position to over 6,000 net acres, so with this acquisition Rimrock will own over 30,500 acres prospective for Woodford, Springer and Sycamore across 150 mostly contiguous sections. Rimrock has evaluated several acquisition opportunities in the SCOOP play, but our patience and disciplined technical approach to investing has provided Rimrock with a strategic position on the eastern, more liquid rich area of the SCOOP.”
“We are very pleased with the progress Rimrock has made to date,” said Frost Cochran, Managing Director of Post Oak. “The SCOOP play remains one of the most highly sought after and economically attractive basins in the country. Post Oak seeks to pair its highly sophisticated Investors with highly experienced management teams; Rimrock has established itself as a great example of Post Oak’s strategy.”
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