Continental Resources Expands Permian Footprint
Continental Resources is getting substantially bigger in the Permian Basin. The privately held oil producer has agreed to acquire FireBird Energy II, adding roughly 54,000 net acres in the Midland Basin along with 32,000 barrels of oil equivalent per day (boepd) of production, Continental said Thursday. About 69% of that is oil. The FireBird assets include approximately 147,000 net resource acres…
Continental Resources has expanded its footprint in the Permian Basin by acquiring FireBird Energy II, adding roughly 54,000 net acres and 32,000 barrels of oil equivalent per day (boepd) of production. The FireBird assets consist of approximately 147,000 net resource acres across more than six stacked-pay reservoirs and 307 gross operated development locations.
Continental will operate about 95% of the acquired acreage. CEO Doug Lawler emphasized the importance of the Permian Basin to Continental's portfolio and highlighted the benefits of larger contiguous positions for shale producers. The acquisition is expected to close in September, and FireBird is backed by Quantum Capital Group, which partnered with Continental in 2023 to build a scaled Midland Basin position.
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