Continental Resources Acquires Quantum Capital-Backed FireBird Energy II, Adding 32,000 Boe Per Day in Midland Basin

Continental Resources announced on August 20, 2026 an agreement to acquire FireBird Energy II LLC, a portfolio company of Quantum Capital Group. The transaction adds approximately 32,000 barrels of oil equivalent per day to Continental's Permian Basin production. The deal includes approximately 54,000 net acres in the Midland Basin and is expected to close in September 2026.

Asset Profile: Midland Basin Acreage and Production

FireBird Energy II's assets span approximately 147,000 net resource acres across more than six stacked-pay reservoirs in the Midland Basin. Current production stands at approximately 32,000 barrels of oil equivalent per day, with oil comprising 69% of the total. The assets are 95% operated and include 307 gross operated development locations.

That 69% oil weighting translates to approximately 22,080 barrels per day of crude oil production from the acquired assets. WTI crude was trading at $82.35 per barrel on the CME as of late morning August 25, 2026. At that price, the crude oil portion generates approximately $664 million per year in gross oil revenues at current production rates.

Continental Resources: Harold Hamm's Private Upstream Empire

Continental Resources is the world's largest privately held oil and gas producer, per its own characterization in the press release. Harold Hamm founded the Oklahoma City-based company and took it private in November 2022, removing it from the New York Stock Exchange where it traded as "CLR." Doug Lawler serves as President and CEO.

Continental built its original franchise as one of the largest operators in North Dakota's Bakken shale. Over the past 14 months, including the FireBird acquisition, Continental has grown its Permian Basin acreage by more than 40%. That growth represents a deliberate portfolio shift from a Bakken-primary operator to a dual-basin company with Midland Basin scale. Doug Lawler said: "These assets are highly complementary to our existing footprint and provide a deep inventory of high-quality, oil-weighted opportunities." The company did not disclose the acquisition price or financing structure.

Quantum Capital Group and the Private Equity Exit

Quantum Capital Group has managed more than $34 billion in energy sector equity commitments since 1998, making it one of the most active private equity firms in oil and gas. FireBird Energy II LLC was a Quantum portfolio company. Travis Thompson, CEO of FireBird Energy, said: "This transaction is a testament to the hard work, talent and commitment of our entire team."

Financial advisors to FireBird in the transaction were Jefferies LLC and RBC Capital Markets. Legal counsel for Continental was Vinson & Elkins L.L.P. Akin Gump Strauss Hauer & Feld LLP served as legal counsel for FireBird.

Midland Basin Context and US Production Outlook

The Midland Basin is the eastern sub-basin of the Permian Basin in West Texas. It produces oil from multiple stacked formations, including the Spraberry, Wolfcamp, Dean, and Barnett intervals. The six-plus stacked-pay reservoirs cited by Continental align with those formations across the Midland Basin stratigraphic column.

The EIA's August 2026 Short-Term Energy Outlook projects US crude production averaging 13.8 million barrels per day in 2026, rising to 14.2 million barrels per day in 2027. The Permian Basin is the single largest driver of that US production growth. Acquisitions like Continental-FireBird consolidate privately held acreage and production into larger operator portfolios, accelerating drilling timelines.

Closing Conditions

The acquisition is subject to customary regulatory and closing conditions. Continental expects the transaction to close in September 2026. As a private company, Continental is not required to file material deal terms with the SEC, and the acquisition price was not disclosed in the press release or in subsequent reporting.