Continental Resources announced on August 20 that it has agreed to acquire FireBird Energy II, adding approximately 54,000 net acres in the Midland Basin and about 32,000 barrels of oil equivalent per day of production. Oil represents roughly 69% of the acquired output. The asset package includes approximately 147,000 net resource acres across more than six stacked-pay reservoirs and 307 gross operated development locations, with Continental expected to operate about 95% of the acquired acreage. Financial terms were not disclosed.
The transaction is expected to close in September and would bring Continental’s Permian acreage growth to more than 40% over a 14-month period. CEO Doug Lawler said the acquired inventory and its proximity to the company’s existing operations support the Permian’s role in Continental’s portfolio. A larger, more connected position can help operators drill longer laterals, consolidate infrastructure and coordinate development across a broader inventory. For readers following Permian Basin acquisition activity, the deal adds immediate production as well as hundreds of future operated drilling locations in the Midland Basin.
Source: OilPrice.com
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