In return, Rock Ridge will obtain certain oil and gas leases, and the transaction is expected to close by the end of this year.
The company said it will continue to be run on a day-to-day basis by current management and Questus will provide oversight and expertise, particularly with field operations.
Rock Ridge CEO Steve Rackley said that the deal with Questus brings both capital and experience to Rock Ridge and will provide the pieces that will let the company be a successful income producing oil company.
Rock Ridge is engaged in the acquisition and development of under-producing fields in Texas and surrounding states.
