Welcome to our dedicated page for Prairie Operating Co. news (Ticker: crkr), a resource for investors and traders seeking the latest updates and insights on Prairie Operating Co. stock.
Overview of Prairie Operating Co.
Prairie Operating Co. is an independent oil and gas company dedicated to the acquisition and development of crude oil, natural gas, and natural gas liquids. Operating predominantly in the renowned Denver-Julesburg (DJ) Basin, the company focuses its efforts on mature formations such as the Niobrara and Codell, which are recognized for their significant oil and liquids potential. With a business model built on disciplined capital management and strategic asset acquisition, Prairie Operating Co. operates in the highly competitive energy sector with a commitment to operational efficiency and sustainable cash flow generation.
Core Business Areas
The company specializes in the following key areas:
- Asset Acquisition: Identifying, acquiring, and integrating high-value oil and gas assets that enhance its resource base.
- Exploration and Development: Focusing on the development of oil, natural gas, and natural gas liquids from prolific fields in the DJ Basin.
- Operational Excellence: Implementing best practices in drilling, production, and project management to maximize operational efficiency.
- Capital Discipline: Maintaining stringent financial management to support growth initiatives while managing market volatility and regulatory risks.
Market Position and Industry Significance
Prairie Operating Co. holds a strategic position within the fiercely competitive oil and gas industry. With its assets concentrated in regions renowned for high-quality reserves, the company distinguishes itself through its measured approach to acquisitions and a clear focus on areas with established production profiles. Industry-specific keywords such as "oil production," "natural gas development," and "energy asset acquisition" highlight its commitment to maintaining efficient operations and achieving sustainable returns. The company’s operational strategy underscores a commitment to responsible resource development, ensuring that each project contributes to a robust portfolio that appeals to market analysts and investors seeking long-term industry insights.
Operational Strategies and Risk Management
The company’s operational strategies are rooted in a systematic approach to risk management and asset optimization. By targeting proven oil and gas formations and leveraging detailed geological assessments, Prairie Operating Co. minimizes exposure to typical industry uncertainties such as commodity price fluctuations. Its ability to integrate new acquisitions smoothly into existing operations is a testament to its strategic planning and operational diligence. The company emphasizes:
- Efficient Drilling Programs: Utilizing advanced technologies and optimized drilling techniques tailored to the geologic characteristics of its assets.
- Regulatory Compliance: Adhering to stringent industry standards and environmental practices to mitigate operational risks.
- Integrated Asset Management: Fostering a cohesive operational framework that aligns acquisition, development, and production for streamlined business performance.
Competitive Landscape
In a landscape populated by both large integrated players and nimble independent operators, Prairie Operating Co. differentiates itself through its focus on specific high-potential regions and its rigorous approach to capital discipline. Its conservative yet strategic investment choices enable it to balance growth ambitions with the need to maintain operational stability. This nuanced approach allows the company to remain competitive, even amidst challenges such as market fluctuations and evolving regulatory environments.
Expertise and Industry Terminology
The description of Prairie Operating Co. underscores its technical expertise and deep industry knowledge. With terminology such as reserve engineering, drilling operations, and capital expenditure woven into its narrative, the content provides a clear picture of a company that understands the complex dynamics of energy resource management. The integration of these industry-specific phrases not only enhances clarity for experienced investors but also bolsters the information's credibility by aligning with established technical language in the energy sector.
Conclusion
Overall, Prairie Operating Co. exemplifies a balanced approach to energy asset development while maintaining a strong focus on operational efficiency and capital discipline. The company’s strategic focus on the DJ Basin, combined with its rigorous asset acquisition and development processes, positions it as a key participant within the oil and gas market. Investors and industry analysts can rely on the detailed operational strategies and risk management processes outlined here to gain a comprehensive understanding of the company’s enduring role in the energy sector.
Prairie Operating Co. (PROP) has successfully implemented a strategic hedging program covering 85% of its current daily production in the Denver-Julesburg Basin. The program, executed after acquiring DJ Basin assets from Bayswater Exploration and Production, secures pricing at $68.27/bbl WTI and $4.28/MMBtu Henry Hub for remaining 2025 production, and $64.29/bbl WTI and $4.09/MMBtu Henry Hub for 2026-1Q 2028 production.
The company is advancing development with an 11-well Rusch Pad project targeting the Niobrara and Codell formations. This hedging initiative aims to protect cash flows, reduce risk, and support the company's growth strategy while maintaining capital discipline.
Prairie Operating Co. (PROP) has launched an 11-well development program at the Rusch Pad in Weld County, Colorado. The first well spud began on April 1, 2025, using Precision E-Drilling Rig 461. The development consists of eleven two-mile lateral wells alternating between the Niobrara A, B, and C Chalks and the Codell Sandstone.
The drilling phase is expected to complete by early June, followed by hydraulic fracturing, with initial production anticipated in early August. The company is utilizing an environmentally conscious approach with Precision's E-rig 461, powered by natural gas generators with battery backup to enhance efficiency and reduce emissions.
This development follows Prairie's recent Bayswater acquisition, which expanded their position in the Denver-Julesburg Basin. The company aims to focus on integrating these assets, capturing operational efficiencies, and executing its development program to drive production growth and cash flow generation.
Prairie Operating Co. (PROP) has successfully completed its previously announced $602.75 million acquisition of DJ Basin assets from Bayswater Exploration and Production. The transaction significantly expands Prairie's operational footprint, adding approximately 24,000 net acres and increasing average daily production by 25,700 net BOEPD (69% liquids).
The acquisition adds approximately 600 highly economic drilling locations, extending inventory life to roughly 10 years. The assets contribute 77.9 million barrels of oil equivalent in proved reserves with an estimated PV-10 value of $1.1 billion. The transaction was funded through a combination of Series F convertible preferred stock issuance, common stock public offering, credit facility draw, and direct issuance of common stock to Bayswater.
Post-closing, Prairie maintains a strong balance sheet with an expected leverage ratio of ~1.0x and has approximately 35.4 million shares of common stock outstanding. The acquisition is expected to be immediately accretive to per-share cash flow metrics.
Prairie Operating Co. (NASDAQ: PROP) has announced the pricing of an underwritten public offering of $38.5 million of common stock at $4.50 per share. The underwriters have a 30-day option to purchase up to an additional $5.8 million of shares.
The net proceeds, estimated at $35.4 million (or $40.8 million if underwriters exercise their full option), will primarily fund the Bayswater Acquisition of oil and gas assets. Additional proceeds will support general corporate purposes, including development and drilling programs, debt repayment, and potential acquisitions.
The offering, expected to close on March 26, 2025, is concurrent with a previously announced offering of 150,000 shares of Series F Convertible Preferred Stock. Citigroup leads the offering as book-running manager, alongside KeyBanc Capital Markets, Truist Securities, MUFG Securities Americas, and Piper Sandler & Co. as joint book-running managers.
Prairie Operating Co. (PROP) has announced a registered direct offering of 150,000 shares of new Series F Convertible Preferred Stock. The preferred stock will carry a 12% annual dividend rate on the stated value plus accumulated unpaid dividends.
The company is concurrently conducting a common stock offering, with proceeds from both offerings intended to fund the acquisition of oil and gas assets from Bayswater Exploration and Production. Remaining proceeds will support corporate initiatives, including development and drilling programs, debt repayment, and potential acquisitions.
The offering includes warrants for additional common stock, exercisable if certain conditions are met on the first anniversary of closing, including if the stock trades below 115% of the conversion price. The offering is being conducted under an effective S-3 shelf registration statement filed with the SEC.
Prairie Operating Co. (NASDAQ: PROP) has announced an underwritten public offering of $35.00 million in common stock, with underwriters having a 30-day option to purchase up to an additional $5.25 million in shares.
Concurrent with this offering, the company is launching a registered offering of 150,000 shares of new Series F Convertible Preferred Stock, which includes warrants for additional common stock shares under specific conditions.
The proceeds will primarily fund the company's proposed Bayswater Acquisition of oil and gas assets. Any remaining funds will support general corporate purposes, including development and drilling programs, debt repayment, or other acquisition opportunities.
The offering is led by Citigroup as the lead book-running manager, with KeyBanc Capital Markets, Truist Securities, MUFG Securities Americas, and Piper Sandler & Co. serving as joint book-running managers.
Prairie Operating Co. (NASDAQ: PROP) has announced the promotion of Gregory S. Patton to Chief Financial Officer, effective April 1st, 2025. Patton, who joined Prairie last year as Executive Vice President of Commercial Development, brings over 15 years of industry experience in corporate finance, accounting, and capital markets.
Patton succeeds Craig Owen, who is retiring after more than 30 years in the energy industry. Prior to Prairie, Patton served as Senior Vice President of Corporate Development and Finance at Great Western Petroleum and as CFO at Trigger Energy. He holds accounting degrees from the University of Denver.
Ed Kovalik, Chairman and CEO, praised Owen's contributions in strengthening the company's financial foundation and highlighted Patton's critical role in aligning Prairie's capital strategy with long-term growth objectives over the past year.
Prairie Operating Co. (PROP) has announced an underwritten public offering of $200 million of common stock shares, with an additional 30-day option for underwriters to purchase up to $30 million in additional shares. The proceeds will primarily fund the company's proposed Bayswater Acquisition, which involves purchasing oil and gas assets from Bayswater Exploration and Production.
The remaining proceeds will support general corporate purposes, including development and drilling programs, debt repayment, and potential acquisitions. Citigroup leads the offering as the book-running manager, joined by KeyBanc Capital Markets, MUFG Securities Americas, Piper Sandler & Co., and Truist Securities as joint book-running managers. The offering is being made through a shelf registration statement that became effective on December 20, 2024.
Prairie Operating Co. (PROP) has announced a definitive agreement to acquire Bayswater Exploration and Production's DJ Basin assets for $602.75 million. The acquisition includes ~24,000 net acres in Weld County and adds ~26 mboepd of oil-weighted (69% liquids) net production.
The transaction will be funded through a combination of cash, up to ~5.2 million shares of Prairie common stock, and borrowings under an expanded credit facility with a $475 million borrowing base. The deal is expected to close in February 2025, with an economic effective date of December 1, 2024.
Key highlights include an increase to ~27,500 net BOEPD production, expanded footprint to ~54,000 net acres, and ~600 highly economic drilling locations providing ~10 years of inventory. The company's 2025 guidance projects production of 29,000-31,000 BOEPD, capital expenditures of $300-320 million, and adjusted EBITDA between $350-370 million.
Prairie Operating Co. (PROP) has expanded its executive management team with four key appointments to strengthen its leadership and drive growth in the DJ Basin. The new executives include: Gregory S. Patton as EVP of Commercial Development, bringing 15 years of oil and gas operations experience; Lou Basenese as EVP of Market Strategy, with 25 years in financial management; Tim Smith as SVP of Reservoir Engineering, with 15 years of energy sector expertise; and Steve R. Stacy as SVP of Land, with 34 years of industry experience.
The appointments aim to enhance Prairie's operational capabilities, drive efficiency, and maximize shareholder value. The expanded team will focus on growing drilling inventory, improving resource recovery, and expanding the company's media presence.
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