RIMROCK RESOURCE PARTNERS, LLC ANNOUNCES ACQUISITION OF SCOOP ASSETS

 

(Tulsa, OK and Houston, TX)

July 28, 2016

Rimrock Resource Partners, LLC (Rimrock) today announced that it has closed a $150 million acquisition of assets from an undisclosed seller. The oil and gas assets cover approximately 24,500 net leasehold acres that are 100 percent held by production, approximately 2,100 BOE/D, and 3,100 net mineral acres located predominately in the Golden Trend portion of the SCOOP play.

In October 2015, Rimrock announced a $75 million funding commitment from Post Oak Energy Capital (Post Oak) and Ceja Corporation (Ceja). At that time, Rimrock owned approximately 2,400 net leasehold acres. Post Oak and Ceja subsequently increased their funding commitment.

“We are very excited to announce this transaction,” said Burt Williams, Chief Executive Officer of Rimrock. “Since last October, we have grown our position to over 6,000 net acres, so with this acquisition Rimrock will own over 30,500 acres prospective for Woodford, Springer and Sycamore across 150 mostly contiguous sections. Rimrock has evaluated several acquisition opportunities in the SCOOP play, but our patience and disciplined technical approach to investing has provided Rimrock with a strategic position on the eastern, more liquid rich area of the SCOOP.”

“We are very pleased with the progress Rimrock has made to date,” said Frost Cochran, Managing Director of Post Oak. “The SCOOP play remains one of the most highly sought after and economically attractive basins in the country. Post Oak seeks to pair its highly sophisticated Investors with highly experienced management teams; Rimrock has established itself as a great example of Post Oak’s strategy.”

 About Post Oak Energy Capital:

Post Oak, which was established in 2006, is an energy-focused private equity firm based in Houston, Texas. Its management team has executive management experience and a broad network in the energy business as well as significant expertise in private equity investments, operations, development, finance acquisitions and divestitures. The firm pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. Post Oak works in close partnership with operating management teams to build businesses, accelerate growth and enhance shareholder value. www.postoakenergy.com

 About Rimrock Resource Partners, LLC:

Rimrock is Tulsa, Oklahoma based and managed by a seasoned group of industry veterans. Rimrock’s focus is on exploration, acquisition and development opportunities, primarily in the Mid-Continent Region. Rimrock’s initial target is the Woodford Shale in the SCOOP trend. www.rimrockresource.com

 Rimrock Corporate Office

 20 East 5 th Street, Suite 1300

 Tulsa, Oklahoma

 74103

Post Oak Energy Capital and Ceja Corporation

make $75 million Capital Commitment to

Rimrock Resource Partners, LLC

Focus will be Acquisition and Development Opportunities in Oklahoma

Houston, TX (October 20, 2015) – Post Oak Energy Capital (Post Oak) and Ceja Corporation (Ceja) today announced a $75 million capital commitment to Rimrock Resource Partners, LLC (Rimrock). Rimrock’s management team will co-invest alongside Post Oak and Ceja.

Rimrock was formed in 2015 as a Tulsa, Oklahoma based exploration and production company. In partnership with Post Oak and Ceja, Rimrock will focus on exploration, acquisition and development opportunities, primarily in the Mid-Continent Region.

“The Rimrock team, led by Burt Williams and Michael Evans, is a very experienced, regionally focused management team. I am excited about working with Burt again, a seasoned executive with significant experience in the acquisition, management and exploitation of upstream assets, and Michael, a highly successful petroleum geologist,” said Frost Cochran, Managing Director of Post Oak. “We look forward to partnering with such a high quality team, which will initially target the Woodford Shale, one of the most economically attractive basins in the country.”

“We are pleased that Post Oak has chosen to partner with Ceja’s Rimrock initiative to pursue the acquisition and development of leasehold in the Mid-Continent area,” said Greg Oliphant, Chairman and CEO of Ceja. “We feel that the combination of strategic guidance and commercial/technical expertise from each of our partners will result in the building of a world class oil and gas organization.”

“Our management team is fortunate to have such high quality equity partners in Post Oak and Ceja,” said Burt Williams, CEO of Rimrock. “Each brings a particular depth of knowledge and experience that will enhance Rimrock’s ability to successfully execute on its plan to become one of the premier energy teams in the Mid-Continent Region.”

About Post Oak Energy:

Post Oak, which was established in 2006, is an energy-focused private equity firm based in Houston, Texas. Its management team has executive management experience and a broad network in the energy business as well as significant expertise in private equity investments, operations, development, finance, acquisitions and divestitures. The firm pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. Post Oak works in close partnership with operating management teams to build businesses, accelerate growth and enhance shareholder value. Post Oak’s website is http://www.postoakenergy.com.

About Ceja Corporation:

Ceja Corporation is a privately owned oil and gas exploration and production company founded in 1966 by the late Charles W. Oliphant. Prior to 1966, the Oliphant-Mayo family members operated in the oil and gas business under the Oliphant name beginning in the late 1920's. Ceja is headquartered in Tulsa, Oklahoma. Ceja has 73 employees, having the primary responsibility to manage and monitor various producing properties and new prospects on behalf of the Oliphant-Mayo family members in addition to the family real estate and other financial assets. http://www.ceja.com.