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Breaking Barriers FireBird II, Empowered by Quantum Technology, Surpasses $500MM Funding Milestone for Permian Ventures
05/01/2023![Breaking-Barriers-FireBird-II-Empowered-by-Quantum-Technology-Surpasses-500MM-Funding-Milestone-for-Permian-Ventures](https://images2.rextag.com/public/blog/147Blog_FireBird Energy Permian Basin assets.png)
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
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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
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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 $330 million.
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The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
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Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.