Continental Resources to Acquire FireBird Energy, Adding Approximately 32,000 Boed in Permian

en.Wedoany.com Reported - Continental Resources has entered into an acquisition agreement with FireBird Energy II LLC, adding approximately 32,000 barrels of oil equivalent per day of oil-weighted production while expanding its footprint in the Permian basin.

FireBird, a portfolio company of Quantum Capital Group, holds approximately 54,000 net acres in the Midland basin adjacent to Continental Resources' existing operations. Approximately 69% of its current production is oil, and the acquired assets encompass 307 gross operated development locations across more than six stacked-pay reservoirs.

This transaction marks the latest step in Continental Resources' Permian expansion. Including the FireBird acquisition, the company has increased its Permian acreage by more than 40% over the past 14 months.

Doug Lawler, President and Chief Executive Officer of Continental Resources, stated that the Permian is an integral part of the company's portfolio and that the team and assets have delivered encouraging results in the basin. Lawler noted that FireBird's assets complement the company's existing footprint and provide additional oil-weighted development inventory across multiple stacked-pay reservoirs.

According to Continental Resources, the acquisition also includes approximately 147,000 net acres of resource area, 95% of which is company-operated. The added scale is expected to support operational efficiencies, long-term development planning, and further optimization of the company's Permian portfolio.

Since establishing a partnership in 2023, FireBird, with Quantum's support, has progressively solidified its position in the Midland basin.

The transaction is expected to close in September 2026, subject to customary closing conditions. Financial terms were not disclosed.