Devon Energy Corp. has agreed to purchase RimRock Oil and Gas LP’s Williston Basin leasehold interest and related assets for $865 million. 

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“This bolt-on acquisition is highly complementary to our existing position and is immediately accretive,” said CEO Rick Muncrief.

The deal with RimRock, a portfolio company formed in 2016 by private equity giant Warburg Pincus LLC, would add 38,000 net acres (88% working interest) contiguous to an existing Williston position. 

Production from the RimRock acreage during 1Q2022 was about 15,000 boe/d (78% oil-weighted). Average output is slated to rise to 20,000 boe/d over the next year, according to Devon.

“RimRock’s directly adjacent acreage offers strong operational synergies, adds to our high-quality inventory in the core...