RimRock Announces Acreage Swap with XTO Energy
GREENWOOD VILLAGE, Colo., Feb. 11, 2021 /PRNewswire/ -- RimRock Oil & Gas (“RimRock” or “the Company”), an oil and gas exploration and production company focused on the Williston Basin of North Dakota, today announced the completion an Exchange Agreement with XTO Energy Inc. (“XTO”), a subsidiary of Exxon Mobil Corporation.
Under the terms of the agreement, RimRock and XTO exchanged approximately 5,500 net acres and associated production located in Dunn County, North Dakota. RimRock now operates its entire land position with an average 85% working interest across approximately 31,500 gross acres, including a subset of acreage previously operated by XTO.
“This transaction is an exciting milestone for RimRock as it successfully transitions the company’s acreage position to a fully operated one, without impacting the overall size of RimRock’s net footprint or development inventory. RimRock will fully control both its capital spend and pace of development moving forward, creating a unique asset with meaningful inventory in the core of the Williston,” said James Fraser, President & Chief Executive Officer, RimRock.
About RimRock Oil & Gas
RimRock Oil & Gas (“RimRock”) is an oil and gas exploration and production company focused on the Williston Basin of North Dakota. The Company was formed in 2016 in partnership with Warburg Pincus, a global private equity firm focused on growth investing. The management team, led by President and Chief Executive Officer Jim Fraser, has more than 120 years of collective industry experience in acquiring and developing large-scale plays across North America.
For more information, please visit www.rimrockoil.com.
RimRock Oil & Gas
SOURCE RimRock Oil & Gas