Continental Resources has agreed to acquire FireBird Energy II from Quantum Capital Group, significantly expanding its position in the Permian Basin with oil-weighted production, development inventory and acreage adjacent to its existing operations. FireBird owns approximately 54,000 net acres in the Midland Basin.
The transaction includes approximately 147,000 net resource acres across more than six stacked-pay reservoirs and is approximately 95% operated.
The acquired assets are currently producing approximately 32,000 barrels of oil equivalent per day, with oil representing about 69% of production.
Continental will also gain 307 gross operated development locations.
The deal represents another significant step in Continental’s expansion across the Permian Basin.
Including FireBird, Continental has increased its Permian acreage by more than 40% during the past 14 months.
The company expects FireBird’s assets to complement its existing footprint and provide additional scale for longer-term development planning and operational optimization.
Continental also sees opportunities to apply its unconventional-resource expertise across a larger and more contiguous Permian position.
FireBird was backed by Quantum Capital Group and built its Midland Basin platform following the firms’ partnership in 2023.
Quantum and its affiliates have managed more than $34 billion in equity commitments since the firm’s founding in 1998.
The transaction is expected to close in September 2026, subject to customary closing conditions.
Support: Vinson & Elkins is serving as legal counsel to Continental. Jefferies and RBC Capital Markets are advising FireBird financially, while Akin Gump Strauss Hauer & Feld is serving as FireBird’s legal counsel.
KEY QUOTES:
“These assets are highly complementary to our existing footprint and provide a deep inventory of high-quality, oil-weighted opportunities across multiple stacked-pay reservoirs.”
Doug Lawler, President And CEO Of Continental Resources
“Continental has an outstanding reputation as an operator and shares our conviction in the quality and long-term potential of these assets.”
Travis Thompson, CEO Of FireBird Energy II
“In just over three years, the team has executed on that thesis with excellence, assembling and developing a premier asset base and creating significant value for our investors and partners.”
Jonathan Regan, Partner At Quantum Capital Group
