Rimrock Resource Operating

About Rimrock Resource Operating

Rimrock Resource Operating, LLC is an upstream exploration and production company based in Tulsa, Oklahoma. It was formed in 2015 to manage and operate investments for its parent company, Rimrock Resource Partners, LLC. The company received initial capital commitments of $75 million from Post Oak Energy Capital and Ceja Corporation, with the management team also co-investing. The CEO is Burt Williams, former CEO and founder of White Stone Energy, and the President and COO is Mike Evans, who has extensive industry experience in Oklahoma and the Permian Basin.

The company's business model focuses on the acquisition, exploration, and development of oil and gas assets, primarily located in the Mid-Continent region of the United States. A key area of operation is Oklahoma's SCOOP (South Central Oklahoma Oil Province) play, where it targets formations like the Woodford, Springer, and Sycamore. In July 2016, Rimrock executed a significant transaction, acquiring assets for $150 million. This acquisition included approximately 24,500 net leasehold acres, 3,100 net mineral acres, and production of about 2,100 barrels of oil equivalent per day (BOE/D). By the end of 2020, the company controlled over 35,000 acres and had participated in drilling over 90 horizontal wells.

Rimrock generates revenue through the production and sale of oil and natural gas from its operated and non-operated wells. The company's strategy involves identifying and acquiring valuable leaseholds and then applying its technical expertise in drilling and completion to develop these assets and maximize production. This disciplined approach has allowed it to build a strategic position in the liquid-rich areas of the SCOOP play.