Fort Worth-based Firebird Energy II said last week it has secured equity commitments of more than $500 million, including funds managed by Quantum Energy Partners, to invest in oil and gas properties in Permian Basin. The founders and employees of Firebird II and other partners also are making what was called “significant equity commitments” to the company, which will focus on Midland Basin. Firebird II was formed after the successful sale of Firebird Energy to Diamondback Energy in November for $1.6 billion.
Firebird II said its management team “will leverage its expertise in acquiring, optimizing and growing assets that has proven to be successful in prior ventures.” Travis F. Thompson, CEO, said, “This partnership positions our team to take advantage of a number of exciting acquisition and development opportunities throughout the Permian Basin.” Quantum partner Blake Webster added, “The Permian is a strategically important region to Quantum, and we believe that Firebird II is uniquely positioned to build a platform of scale in the basin.”