Devon Energy closes $865m acquisition of RimRock’s Williston Basin assets

Devon Energy, a Delaware Basin oil and gas producer, has closed the previously announced $865 million acquisition of RimRock Oil and Gas‘ leasehold interest and related assets in the Williston Basin.

The all-cash deal was announced last month.

Through the acquisition, Devon Energy gains a contiguous position of 38,000 net acres, which directly offsets and overlaps the company’s existing position.

Devon Energy closes $865m acquisition of the Williston Basin assets of RimRock Oil and Gas. Photo courtesy of John R Perry from Pixabay.

According to Devon Energy, production from the acquired Williston Basin assets from RimRock Oil and Gas is likely to increase to an average of 20,000 Boe per day in 2023.

The deal with RimRock Oil and Gas also gives Devon Energy 100 plus undrilled inventory locations. The company expects this to position its Williston Basin assets to sustain high-margin production and solid cash flow for a number of years.