Prairie Operating Co. Spuds its First Well at Shelduck South in the DJ Basin
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) ha avviato il suo programma di sviluppo iniziando a perforare il primo pozzo, Shelduck South 8E5NCM, nella contea di Weld, Colorado. Il progetto Shelduck South consisterà in otto pozzi laterali di due miglia che si alterneranno tra i Chalks Niobrara B e C. Si prevede che la perforazione sarà completata entro la fine di ottobre, con la fratturazione idraulica che inizierà nei primi di novembre e la produzione che inizierà entro la fine di dicembre.
Prairie utilizza l'E-rig 461 di Precision, alimentato da generatori a gas naturale con backup a batteria, dimostrando il suo impegno nel ridurre l'impatto ambientale. L'azienda prevede di elettrificare completamente le strutture di produzione di Shelduck South. Questo sviluppo, parte degli Asset Genesis Bolt-on di Prairie, copre circa 1.280 acri minerari e segna l'inizio della crescita della produzione prevista da Prairie.
Prairie Operating Co. (Nasdaq: PROP) ha iniciado su programa de desarrollo al perforar el primer pozo, Shelduck South 8E5NCM, en el condado de Weld, Colorado. El proyecto Shelduck South consistirá en ocho pozos laterales de dos millas alternando entre los Chalks Niobrara B y C. Se espera que la perforación se complete a finales de octubre, comenzando la fracturación hidráulica a principios de noviembre y iniciando la producción a finales de diciembre.
Prairie está utilizando el E-rig 461 de Precision, alimentado por generadores de gas natural con respaldo de batería, demostrando su compromiso con la reducción del impacto ambiental. La empresa planea electrificar completamente las instalaciones de producción de Shelduck South. Este desarrollo, parte de los Activos Genesis Bolt-on de Prairie, abarca aproximadamente 1,280 acres minerales y marca el inicio del crecimiento en la producción que Prairie anticipa.
프레리 오퍼레이팅 컴퍼니 (Nasdaq: PROP)는 컬로라도 웰드 카운티에서 첫 번째 우물, 셰일덕 사우스 8E5NCM을 천공하며 개발 프로그램을 시작했습니다. 셰일덕 사우스 프로젝트는 니오브라라 B 및 C 차콜 사이를 오가는 8개의 2마일 측면 우물로 구성될 것입니다. 드릴링은 10월 말까지 완료될 것으로 예상됩니다, 수압 파쇄는 11월 초에 시작될 예정이며 생산은 12월 말에 시작됩니다.
프레리는 배터리 백업이 있는 자연 가스 발전기로 구동되는 Precision의 E-rig 461을 사용하여 환경 영향을 줄이기 위한 노력을 보여주고 있습니다. 회사는 셰일덕 사우스 생산 시설을 완전히 전기화할 계획입니다. 이 개발은 프레리의 제네시스 볼트온 자산의 일환으로, 약 1,280 에이커의 광물 지역을 포함하며, 프레리의 예상되는 생산 성장의 시작을 알립니다.
Prairie Operating Co. (Nasdaq: PROP) a lancé son programme de développement en commençant le forage du premier puits, Shelduck South 8E5NCM, dans le comté de Weld, Colorado. Le projet Shelduck South consistera en huit puits latéraux de deux miles alternant entre les Chalks Niobrara B et C. Le forage devrait être achevé d'ici fin octobre, avec le début de la fracturation hydraulique au début de novembre et le démarrage de la production prévu d'ici fin décembre.
Prairie utilise l'E-rig 461 de Precision, alimenté par des générateurs à gaz naturel avec une batterie de secours, montrant son engagement à réduire l'impact environnemental. L'entreprise prévoit d'électrifier complètement les installations de production de Shelduck South. Ce développement, partie des actifs Genesis Bolt-on de Prairie, couvre environ 1 280 acres miniers et marque le début de la croissance de production anticipée par Prairie.
Prairie Operating Co. (Nasdaq: PROP) hat sein Entwicklungsprogramm gestartet, indem es den ersten Brunnen, Shelduck South 8E5NCM, im Weld County, Colorado, bohrt. Das Shelduck South Projekt wird aus acht seitlichen Bohrlöchern mit einer Länge von zwei Meilen bestehen, die zwischen den Niobrara B und C Chalks wechseln. Die Bohrungen sollen bis Ende Oktober abgeschlossen sein, mit hydraulischer Frakturierung, die Anfang November beginnt, und Produktion, die bis Ende Dezember beginnt.
Prairie nutzt den E-rig 461 von Precision, der mit Erdgasgeneratoren und Batterie-Backup betrieben wird, um sein Engagement für die Verringerung der Umweltauswirkungen zu demonstrieren. Das Unternehmen plant, die Produktionsanlagen von Shelduck South komplett zu elektrifizieren. Diese Entwicklung, Teil von Prairies Genesis Bolt-on Assets, umfasst ungefähr 1.280 Mineral Acres und markiert den Beginn des erwarteten Produktionswachstums von Prairie.
- Initiation of development program with first well spud
- Eight two-mile lateral wells planned for Shelduck South project
- Expected production start by late December 2024
- Use of environmentally friendly E-rig and plans for facility electrification
- Development encompasses 1,280 mineral acres
- None.
Insights
The spudding of Prairie Operating Co.'s first well at Shelduck South is a significant milestone in the company's development strategy. The planned eight two-mile lateral wells targeting the Niobrara B and C Chalks demonstrate an aggressive approach to resource extraction in the DJ Basin. This multi-well pad development is likely to yield economies of scale, potentially improving the project's economics.
The use of Precision's E-rig 461, powered by natural gas generators with battery backup, aligns with the industry's shift towards cleaner drilling operations. This, coupled with plans to electrify production facilities, could position Prairie favorably in terms of environmental, social and governance (ESG) metrics, which are increasingly important to investors.
The tight timeline from spudding to production (September to December) suggests confidence in operational efficiency and reservoir quality. However, investors should monitor for any delays or complications that could impact this ambitious schedule.
Prairie Operating Co.'s commencement of drilling operations at Shelduck South represents a pivotal moment for the company's growth trajectory. The development of 1,280 mineral acres through an eight-well program signals a substantial capital investment, which could significantly impact Prairie's financial performance in the coming quarters.
Investors should focus on the production timeline, with first oil expected by late December. This rapid development cycle could lead to accelerated cash flow generation, potentially improving the company's financial position. However, it's important to consider the capital expenditure required for this project and its impact on Prairie's balance sheet in the short term.
The use of advanced drilling technology and commitment to electrification may result in operational efficiencies and cost savings over time, potentially enhancing profit margins. Shareholders should look for updates on well performance and production rates in future earnings reports to gauge the success of this development strategy.
HOUSTON, TX, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced the spud of Shelduck South 8E5NCM with Precision E-Drilling Rig (“E-rig”) 461 in Weld County, Colorado.
The Shelduck South development will encompass eight two-mile lateral wells alternating between the Niobrara B and C Chalks. Drilling of all eight wells is expected to be completed by late October. Hydraulic fracturing is anticipated to commence in early November with production beginning by late December. Consistent with the Company's commitment to minimizing environmental impacts, Prairie will utilize Precision’s E-rig 461, powered by natural gas generators with battery backup, and expects to fully electrify the Shelduck South production facilities by line power.
The Shelduck South development, part of Prairie’s Genesis Bolt-on Assets, encompasses approximately 1,280 mineral acres. The project marks the commencement of Prairie’s development program and expected production growth.
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
wp@prairieopco.com
832.274.3449
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