Tulsa, OK-based Rimrock Resource Partners LLC 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% held by production, approximately 2,100 BOE/D, and 3,100 net mineral acres located predominately in the Golden Trend portion of the SCOOP play.
In October 2015, Rimrock announced a $75 million funding commitment from Houston, TX-based private equity firm Post Oak Energy Capital and Ceja Corp. 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, CEO 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."