Rimrock Resource Partners LLC closed a $150 million acquisition of Scoop assets, the company announced July 28.
The acquisition covers approximately 24,500 net leasehold acres, 100% HBP, in Oklahoma’s Scoop Play. The acreage is located mainly in the Golden Trend, which is primarily in Garvin, McClain and Grady counties, Oklahoma, in the Anadarko Basin. The seller was not disclosed but word on the street is that the seller is Merit Energy Company.
Based in Dallas, Texas and founded back in 1989, Merit Energy Company is one of the largest privately held US-based oil and gas companies by production volume. The company owns an interest in over 10,000 wells in 10 states throughout the United States with daily production of 61,000 BOEPD, according to the company website.
Rimrock was formed in 2015 as a Tulsa, Oklahoma-based exploration and production company. In October of 2015, it received a funding commitment from its management team, Post Oak Energy Capital, and Ceja Corp. The total initial equity commitment was $75 million, with Post Oak providing the majority of the capital, according to Rimrock’s website.
Rimrock’s focus is on exploration, acquisition and development opportunities primarily in the Midcontinent region with an initial target on the Woodford Shale.
While the Merit operated wells are scattered throughout the three-county area, the majority of these wells are situated in an area along the Garvin, McClain, and Grady County lines, as shown on the map below.