Key facts
- Continental Resources is acquiring FireBird Energy II to expand its Permian Basin operations.
- The deal adds approximately 54,000 net acres and 32,000 barrels of oil equivalent per day (boepd) of production.
- The acquired assets include over six stacked-pay reservoirs and 307 gross operated development locations.
- Continental operates about 95% of the acquired acreage.
- The acquisition is expected to close in September.
Continental Resources is significantly expanding its presence in the Permian Basin through the acquisition of FireBird Energy II. The privately held oil producer will add approximately 54,000 net acres in the Midland Basin, along with 32,000 barrels of oil equivalent per day (boepd) of production, with about 69% of that being oil. The FireBird assets encompass roughly 147,000 net resource acres across more than six stacked-pay reservoirs and 307 gross operated development locations, with Continental operating about 95% of the acquired acreage. The terms of the deal were not disclosed. This acquisition marks an aggressive expansion in a basin that has become increasingly important for Continental, which has increased its Permian acreage by more than 40% over the past 14 months. CEO Doug Lawler stated that the Permian is integral to Continental's portfolio, citing the acquired inventory and its proximity to existing operations. Larger contiguous positions allow for longer laterals, infrastructure consolidation, and more efficient development planning. The deal is anticipated to close in September. FireBird is backed by Quantum Capital Group, which partnered with the company in 2023 to establish a significant Midland Basin position. Continental has also been diversifying its portfolio beyond its traditional U.S. shale strongholds, including agreements to acquire interests in Argentina's Vaca Muerta and a joint venture in Turkey's Diyarbakir Basin. However, the Permian remains a core focus due to its proximity and development maturity, with the FireBird acquisition providing immediate production and extensive drilling locations.