August 21, 2026 [Storage Terminals Magazine]- Continental Resources is set to significantly expand its presence in the Permian Basin through an agreement to acquire FireBird Energy II LLC, a portfolio company of Quantum Capital Group.

The transaction will add a substantial Midland Basin position to Continental’s existing operations, bringing further oil-weighted production and development opportunities within one of the United States’ most important oil-producing regions.

FireBird holds approximately 54,000 net acres in the Midland Basin, while the broader asset package includes around 147,000 net resource acres across more than six stacked-pay reservoirs. Approximately 95 percent of the acreage is operated, providing Continental with a high degree of control over future development activity.

Expanding the Midland Basin position

The acquired assets are currently producing approximately 32,000 barrels of oil equivalent per day (boepd), with oil accounting for around 69 percent of production.

The portfolio also includes 307 gross operated development locations, providing Continental with a significant inventory of future drilling opportunities alongside its existing Permian operations.

The acquisition continues a period of rapid expansion for Continental in the Permian. Including the FireBird transaction, the company has increased its Permian acreage by more than 40 percent over the past 14 months.

The additional acreage is expected to strengthen the company’s position in the Midland Basin while creating a larger and more contiguous operating footprint.

Scale and development opportunities

Continental is expected to leverage its experience in unconventional oil and gas development across the expanded portfolio. The larger position could provide opportunities to improve operational efficiency, optimise development plans and take a longer-term approach to drilling across multiple stacked reservoirs.

The company’s strategy is focused on building scale within the Permian while concentrating on assets with strong production characteristics and substantial remaining development potential.

The FireBird assets complement Continental’s existing operations and add further oil-weighted inventory to its portfolio, potentially supporting production growth and longer-term development activity in the basin.

FireBird’s Midland Basin growth

FireBird Energy was established with a strategy of building a scaled position in the Midland Basin and developing its assets with an emphasis on operational execution and capital efficiency.

Quantum Capital Group partnered with the FireBird team in 2023, supporting the company’s expansion and development of its Midland Basin portfolio. Over the following years, FireBird assembled what the companies describe as a significant and high-quality asset base in the region.

The acquisition will now see Continental take over the position and build on the development work carried out by FireBird.

Transaction expected to close in September

The transaction is expected to close in September 2026, subject to customary closing conditions.

For Continental, the acquisition represents another step in its strategy of expanding its position in the Permian Basin and increasing its exposure to oil-weighted unconventional resources.

The enlarged footprint is expected to give the company greater scale across the Midland Basin while providing additional development inventory and opportunities to optimise its operations across a broader, more integrated asset base.