Continental Resources Significantly Expands Permian Basin Position with Acquisition of FireBird Energy II

OKLAHOMA CITY, Aug. 20, 2026 /PRNewswire/ -- Continental Resources ("Continental") today announced it has entered into an agreement to acquire FireBird Energy II LLC ("FireBird"), a portfolio company of Quantum Capital Group ("Quantum"). The acquisition of FireBird, which owns approximately 54,000 net acres in the Midland Basin, significantly expands Continental's Permian Basin position and adds high-quality, oil-weighted production and development inventory adjacent to its existing operations.

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The acquisition includes approximately 147,000 net resource acres across more than six stacked-pay reservoirs and is 95% operated. The assets are currently producing approximately 32,000 boepd, 69% of which is oil, and include 307 gross operated development locations.

The transaction marks the latest step in Continental's continued expansion in the Permian Basin. Over the past 14 months, the company has grown its Permian acreage by more than 40% inclusive of the FireBird acquisition.

"The Permian is integral to Continental's portfolio, and we are extremely encouraged by the results we are seeing from our teams and assets in the basin," said Doug Lawler, President and Chief Executive Officer of Continental Resources. "This acquisition builds directly on that momentum. FireBird has a proven track record of value creation and has built significant scale in the heart of the Midland Basin, and we look forward to building on the strong foundation their team has established. These assets are highly complementary to our existing footprint and provide a deep inventory of high-quality, oil-weighted opportunities across multiple stacked-pay reservoirs. We are excited about what we are building in the Permian and believe this transaction positions Continental for continued long-term growth and value creation in one of America's premier oil-producing basins."

"We are incredibly proud of what the FireBird team has built and accomplished," said Travis Thompson, CEO of FireBird. "From the beginning, our goal in partnering with Quantum was to assemble a premier position in the Midland Basin and develop it with a relentless focus on execution, capital efficiency and long-term value creation. This transaction is a testament to the hard work, talent and commitment of our entire team. Continental has an outstanding reputation as an operator and shares our conviction in the quality and long-term potential of these assets. We believe they are the right company to build on what we have created, and we are excited to see what comes next."

"When we partnered with Travis and the FireBird team in 2023, we shared a conviction that their deep experience and differentiated operational capabilities in the Midland Basin could create a scaled, high-quality platform in one of the world's most important energy-producing regions," said Jonathan Regan, Partner at Quantum. "In just over three years, the team has executed on that thesis with excellence, assembling and developing a premier asset base and creating significant value for our investors and partners."

The acquisition further strengthens Continental's ability to apply its decades of unconventional development expertise across a larger, more contiguous Permian position. The additional scale is expected to create opportunities for operational efficiencies, longer-term development planning and continued optimization across the company's Permian Basin portfolio.

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

Advisors
Vinson & Elkins L.L.P. acted as legal counsel to Continental Resources. Jefferies LLC and RBC Capital Markets, LLC acted as financial advisors to FireBird in connection with the transaction. Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to FireBird.

About Continental Resources 
Continental Resources, Inc. is the largest privately held oil and natural gas producer in the world. Headquartered in Oklahoma City, Oklahoma, Continental has built a legacy of innovation in unconventional resource development and is driving the next chapter of global energy growth.

The company holds a leading resource position anchored in four premier U.S. assets: a leading producer in the Bakken of North Dakota, South Dakota, and Montana, as well as Oklahoma's Anadarko Basin, and significant, high-quality resource positions in Wyoming's Powder River Basin and the Permian Basin of Texas.

Internationally, Continental is applying the same technical rigor and long-term development mindset to new opportunities, advancing its position in Argentina's world-class Vaca Muerta shale play and entering a joint venture to develop unconventional resources in the Diyarbakır Basin in Turkey. To learn more, visit clr.com.

About FireBird Energy II
FireBird is a Quantum Capital Group-backed upstream oil and gas company focused on the responsible development of assets in the Midland Basin. The FireBird management team, based in Fort Worth and Midland, has a long track record of building and operating high-quality assets in a fiscally and socially responsible manner for the benefit of all stakeholders. For more information, visit the Company's website at www.firebirdenergy.com.

About Quantum Capital Group
Founded in 1998, Quantum is a leading provider of private capital to the global energy industry, having managed together with its affiliates more than $34 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

For Continental
Lincoln Ferguson
[email protected]
405-234-9382

For Quantum
Kate Thompson / Erik Carlson / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
[email protected]
212-355-4449

SOURCE Continental Resources