Prairie Operating - PROP STOCK NEWS

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.

Prairie Operating Co. (PROP) has released its 2025 guidance, projecting significant growth with expected average daily production of 7,000-8,000 BOEPD, representing a 300% year-over-year increase. The company anticipates capital expenditures of $120-130 million, focusing on high-return drilling opportunities in the DJ Basin.

Financial projections include net income between $69-102 million and Adjusted EBITDA of $100-140 million. The company plans to drill and complete 25-28 wells in 2025. CEO Edward Kovalik highlighted that Prairie's current valuation represents approximately 1x projected 2025 EBITDA, suggesting a potential investment opportunity. The company also plans to pursue additional strategic acquisitions, which could lead to updated guidance.

Prairie Operating Co. (Nasdaq: PROP) has announced the timely completion of its eight-well Shelduck South pad in the DJ Basin, with production expected to be fully online in Q1 2025. This development, along with the recent Nickel Road Operating (NRO) acquisition, marks the first phase of Prairie's 2025 development program.

The company is implementing electrified drilling and completion technologies at Shelduck South, demonstrating its commitment to sustainable operations. Following this milestone, Prairie is now focusing on developing the newly acquired NRO acreage and advancing the Noble, Rusch, and Genesis pads.

Pioneer Energy has secured $27 million in DOE funding through four distinct awards. The primary focus is on advancing their Emission Control Treater™ (ECT), a revolutionary zero-emissions well pad production technology that can boost crude yield by 5-10%. Three awards totaling $21 million will support ECT development across different applications, including a $10MM commercial-scale project, a $6MM sour crude processing initiative, and a $5MM marginal wells program.

The ECT technology eliminates routine flaring, removes the need for atmospheric storage tanks, and improves separation efficiency. It features cloud-connected automation for remote monitoring and control, reducing operational costs. The fourth grant, worth $6MM, partners with Emvolon to develop a flare gas to methanol system. All projects will undergo extended field demonstrations, with emissions reduction validation by Colorado School of Mines and Montrose Environmental Group.

Prairie Operating Co. (PROP) has secured a multi-year Reserve-Based Lending (RBL) credit facility with Citibank. The facility provides an initial commitment of $44 million with potential expansion up to $1 billion following production additions. The agreement enhances Prairie's financial flexibility and development capabilities in the DJ Basin, supporting both organic growth and strategic asset acquisitions. Chairman and CEO Edward Kovalik emphasized that the partnership with Citibank validates the company's asset strength and disciplined growth approach.

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.