FireBird Energy Announces Acquisition of Midland Basin Assets from Chevron

Source: 12/30/2021, Location: North America

FireBird Energy LLC ("FireBird") 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."

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