Continental Resources has agreed to acquire FireBird Energy II LLC, a portfolio company of Quantum Capital Group, adding roughly 54,000 net acres in the Midland Basin to Continental's Permian position. The deal covers about 147,000 net resource acres across more than six stacked-pay reservoirs, 95% of it operated. FireBird's assets are producing approximately 32,000 boepd, 69% oil, across 307 gross operated development locations.
A fast-growing Permian footprint
Continental has grown its Permian acreage by more than 40% over the past 14 months, a figure that includes the FireBird transaction. The new acreage borders Continental's current Permian holdings and carries additional oil-weighted locations across several stacked-pay zones. Continental is also a leading producer in the Bakken of North Dakota, South Dakota and Montana, along with positions in Oklahoma's Anadarko Basin and Wyoming's Powder River Basin.
Executives on the deal
Doug Lawler, Continental's president and chief executive officer, said "the Permian is integral to Continental's portfolio," and called the FireBird deal a continuation of that momentum. Travis Thompson, FireBird's chief executive, said "we are incredibly proud of what the FireBird team has built and accomplished." Jonathan Regan, a partner at Quantum, said the FireBird team had assembled and developed the position it set out to build when Quantum partnered with the company's management in 2023, creating value for its investors and partners.
Closing and advisors
The transaction is expected to close in September 2026, subject to customary closing conditions. Vinson & Elkins L.L.P. acted as legal counsel to Continental. Jefferies LLC and RBC Capital Markets, LLC advised FireBird on the financial side, while Akin Gump Strauss Hauer & Feld LLP served as FireBird's legal counsel.
We reported that Targa Resources signed 20-year Permian gas deals with ExxonMobil.
