River Rock Energy
River Rock EnergyRiver Rock Energy Company is a subsidiary of Cardinal River Energy Co., and is also headquartered in Oklahoma City. The company was formed in 2016 as part of a collaborative arrangment with a national bank group to assist the banks in making a credit bid for the assets owned by one of their oil and gas borrowers that had filed for bankruptcy protection. As a result of such transaction, River Rock now owns and operates over 2,500 oil and gas wells in Oklahoma and Kansas, with over 2,300 miles of gas gathering and gas processing assets. The company currently focuses its operations in the Cherokee Basin of Southeast Kansas and Northeast Oklahoma, where the company owns over 200,000 net acres of producing leases. The company's strategy is to maximize value for itself and the banks through the following:
- Continue to develop the company's leases and grow its oil and gas reserves at very low finding costs.
- Carefully monitor production costs, optimize production operaitons, and minimize lifting costs.
- Utilize prudent risk management and hedging practices to lock-in favorable oil and gas prices while protecting against downside price movements.
- Enhance value though the growth of marketing and midstream business operations.