Post Oak Energy Capital and Ceja Corp. have committed $75 million in capital to Rimrock Resource Partners LLC. Rimrock’s management team is also coinvesting. Tulsa, Oklahoma-based Rimrock will focus on exploration, acquisition and development opportunities, primarily in the Mid-Continent Region.
HOUSTON, Oct. 20, 2015 /PRNewswire/ — 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 Mike 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 Mike, 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/