Prairie Operating Co. Submits Second Oil and Gas Development Plan and Receives Approval for Initial Wellbores
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 (Nasdaq: PROP) ha presentato il suo secondo Piano di Sviluppo Oil and Gas (OGDP), chiamato Genesis II OGDP, alla Commissione per l'Energia e la Gestione del Carbonio del Colorado (CECMC). Il Genesis II OGDP comprende due piattaforme di perforazione, Croissant e Red Angus, che si estendono su nove miglia quadrate nella Contea di Weld, Colorado. L'obiettivo è sviluppare fino a 42 pozzi laterali di tre miglia utilizzando un'unica struttura di produzione completamente elettrificata. L'udienza per il Genesis II è prevista nel primo trimestre del 2025, con la perforazione programmata per il secondo trimestre del 2025.
Inoltre, Prairie Operating ha ricevuto l'approvazione della CECMC per i suoi primi venti pozzi nell'ambito del Genesis I OGDP. Questi pozzi si trovano nei siti Oasis e Burnett e comprenderanno dieci pozzi laterali di tre miglia e dieci pozzi laterali di due miglia, indirizzati verso le formazioni Niobrara e Codell.
Prairie Operating (Nasdaq: PROP) ha presentado su segundo Plan de Desarrollo de Petróleo y Gas (OGDP), llamado Genesis II OGDP, a la Comisión de Energía y Gestión del Carbono de Colorado (CECMC). El Genesis II OGDP consta de dos plataformas de perforación, Croissant y Red Angus, que cubren nueve millas cuadradas en la Condado de Weld, Colorado. Su objetivo es desarrollar hasta 42 pozos laterales de tres millas utilizando una única instalación de producción completamente electrificada. Se espera que la audiencia para el Genesis II se realice en el primer trimestre de 2025, con la perforación programada para el segundo trimestre de 2025.
Además, Prairie Operating ha recibido la aprobación de la CECMC para sus primeros veinte pozos bajo el Genesis I OGDP. Estos pozos se ubican en los sitios Oasis y Burnett e incluirán diez laterales de tres millas y diez laterales de dos millas, dirigidos a las formaciones Niobrara y Codell.
프레리 오퍼레이팅 (Nasdaq: PROP)은 콜로라도 에너지 및 탄소 관리 위원회 (CECMC)에 '제네시스 II OGDP'라는 두 번째 석유 및 가스 개발 계획(OGDP)을 제출했습니다. 제네시스 II OGDP는 콜로라도 웰드 카운티에 위치한 9 제곱 마일을 커버하는 두 개의 시추 패드인 Croissant와 Red Angus로 구성됩니다. 이 계획은 하나의 완전 전기 생산 시설을 사용하여 최대 42개의 3마일 오프셋 우물을 개발하는 것을 목표로 합니다. 제네시스 II에 대한 청문회는 2025년 1분기에 예정되어 있으며, 드릴링은 2025년 2분기로 계획되어 있습니다.
또한, 프레리 오퍼레이팅은 제네시스 I OGDP에 따른 첫 번째 20개 우물의 CECMC 승인을 받았습니다. 이러한 우물은 오아시스와 버넷 사이트에 위치하며, 10개의 3마일 오프셋과 10개의 2마일 오프셋을 포함해 니오브라라 및 코드엘 형성을 겨냥하고 있습니다.
Prairie Operating (Nasdaq: PROP) a soumis son deuxième Plan de Développement Pétrolier et Gazier (OGDP), nommé Genesis II OGDP, à la Commission de l'Énergie et de la Gestion du Carbone du Colorado (CECMC). Le Genesis II OGDP se compose de deux pads de forage, Croissant et Red Angus, couvrant neuf milles carrés dans la comté de Weld, Colorado. Il vise à développer jusqu'à 42 puits latéraux de trois milles en utilisant une seule installation de production entièrement électrifiée. L'audience pour le Genesis II est prévue au premier trimestre 2025, avec le forage programmé pour le deuxième trimestre 2025.
De plus, Prairie Operating a reçu l'approbation de la CECMC pour ses vingt premiers puits dans le cadre du Genesis I OGDP. Ces puits sont situés sur les sites Oasis et Burnett et comprendront dix latéraux de trois milles et dix latéraux de deux milles, ciblant les formations Niobrara et Codell.
Prairie Operating (Nasdaq: PROP) hat seinen zweiten Öl- und Gas-Entwicklungsplan (OGDP), genannt Genesis II OGDP, bei der Colorado Energy and Carbon Management Commission (CECMC) eingereicht. Der Genesis II OGDP besteht aus zwei Bohrplätzen, Croissant und Red Angus, die neun Quadratmeilen in der Weld County, Colorado abdecken. Ziel ist die Entwicklung von bis zu 42 drei Meilen langen horizontalen Bohrungen mit einer einzigen, vollständig elektrifizierten Produktionsanlage. Die Anhörung zum Genesis II wird im ersten Quartal 2025 erwartet, die Bohrungen sind für das zweite Quartal 2025 geplant.
Darüber hinaus hat Prairie Operating die Genehmigung der CECMC für seine ersten zwanzig Bohrlöcher im Rahmen von Genesis I OGDP erhalten. Diese Bohrlöcher befinden sich an den Standorten Oasis und Burnett und umfassen zehn drei Meilen lange und zehn zwei Meilen lange horizontale Bohrungen, die auf die Niobrara- und Codell-Formationen abzielen.
- Approval for first twenty wellbores under Genesis I OGDP.
- New development plan Genesis II OGDP covers nine square miles.
- Genesis II OGDP to develop up to 42 three-mile lateral wells.
- Utilization of fully electrified drill rig and production facility.
- Genesis II OGDP approval is pending until Q1 2025.
- Drilling for Genesis II OGDP is not expected until Q2 2025.
Insights
Prairie Operating Co.'s submission of the Genesis II OGDP and approval for initial wellbores in Genesis I OGDP represent significant progress in their Colorado operations. The Genesis II plan, covering nine square miles with up to 42 three-mile lateral wells, showcases a substantial expansion. The company's focus on electrified operations and efficient infrastructure aligns with industry trends towards reduced environmental impact.
The approval of 20 wellbores in Genesis I, including both three-mile and two-mile laterals, indicates regulatory support and operational momentum. This multi-formation development across Niobrara and Codell suggests a strategic approach to maximize resource extraction. However, investors should note the timeline to drill-readiness extends to Q2 2025, implying a delay in potential revenue generation from these new developments.
Prairie's commitment to fully electrified drill rigs and production facilities is a noteworthy step towards reducing the carbon footprint of oil and gas operations. The implementation of three-phase takeaway for produced oil, gas and water demonstrates an integrated approach to resource management, potentially minimizing environmental risks associated with transportation and storage.
The company's strategy to minimize development footprint while maximizing infrastructure efficiencies aligns with increasing regulatory and public pressure for more sustainable extraction practices. However, the expansion of drilling operations, even with these measures, will likely face scrutiny from environmental groups. Investors should monitor how effectively Prairie balances its growth plans with environmental stewardship, as this could impact both regulatory approvals and public perception in the long term.
While Prairie Operating Co.'s expansion plans signal potential for future growth, the extended timeline for drill-readiness (Q2 2025 for Genesis II) suggests a delayed impact on near-term financials. Investors should consider the capital expenditure required for these developments, particularly the costs associated with electrified equipment and advanced infrastructure.
The approval of initial wellbores in Genesis I could provide earlier cash flow opportunities, potentially offsetting some development costs. However, the financial impact will depend on oil and gas price forecasts for 2025 and beyond. The company's focus on efficiency and multi-formation development could enhance per-well economics, but this needs to be balanced against the higher upfront costs of advanced technologies. Shareholders should look for detailed capital allocation plans and production forecasts in upcoming financial reports to better assess the long-term value proposition of these expansions.
HOUSTON, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that it submitted the application for its second Oil and Gas Development Plan (OGDP), the Genesis II OGDP, with the Colorado Energy and Carbon Management Commission (CECMC), and subsequently received approval from the CECMC for the first twenty wellbores within the Genesis I OGDP.
The Genesis II OGDP is comprised of two well pads, developing nine square miles of subsurface minerals in rural Weld County, Colorado. The two pads, the Croissant and Red Angus, will develop up to 42 three-mile lateral wells. The Company plans to utilize a single production facility, located at the Red Angus site, for the entire development and will employ a fully electrified drill rig and production facility, with three-phase takeaway for produced oil, gas, and water. These initiatives highlight the Company’s continued commitment to minimizing its development footprint while maximizing infrastructure efficiencies. Prairie anticipates the CECMC hearing for the Genesis II OGDP to occur in the first quarter 2025 and the project to be drill-ready in the second quarter of 2025.
Additionally, the Company received approval from the CECMC for its first twenty wellbores at the Oasis and Burnett locations within the Genesis I OGDP. These approvals include ten three-mile laterals and ten two-mile laterals at the Burnett and Oasis locations, respectively, and will develop multiple benches across the Niobrara and Codell formations.
About Prairie Operating Co.
Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of proven, producing 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 Statements
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
FAQ
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