Privately held explorer FireBird Energy LLC on Thursday said it bolted on 21,000 acres in the Permian Basin of West Texas in a deal with Chevron Corp.
Financial details were not disclosed.
The Midland sub-basin properties, 99% operated, are in Ector, Midland, Crane and Upton counties. They were acquired from Chevron U.S.A. Inc. and Chevron Midcontinent LP.
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The deal gives FireBird control of 72,000 gross acres in the play, including 11,500 boe/d of output.
“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,” CEO Travis F. Thompson said.
“The acquisition of these high-margin, oil-weighted assets is a complementary addition to our acreage footprint, production, and cash flow base…We expect to benefit from additional operating synergies when production operations are combined with our base asset.”
FireBird is sponsored by RedBird Capital Partners and Ontario Teachers’ Pension Plan. When it was founded in 2019, the company acquired its initial Midland acreage. Prior to the Chevron purchase, it was operating more than 450 wells.
Thompson, who joined the company in 2019 when it was formed, previously co-founded Torch Operating LLC and other companies.
COO Ben Lucas joined FireBird also in 2019. Lucas formerly worked for RSP Permian Inc. until it was sold to Concho Resources Inc. CFO Steven Loh formerly was a vice president at RedBird.