Devon Closes $865 Million Cash Acquisition of RimRock Oil and Gas

Devon Energy expects the RimRock transaction to position the company’s Williston Basin assets to maintain high-margin production and strong cash flow for several years.

Hart Energy Staff

Thu, 07/21/2022 - 05:10 PM

Devon Closes $865 Million Cash Acquisition of RimRock Oil and Gas

RimRock Oil and Gas, a Warburg Pincus portfolio company in the Williston Basin, was founded and led by industry veteran Jim Fraser. (Source: RimRock Oil and Gas LP)

Devon Energy Corp. wrapped up its previously announced purchase of RimRock Oil and Gas LP on July 21, described by Devon as a “bolt-on” acquisition in the Williston Basin.

Oklahoma City-based Devon had entered into a definitive purchase agreement to acquire the leasehold interest and related assets of RimRock, a Warburg Pincus portfolio company in the Williston Basin, for cash consideration of $865 million in early June.

The RimRock bolt-on acquisition adds a contiguous position of 38,000 net acres (88% working interest) directly offsetting and overlapping Devon’s existing position. Production from the acquired assets is expected to increase to an average of 20,000 boe/d over the next year.

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