Welcome to our dedicated page for Prairie Operating Co. news (Ticker: crkrd), 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. (CRKRD) is a Houston-based independent oil and gas company specializing in the acquisition and development of crude oil, natural gas, and natural gas liquids. With a deep expertise in the energy sector, the company is recognized for its disciplined approach to capital allocation, asset optimization, and sustainable operational practices. At its core, Prairie Operating Co. leverages strategic investments in mature basins and resource-rich formations to drive value creation through integrated development and drilling programs.
Business Operations and Model
The company’s business model centers on identifying, acquiring, and developing oil and gas assets that offer significant upside potential. By focusing on proven geological basins, particularly in areas known for oil and liquids-rich formations, Prairie Operating Co. develops a portfolio that maximizes returns while managing risks through rigorous operational standards. This model includes:
- Asset Acquisition: Targeting regions with substantial exploration potential, Prairie leverages industry expertise and strategic partnerships to source quality assets.
- Development and Drilling: Implementing efficient drilling programs and development plans to optimize production from existing reservoirs.
- Capital Discipline: Maintaining a balance between growth and risk management through a measured approach to capital expenditure and financial stewardship.
- Operational Efficiency: Continuously refining processes to improve production performance while adhering to robust safety and environmental standards.
Market Position and Industry Dynamics
Prairie Operating Co. operates in a competitive landscape within the oil and gas industry, where market participants strive to enhance production efficiency and manage volatile commodity prices. The company differentiates itself by emphasizing:
- Focused Resource Development: Concentrating on proven basins and formations, the company utilizes its deep technical and geological expertise to optimize asset performance.
- Efficient Capital Utilization: By financing acquisitions and development through a balanced mix of internal resources and strategic financing, Prairie demonstrates a keen sense of financial prudence and operational resilience.
- Integrated Operational Strategy: The seamless integration of acquisition, development, and production activities contributes to a cohesive business strategy that efficiently manages both opportunities and risks.
Operational Excellence and Risk Management
Ensuring sustainable operations in a volatile market requires a robust risk management framework and continuous process improvement. Prairie Operating Co. implements rigorous operational protocols and maintains a stringent focus on safety, efficiency, and reliability. The company’s emphasis on systematic drilling programs and reserve engineering reflects its commitment to applying technical expertise in practical, results-oriented ways. This approach not only positions the company well within a challenging sector but also enhances its credibility with regulators, stakeholders, and industry peers.
Investor Insights and Competitive Environment
Investors analyzing Prairie Operating Co. can appreciate the company’s depth of operational insight and its commitment to asset quality and capital discipline. The company continuously refines its drilling and development programs to respond to a dynamic market environment, ensuring that production remains both efficient and sustainable. In an industry characterized by fluctuating commodity prices and regulatory complexities, Prairie’s methodical approach to asset management and operational efficiency serves as a cornerstone of its market positioning.
Key Business Features
To summarize, the critical components of Prairie Operating Co.'s business strategy include:
- Strategic Asset Acquisition: Focusing on high-potential oil and gas reserves to build a diversified and sustainable asset base.
- Operational Rigor: Maintaining industry-leading standards in drilling, development, and safety protocols.
- Financial Prudence: Employing a disciplined capital structure that supports both growth initiatives and stability across economic cycles.
- Industry Expertise: Leveraging decades of experience in the oil and gas sector to navigate operational complexities and market challenges.
Comprehensive Company Insight
Prairie Operating Co. exemplifies a focused approach to resource development within the energy sector. By balancing strategic asset acquisition with methodical development and operational excellence, the company has established itself as a noteworthy independent operator in the oil and gas field. Its integrated strategy, underpinned by thorough technical knowledge and financial discipline, allows it to adapt steadily to the complex dynamics of the energy market. The company remains a subject of interest for those who value expertise, reliability, and a comprehensive understanding of the operational intricacies inherent in the oil and gas industry.
This detailed exploration provides a clear understanding of both the immediate business operations and the longer-standing fundamentals driving Prairie Operating Co. Through a combination of prudent asset management, operational precision, and a deep grasp of market forces, the company maintains a pervasive influence in its industry without speculating on future performance.
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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