(WO) — Continental Sources has agreed to amass FireBird Power II LLC, including roughly 32,000 boed of oil-weighted manufacturing and increasing the corporate’s place within the Permian basin.
FireBird, a portfolio firm of Quantum Capital Group, holds roughly 54,000 internet acres within the Midland basin adjoining to Continental’s present operations. Present manufacturing is 69% oil, and the acquired property embrace 307 gross operated growth areas throughout greater than six stacked-pay reservoirs.
The transaction represents the newest step in Continental’s Permian enlargement. Together with the FireBird acquisition, the corporate has elevated its Permian acreage by greater than 40% over the previous 14 months.
“The Permian is integral to Continental’s portfolio, and we’re extraordinarily inspired by the outcomes we’re seeing from our groups and property within the basin,” mentioned Doug Lawler, president and CEO of Continental Sources.
Lawler mentioned the FireBird property complement Continental’s present footprint and supply further oil-weighted growth stock throughout a number of stacked-pay reservoirs.
The acquisition additionally contains roughly 147,000 internet useful resource acres and is 95% operated, in keeping with Continental. The extra scale is anticipated to assist operational efficiencies, longer-term growth planning and additional optimization throughout the corporate’s Permian portfolio.
FireBird has constructed its Midland basin place with backing from Quantum for the reason that firms partnered in 2023.
The transaction is anticipated to shut in September 2026, topic to customary closing situations. Monetary phrases weren’t disclosed.
