Oklahoma City-based Continental Resources said last week it will acquire FireBird Energy II, which holds about 54,000 net acres in Midland Basin. The deal adds oil-weighted production and development inventory adjacent to Continental’s existing operations and creates opportunities for efficiencies and long-term development planning.
Doug Lawler, president and CEO, said Aug. 20 the assets are “highly complementary” to the company’s existing footprint and “provide a deep inventory of high-quality, oil-weighted opportunities across multiple stacked-pay reservoirs.”
Firebird II is a portfolio company of Quantum Capital Group. Financial terms were not announced for the deal expected to close in September. In the past 14 months Continental said it has grown its acreage position in Permian by more than 40 percent.