Continental’s Thrill of the Chase

Behind every wildcatter is the inspiration that motivated them to drill that first well. To take enormous risks when the odds of success were squarely stacked against them. To bet it all, come hell or high water. From childhood poverty to oil and gas icon, Harold Hamm is one of those wildcatters—a pioneer of the shale revolution, oil whisperer, and founder and executive chairman of Okla. City-based Continental Resources, where Hamm’s inspiration lies in the chase to make more discoveries.

Reese Energy Consulting today is following the latest from Continental, the world’s largest independent producer, which has announced two separate acquisitions that expand its growth strategy and asset portfolio both domestically and internationally.

Under the leadership of CEO Doug Lawler, Continental has continued to build a prominent Permian position since its 2021 entry into the Delaware with 92,000 net acres. The company currently operates 200,000+ net acres across the Delaware and Midland. Continental now reports it will acquire Fort Worth-based Firebird Energy II for an undisclosed sum. The purchase includes 147,000 net resource acres across six stacked-pay reservoirs in the Midland which are 95% operated, and 307 gross operated development locations. Continental reports production of 32,000 BOED (69% oil).

A continent away, Continental will also expand its footprint in Argentina’s largely undeveloped Vaca Muerta shale play, considered one of the world’s largest unconventional oil and gas reserves. The company last November scooped up a 90% stake in the play’s Los Toldos Oeste oil block. Continental will now form a 50/50 joint venture with Mercuria, one of the world’s largest independent energy trading groups, to acquire E&P Phoenix Global Resources and unleash a multi-billion-dollar drilling campaign to further develop and expand the Phoenix assets, sitting pretty in one of the fastest-growing shale plays already producing 600+ MBPD of oil. That’s what we call thrilling.