Warburg Pincus, a global private equity firm focused on growth investing, has agreed to a line-of-equity investment of up to $500 million in RimRock Oil & Gas, a startup oil and gas exploration and production company. RimRock intends to focus on the acquisition and development of unconventional oil and gas assets across select basins in the US and Canada.
RimRock is led by President and CEO Jim Fraser and Managing Director Bob Rooney, who both were executives of Talisman Energy. Fraser also previously held executive roles at Chesapeake Energy and Burlington Resources. Other founding team members include Glenn Schmidt, senior vice president of geoscience; Andre Baillargeon, senior vice president and CFO; and Bala Balakrishnan, senior vice president of business development.
The equity for this investment is coming from affiliates of Warburg Pincus Private Equity XII LP and Warburg Pincus Energy LP.