RimRock Oil & Gas, a start-up oil and gas exploration and production company, has completed the acquisition of upstream assets located in the Williston Basin from Whiting Petroleum Corp. for $500 million. The acquired assets are located on the Fort Berthold Indian Reservation of Dunn and McLean Counties in North Dakota and include approximately 30,000 net acres and current net production of approximately 8,000 barrels of oil equivalent per day.
Whiting Petroleum used the proceeds from the sale to pay $500 million down on its revolver.
RimRock was formed in 2016 through a $500 million line-of-equity investment from Warburg Pincus, a global private equity firm focused on growth investing. In July 2017, the company relocated its headquarters from Calgary, Alberta to the Denver, Colorado area to further focus on oil and gas exploration in the US Rocky Mountain basins.