Continental Resources to Acquire 50% Interest in Phoenix Global Resources, Forming Joint Venture Operating Company with Mercuria Energy Group

Key Highlights:

• JV creates a Vaca Muerta portfolio spanning approximately 163,000 net acres across six blocks
• Greater than 28 kboepd of current production with a path to more than 100 kboepd
• Greater than $4 billion in expected capital deployment over the next five years

BUENOS AIRES, Argentina, Aug. 20, 2026 /PRNewswire/ -- Mercuria Energy Group ("Mercuria") held Phoenix Global Resources ("Phoenix") today announced that Continental Resources ("Continental") has signed a Heads of Agreement ("HOA") outlining a proposed transaction under which Continental will acquire a 50% interest in Phoenix. Upon completion of the transaction, Mercuria and Continental will become equal owners, forming a 50/50 joint venture operating company focused on the continued development and expansion of Phoenix's position in Argentina's Vaca Muerta.

The proposed transaction represents a significant expansion of Continental's investment in Argentina and establishes another partnership with Mercuria. The combination of Mercuria's global energy and investment capabilities, Continental's decades of experience developing unconventional resources at scale across some of the most prolific oil and natural gas basins in the United States, and Phoenix's established operating platform and deep knowledge of Vaca Muerta, creates a strong foundation for the next phase of development and growth. As a joint venture partner, Continental will work alongside Mercuria and the Phoenix team, applying the combined technical, operational and subsurface capabilities to enhance development planning, execution and performance across an expanding asset base.

The joint venture is expected to grow Phoenix's production from 28 kboepd to over 100 kboepd in the next five years. More than $4 billion in capital deployment is expected over the next five years to support that growth, positioning Phoenix to become one of the largest private operators and producers in Vaca Muerta.

The newly formed joint venture operating company will hold approximately 163,000 net acres across six blocks in Vaca Muerta, bringing together Phoenix's interests in Mata Mora Norte, Mata Mora Sur, Confluencia Norte and Confluencia Sur, Continental's operated interest in Los Toldos II Oeste, and additional interests being acquired from Bajo del Toro Este block currently owned by Integra.

The combined portfolio is of strategic importance to the region, as reflected by the assets' anticipated qualification under Argentina's Large Investment Incentive Regime (RIGI).

The proposed joint venture builds on the existing relationship between Mercuria and Continental. The companies are also partners in the Pecos Power Plant, a 452-megawatt natural gas-fired power generation facility currently under development in West Texas.

The HOA reflects the parties' current intentions regarding the proposed transaction. Completion of the transaction is subject to the negotiation and execution of definitive agreements, satisfaction of applicable closing conditions and receipt of any required regulatory approvals.

Leadership Perspectives

Pablo Bizzotto, Phoenix Chief Executive Officer

"Phoenix has built a disciplined, technically strong operating platform with a team that brings deep knowledge and experience in Vaca Muerta. Bringing Continental into Phoenix as a JV operating partner, alongside Mercuria, adds decades of unconventional development and operating expertise that will strengthen our capabilities as we enter the next phase of growth. By combining Phoenix's established operating platform and knowledge of Vaca Muerta with Continental's technical and operational experience developing unconventional resources at scale, we believe we have an exceptional opportunity to expand development and build one of the leading independent operators in the basin."

Doug Lawler, Continental President & Chief Executive Officer

"The reforms led by President Milei and his administration generated our interest in Argentina and strengthened our confidence in its future, ultimately helping pave the way for this significant partnership. Mercuria has been an exceptional partner, and we have tremendous respect for the strong operating platform and track record Phoenix has established in Vaca Muerta. Vaca Muerta is a world-class resource, and we believe the combination of Argentina's tremendous potential, Phoenix's established capabilities and Continental's unconventional development expertise can help further establish the country as a global oil and natural gas leader."

Brian Falik, Mercuria Global Chief Investment Officer

"Our partnership with Continental continues to grow, and this transaction is a natural extension of that relationship into one of the world's premier shale plays. Together with Phoenix's operating platform, we now add Continental's technical depth paired with a joint commitment to further invest in Argentina to build one of Vaca Muerta's leading independent producers."

Nicolas Mallo Huergo, Integra Chief Executive Officer

"We are very proud of the accomplishment of an early dream and commitment to transform Neuquén in an international platform extended to the Province of Rio Negro, and deliver oil of Argentina and world market. Mercuria has been the ideal partner to get here. Together with Continental we are sure we will build one of the best performing, unconventional oil producer. Phoenix has proven its excellence."

About Phoenix Global Resources

Phoenix Global Resources ("Phoenix") is an independent upstream oil and gas company focused on the exploration and development of Argentina's Vaca Muerta shale formation and other unconventional resources. The Company's core operations are concentrated in the Neuquén and Río Negro provinces. With a specialized technical team, Phoenix grew net production from zero to 25,000 barrels per day in five years — a fivefold increase — with only 15% of its acreage developed. Phoenix is currently the sixth largest crude oil producer in Vaca Muerta. The Company is majority-owned by Mercuria Energy Group, one of the world's largest independent energy and commodities groups. Mercuria has been a key supporter, working closely with Phoenix's management and technical teams throughout the development of the project.

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.

About Mercuria

Mercuria Energy Group is one of the world's largest independent energy and commodities groups. Founded in Geneva, Switzerland, Mercuria operates globally across the energy value chain, including crude oil and refined products, natural gas and LNG, power, renewable energy, metals, and carbon markets. The company is recognized for its strong focus on risk management, compliance, and operational excellence, and for its investment in energy solutions that support global energy security and the energy transition.

About Integra

Integra is the investment platform of José Luis Manzano, a global private equity and merchant banking group with a long track record of investing across Latin America's energy, mining, media, and distressed-asset sectors. Integra has been a long-standing investor in the Vaca Muerta basin and is committed, together with its partners, to expanding Argentina's energy production and export capacity.

SOURCE Mercuria