FireBird Energy Announces Acquisition of Midland Basin Assets from Chevron

FORT WORTH, Texas, Dec. 30, 2021 /PRNewswire/ -- FireBird Energy LLC ("FireBird", the "Company", "we", "our" or "us") today announced that it has completed an acquisition of operated assets located in the Midland Basin (the "Acquisition") from Chevron U.S.A. Inc. and Chevron Midcontinent, L.P.  The Acquisition closed December 30, 2021 with an effective date of December 1, 2021.

Highlights of the acquired asset base and operations include:

• Significant PDP contribution from acquired assets
• Bolt-on of ~21,000 leasehold acres
• Low operating cost, oil-weighted, high-margin asset with operating synergies when added to FireBird's existing assets

Expected impact on FireBird includes:

• Pro forma for the transaction, FireBird will have >72,000 gross acres and ~11,500 Boe of daily production
• Converts 60+ 1-mile locations to 2-mile locations
• Significant development upside in four known benches

Management Comments

Mr. Travis F. Thompson, CEO of FireBird, commented, "This transaction will be our second major acquisition as we continue to advance our consolidation strategy and enhance our Western Midland Basin footprint with additional scale. The acquisition of these high-margin, oil-weighted assets is a complementary addition to our acreage footprint, production, and cash flow base. The Acquisition includes approximately 21,000 net acres (99% operated) in Ector, Midland, Crane, and Upton Counties. We expect to benefit from additional operating synergies when production operations are combined with our base asset." 

About FireBird Energy LLC

FireBird Energy LLC is a Fort Worth, Texas based upstream oil and gas company focused on the acquisition and responsible development of assets in the Midland Basin. With a strong long-term commitment from its ownership and an innovative and experienced management team in place in both its Fort Worth and Midland offices, FireBird is well positioned to aggressively target and execute on further strategic acquisition opportunities and to develop its properties in a fiscally and socially responsible manner for the benefit of all of its stakeholders. FireBird made a significant acquisition of producing properties in the western Midland Basin at the time of its founding and presently operates over 450 vertical and horizontal wells in the Basin. For more information, visit the Company's website at https://www.firebirdenergy.com.

Media Contact:
Steven Loh
[email protected]

SOURCE FireBird Energy LLC