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Breaking Barriers FireBird II, Empowered by Quantum Technology, Surpasses $500MM Funding Milestone for Permian Ventures05/01/2023
Following the success of FireBird Energy's $1.75 billion sale to Diamondback last year, the emergence of FireBird II signals a new chapter in the Permian Basin.
Get ready for some exciting news from the energy industry. FireBird Energy II, the new player in the Permian Basin, has just secured $500 million in equity funding to fuel their acquisitions. With backing from the esteemed private equity firm Quantum Energy Partners, FireBird Energy II is poised to make waves in the industry.
This Fort Worth-based company is the successor to FireBird Energy LLC, which made a name for itself in the Permian Basin. They're focused on acquiring and growing oil and gas assets in the Permian Basin, with a particular interest in the Midland Basin.
According to Travis Thompson, the co-founder, and CEO of this hot new company, they're ready to partner with Quantum Energy Partners and build on the success of FireBird I's recent sale. This partnership puts FireBird Energy II in a prime position to seize a host of exciting acquisition and development opportunities in the booming Permian Basin.
The deal included 75,000 gross (68,000 net) acres in the Midland Basin, over 450 vertical and horizontal wells
The company, which Thompson founded in 2019, quickly established itself as a major player in the Midland Basin.
Last year, FireBird made headlines again, this time for being acquired by E&P Diamondback Energy Inc. in a cash-and-stock deal worth an impressive $1.75 billion. As part of the transaction, Diamondback gained control of approximately 75,000 acres in the Midland Basin - a highly coveted asset in the industry - as well as over 450 vertical and horizontal wells.
After selling FireBird I to Diamondback, the company wasted no time in launching FireBird II, according to reports. And it seems that Quantum Partner Blake Webster is optimistic about the new venture's prospects, especially given the strategic importance of the Permian region. Webster believes that FireBird II has what it takes to create a platform of significant scale in the basin, setting the stage for even greater success in the future.
Quantum's investment is already bearing fruit
At the start of this year, Quantum made a bold move by pledging over $500 million in equity capital to Bison Oil & Gas IV LLC. Bison's sights were set on acquiring and developing a presence in the Denver-Julesburg Basin, spanning both Colorado and Wyoming.
The company has already closed several high-value acquisitions, snapping up over 75,000 net acres with an impressive current production rate of over 25,000 boe/d. Quantum's investment is already bearing fruit, and it looks like there's plenty of potential for even greater success in the future.
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Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken
Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.
Riley Permian Secures $330 Million Acquisition in Thriving New Mexico: A Strategic Move with Promising Returns
In a big move for Riley Permian, the company has just closed a deal to acquire top-of-the-line oil and gas assets in the heart of New Mexico. The acquisition, which was made in February, saw Riley Permian snapping up these highly sought-after resources from none other than Pecos Oil & Gas LLC for $330 million.
Baytex Energy Corp., a prominent oil and gas company, has struck a deal to sell part of its Viking assets located in Forgan and Plato, southwest Saskatchewan. The transaction sealed at CAD 153.8 million (approximately US$113.23 million).
This summer, J.P. Morgan Securities highlighted Endeavor Energy Resources as the Midland Basin's standout in mergers and acquisitions, suggesting its value might approach $30 billion. Endeavor Energy Resources, a privately-owned entity in Midland focusing solely on its operations, has seen a significant uptick in production. It now boasts a production rate of 331,000 barrels of oil equivalent per day (boe/d), marking a 25% increase from the previous year.
WhiteHawk Energy has recently completed a significant acquisition in the Marcellus Shale, investing $54 million. This deal has effectively doubled their mineral and royalty ownership in the Marcellus Shale, particularly in Greene and Washington counties in Pennsylvania. This region is noted for its high-quality natural gas reserves. WhiteHawk’s Marcellus assets now encompass approximately 475,000 gross unit acres, featuring production from about 1,315 horizontal shale wells. In addition to this, they own interests in 72 wells-in-progress, 64 permitted wells, and nearly 900 undeveloped Marcellus locations. This acquisition is expected to double WhiteHawk's net revenue interest in each well within its Marcellus holdings.