Welcome to our dedicated page for Prairie Operating Co. news (Ticker: PROP), a resource for investors and traders seeking the latest updates and insights on Prairie Operating Co. stock.
Prairie Operating Co. Common Stock (symbol: PROP) represents a dynamic player in the realm of cryptocurrency mining. The company specializes in developing and operating large-scale bitcoin mining facilities that leverage natural gas to power their operations. Their innovative approach not only capitalizes on the burgeoning demand for cryptocurrencies but also utilizes natural gas, contributing to energy efficiency and sustainability.
Core Business: Prairie Operating Co. generates the bulk of its revenue through cryptocurrency, specifically by mining bitcoin. The company's operations are designed to maximize efficiency and output, ensuring high profitability and growth potential.
Recent Achievements: Prairie Operating Co. has recently acquired significant assets in the Denver Julesburg (DJ) Basin. These acquisitions include an expansive 1,280-acre drillable spacing unit (DSU) and eight fully permitted proven undeveloped (PUD) drilling locations. These assets not only add substantial value to the company's portfolio but also enhance its operational capacity and financial metrics.
Current Projects: The DJ Basin acquisitions are expected to be immediately accretive to key financial metrics, adding 3,370 barrels of oil equivalent per day (Boepd) and a proven PV10 value of over $250 million. Additionally, the company has secured 62 permitted PUDs, further solidifying its position in the market.
Prairie Operating Co. is devoted to leveraging its advanced mining capabilities and strategic acquisitions to drive sustained growth and shareholder value. Their focus on utilizing natural gas as an energy source not only enhances their operational efficiency but also aligns with broader environmental goals.
For the latest updates, news, and investor relations information, shareholders and interested parties can reach out to Wobbe Ploegsma at wp@prairieopco.com or visit the company's official website.
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.
Prairie Operating Co. (Nasdaq: PROP) announced the commencement of its initial drilling program in August 2024. The development will take place on the recently acquired Shelduck South site, which spans 1,280 mineral acres targeting the Niobrara B and C formations. The project will involve drilling eight two-mile lateral wells using a Precision Drilling rig capable of operating on electric line power and equipped with natural gas generators and battery assist to minimize emissions. Prairie expects the wells to be drilled, completed, and turned to production by Q4 2024. CEO Ed Kovalik highlighted the alignment of this development with the company’s and Colorado's emission reduction commitments.
Prairie Operating Co. (Nasdaq: PROP) will join the Russell 3000® Index at the start of US equity markets on July 1, 2024, following the annual reconstitution of the Russell US Indexes.
This inclusion reflects the company's growth strategies and progress, enhancing its visibility and broadening its investor base. The Russell 3000® Index captures the 4,000 largest US stocks, ranked by market capitalization, and membership lasts for one year.
This also means automatic inclusion in either the Russell 1000® or Russell 2000® Index. FTSE Russell, a global index provider, manages the indexes, with $10.5 trillion in assets benchmarked against them as of December 2023.