Devon Energy Corp. has purchased Williston Basin from RimRock Oil & Gas, a portfolio company of Warburg Pincus, for $865 million.
The Williston Basin is an intracratonic sedimentary basin known for its petroleum and potash resources.
“RimRock was founded with the mission to apply modern technologies to optimize asset performance as a low-cost operator. The current commodity environment, combined with our high-performing assets and the support of our strong team, resulted in an incredible business,” said James Fraser, CEO of RimRock. “I would like to thank Warburg Pincus for their partnership over the past five years and believe Devon Energy will benefit greatly from ownership of these assets.”
Wells Fargo served as financial advisor to RimRock, and Kirkland & Ellis served as legal advisor.