Prairie Operating Co. - CRKR STOCK NEWS

Prairie Operating Co. (PROP) has announced a year-end update conference call and webcast scheduled for Thursday, December 19, 2024, at 4:30 PM ET. The event will provide insights into the company's operations and key achievements throughout 2024.

Participants can join via telephone by calling 1-877-704-4453 or 1-201-389-0920, or access the webcast through Prairie's website media section. Advanced registration is available, and participants can utilize the Call me™ link for instant telephone access, which becomes active 15 minutes before the start time.

The webcast recording will be available on the company's website for two weeks following the presentation.

Prairie Operating Co. (PROP) announced the appointment of Richard N. Frommer to its Board of Directors as an independent director. Frommer, the former CEO of Great Western Petroleum and current Prairie Advisory Board member, brings over 40 years of oil and gas industry experience. His expertise includes deep knowledge of Colorado's regulatory environment and the Denver-Julesburg Basin. As former Chairman of the Trade Association for the Colorado Oil and Gas Association, Frommer helped shape Colorado's regulatory framework and has a proven track record of building and monetizing multiple billion-dollar oil and gas companies across regions from Canada to the Gulf Coast.

Prairie Operating Co. (PROP) has announced multiple strategic midstream and gathering agreements in the Denver-Julesburg Basin. The partnerships with Rimrock Energy Partners, NGL Energy Partners, and Taproot Energy Partners secure takeaway, processing, sales, and water disposal solutions across the company's 44,000-acre asset base. These agreements include flexible provisions for future production volume increases, ensuring long-term operational reliability and efficient field development while positioning Prairie to benefit from high-grade crude oil production pricing.

Prairie Operating Co. (PROP) has partnered with ProFrac Holding Corp. to deploy an electric frac fleet in Colorado. The initiative features 25 advanced 3000 HHP Single E-Pumps for fully electrified hydraulic fracturing and pump down operations. Operations will begin on Prairie's 8-well Shelduck pad in Weld County. The fleet includes electric Blender units, hydration systems, and chemical additive units powered by natural gas. Two Solar – SMT130 Mobile Gas Turbines, each generating 16.5 MWe ISO, will power the fleet, aiming to meet Colorado's emissions standards and reduce environmental impact.

Prairie Operating Co. (Nasdaq: PROP) announced the resignation of Paul L. Kessler from its Board of Directors, effective October 30, 2024. Kessler cited time constraints from scheduling and professional commitments as the reason for his departure. The company's Nomination and Governance Committee will begin searching for independent candidates with technical basin knowledge to fill the vacancy, as Prairie continues its drilling and acquisition growth strategy in the Denver-Julesburg (DJ) Basin.

Prairie Operating Co. (Nasdaq: PROP) has completed its previously announced $84.5 million acquisition of oil-weighted assets from Nickel Road Operating, in the DJ Basin. The acquisition, funded through a private placement of Common Stock, an Equity Facility, and cash on hand, adds 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells to Prairie's existing operations in Weld County, Colorado.

Edward Kovalik, Chairman and CEO, stated that this transaction is a major step in their growth strategy and will deliver long-term value for shareholders. The company expects significant cashflow from these assets and their Shelduck South development through 2025 and beyond. Prairie remains committed to expanding production and well inventory through organic drilling and strategic acquisitions.

Prairie Operating Co. (Nasdaq: PROP) has initiated its development program by spudding the first well, Shelduck South 8E5NCM, in Weld County, Colorado. The Shelduck South project will consist of eight two-mile lateral wells alternating between Niobrara B and C Chalks. Drilling is expected to be completed by late October, with hydraulic fracturing starting in early November and production beginning by late December.

Prairie is using Precision's E-rig 461, powered by natural gas generators with battery backup, demonstrating its commitment to reducing environmental impact. The company plans to fully electrify the Shelduck South production facilities. This development, part of Prairie's Genesis Bolt-on Assets, covers approximately 1,280 mineral acres and marks the start of Prairie's anticipated production growth.

Prairie Operating Co. (Nasdaq: PROP) announced that Watermill Capital Partners exercised Series E B Warrants to purchase 4,000,000 shares of common stock, generating $24 million in proceeds. This follows Watermill's $12 million warrant exercise in November 2023, demonstrating continued support for Prairie's growth strategy. All Series E B Warrants have now been fully exercised, and all Series E preferred stock was converted into common stock, simplifying Prairie's capital structure.

Ed Kovalik, Chairman and CEO, stated that the proceeds will fuel growth plans, particularly the new Shelduck South project. This development involves an eight-well pad targeting the Niobrara B and C formations across 1,260 mineral acres, with production expected to begin in Q4 2024.

Prairie Operating (Nasdaq: PROP) has submitted its second Oil and Gas Development Plan (OGDP), named Genesis II OGDP, to the Colorado Energy and Carbon Management Commission (CECMC). The Genesis II OGDP consists of two well pads, Croissant and Red Angus, covering nine square miles in Weld County, Colorado. It aims to develop up to 42 three-mile lateral wells using a single, fully electrified production facility. The hearing for Genesis II is expected in Q1 2025, with drilling set for Q2 2025.

Additionally, Prairie Operating has received CECMC approval for its first twenty wellbores under Genesis I OGDP. These wellbores are located at the Oasis and Burnett sites and will include ten three-mile laterals and ten two-mile laterals, targeting the Niobrara and Codell formations.