Prairie Operating Co. Expands Executive Management Team with Key Appointments
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) ha ampliato il suo team di gestione esecutiva con quattro nomine chiave per rafforzare la sua leadership e guidare la crescita nel bacino DJ. I nuovi dirigenti includono: Gregory S. Patton come EVP dello Sviluppo Commerciale, con 15 anni di esperienza nelle operazioni nel settore petrolifero e del gas; Lou Basenese come EVP della Strategia di Mercato, con 25 anni di esperienza nella gestione finanziaria; Tim Smith come SVP dell'Ingegneria dei Bacini, con 15 anni di esperienza nel settore energetico; e Steve R. Stacy come SVP del Terreno, con 34 anni di esperienza nel settore.
Le nomine mirano a migliorare le capacità operative di Prairie, aumentare l'efficienza e massimizzare il valore per gli azionisti. Il team ampliato si concentrerà sull'accrescimento dell'inventario di perforazione, sul miglioramento del recupero delle risorse e sull'espansione della presenza mediatica dell'azienda.
Prairie Operating Co. (PROP) ha ampliado su equipo de gestión ejecutiva con cuatro nombramientos clave para fortalecer su liderazgo y fomentar el crecimiento en la Cuenca DJ. Los nuevos ejecutivos incluyen: Gregory S. Patton como EVP de Desarrollo Comercial, aportando 15 años de experiencia en operaciones de petróleo y gas; Lou Basenese como EVP de Estrategia de Mercado, con 25 años en gestión financiera; Tim Smith como SVP de Ingeniería de Reservorios, con 15 años de experiencia en el sector energético; y Steve R. Stacy como SVP de Tierras, con 34 años de experiencia en la industria.
Los nombramientos tienen como objetivo mejorar las capacidades operativas de Prairie, impulsar la eficiencia y maximizar el valor para los accionistas. El equipo ampliado se centrará en aumentar el inventario de perforación, mejorar la recuperación de recursos y expandir la presencia mediática de la empresa.
프레리 오퍼레이팅 컴퍼니 (PROP)는 DJ 분지에서의 리더십을 강화하고 성장을 추진하기 위해 4명의 주요 임원을 새로 임명하여 경영진 팀을 확장했습니다. 새로운 임원에는 15년 간의 석유 및 가스 운영 경험을 가진 그레고리 S. 패튼이 상업 개발 EVP로, 25년의 재무 관리 경력을 가진 루 바세네세가 시장 전략 EVP로, 15년의 에너지 부문 전문성을 가진 팀 스미스가 저수지 엔지니어링 SVP로, 34년의 산업 경험을 가진 스티브 R. 스테이시가 토지 SVP로 임명되었습니다.
이번 임명은 프레리의 운영 능력을 강화하고 효율성을 높이며 주주 가치를 극대화하는 것을 목표로 하고 있습니다. 확대된 팀은 시추 재고 증가, 자원 회수 개선 및 회사의 미디어 존재 확장에 집중할 것입니다.
Prairie Operating Co. (PROP) a élargi son équipe de direction exécutive avec quatre nominations clés pour renforcer son leadership et stimuler la croissance dans le bassin DJ. Les nouveaux dirigeants incluent : Gregory S. Patton comme EVP du développement commercial, apportant 15 ans d'expérience dans les opérations pétrolières et gazières ; Lou Basenese comme EVP de la stratégie de marché, avec 25 ans d'expérience en gestion financière ; Tim Smith comme SVP de l'ingénierie des réservoirs, avec 15 ans d'expertise dans le secteur de l'énergie ; et Steve R. Stacy comme SVP des terrains, avec 34 ans d'expérience dans l'industrie.
Les nominations visent à améliorer les capacités opérationnelles de Prairie, à augmenter l'efficacité et à maximiser la valeur pour les actionnaires. L'équipe élargie se concentrera sur l'augmentation de l'inventaire de forage, l'amélioration du recouvrement des ressources et l'expansion de la présence médiatique de l'entreprise.
Prairie Operating Co. (PROP) hat sein Führungsteam mit vier wichtigen Ernennungen erweitert, um die Führungskompetenz zu stärken und das Wachstum im DJ Basin voranzutreiben. Zu den neuen Führungskräften gehören: Gregory S. Patton als EVP für Geschäftsentwicklung mit 15 Jahren Erfahrung im Öl- und Gasbetrieb; Lou Basenese als EVP für Marktstrategie mit 25 Jahren in der Finanzverwaltung; Tim Smith als SVP für Reservoirtechnik mit 15 Jahren Erfahrung im Energiesektor; und Steve R. Stacy als SVP für Grundstücke mit 34 Jahren Branchenerfahrung.
Die Ernennungen zielen darauf ab, die operativen Fähigkeiten von Prairie zu verbessern, die Effizienz zu steigern und den Shareholder-Wert zu maximieren. Das erweiterte Team wird sich darauf konzentrieren, das Bohrinventar zu vergrößern, die Ressourcenausbeute zu verbessern und die Medienpräsenz des Unternehmens auszubauen.
- Strategic expansion of executive team with seasoned industry professionals
- Addition of expertise in key areas: commercial development, market strategy, reservoir engineering, and land management
- Enhanced capability for M&A activities and public offerings through new leadership
- None.
Insights
The appointment of four new executives at Prairie Operating, while appearing substantial, represents routine management changes that do not materially impact the company's immediate financial performance or stock valuation. While the new executives bring impressive credentials and experience, particularly from Great Western Petroleum in the DJ Basin, such organizational changes typically take months to demonstrate tangible operational or financial impacts.
The focus on expanding drilling inventory, production capabilities and operational efficiencies through these appointments suggests a long-term strategic vision, but without specific operational targets, capital allocation plans, or financial projections, this news provides actionable insight for investors. The emphasis on media visibility and promotional initiatives, while potentially beneficial for market awareness, does not constitute material information that would significantly influence investment decisions.
HOUSTON, TX, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced the expansion of its executive management team with the addition of four seasoned industry leaders. These appointments underscore Prairie’s commitment to strengthening its leadership team to drive growth, innovation, and operational excellence.
Introducing the New Leadership Team Members
Gregory S. Patton - Executive Vice President – Commercial Development: Mr. Patton brings over 15 years of experience in oil and gas operations, including his recent experience as an executive at Great Western Petroleum in the Denver Julesburg (“DJ”) Basin. His proven track record includes M&A, public debt and equity offerings, midstream, and implementation of cutting-edge technologies. As Executive Vice President of Commercial Development, Mr. Patton will oversee Prairie’s commercial efforts, including but not limited to the Company’s strategic initiatives, corporate development and midstream efforts to help drive development and efficiencies for the Company.
Lou Basenese, Executive Vice President – Market Strategy: With over 25 years of experience, Mr. Basenese brings extensive expertise in financial management, strategic planning and thought leadership development. Mr. Basenese has successfully led financial initiatives for several publicly listed companies, his recent track record includes working directly with members of the NYSE, NASDAQ, and multiple national media organizations, including Fox News and Fox Business. As Executive Vice President of Market Strategy, Mr. Basenese will manage Prairie’s promotional initiatives, marketing campaign strategy, and liaise with mainstream and alternative media outlets.
Tim Smith, Senior Vice President of Reservoir Engineering: Mr. Smith brings deep technical expertise in geology and reservoir engineering, with over 15 years of experience in the energy sector. His prior experience with private-equity back E&P ventures provides a valuable skill set to Prairie as we continue to expand, lease, and expand our presence in the DJ Basin. As Senior Vice President of Reservoir Engineering, Mr. Smith will lead Prairie’s exploration and reserves efforts, focusing on unlocking value in the DJ Basin and other strategic regions.
Steve R. Stacy, Senior Vice President of Land: Mr. Stacy brings extensive experience in land management and negotiations, with a career spanning over 34 years in the oil and gas industry. His most recent experiences include being an executive at Great Western Petroleum in the DJ basin, and included M&A, management and aggregation of significant land positions. As Senior Vice President of Land, Mr. Stacy will oversee land acquisition, a robust leasing program, permitting and planning initiatives and be a familiar face to stakeholder relationships that will support Prairie’s operational goals.
Positioning Prairie for Future Growth
“The addition of these accomplished executives to our leadership team reflects our dedication to building a world-class organization,” said Edward Kovalik, Chairman and Chief Executive Officer of Prairie Operating Co. “Their expertise and leadership will be instrumental as we execute our strategy to maximize value from our growing portfolio of assets and deliver sustainable results for our shareholders.”
Driving Operational Excellence and Innovation
The newly expanded executive team will play a pivotal role in achieving Prairie’s mission to become a leading operator in the DJ Basin. Together, they bring a wealth of knowledge and experience that will enhance Prairie’s ability to:
- Grow its drilling inventory and production capabilities.
- Drive operational efficiencies and cost management.
- Leverage technological advancements to improve resource recovery.
- Expand Prairie’s visibility in mainstream and alternative media outlets.
About Prairie Operating Co.
Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com.
Forward-Looking Statement
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. There may be additional risks not currently known by the Company or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K/A filed with the SEC on March 20, 2024, and any subsequently filed Quarterly Report and Current Report on Form 8-K. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
832.274.3449
FAQ
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