Prairie Operating Co. - CRKR STOCK NEWS

Prairie Operating Co. (Nasdaq: PROP) has completed its previously announced $84.5 million acquisition of oil-weighted assets from Nickel Road Operating, in the DJ Basin. The acquisition, funded through a private placement of Common Stock, an Equity Facility, and cash on hand, adds 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells to Prairie's existing operations in Weld County, Colorado.

Edward Kovalik, Chairman and CEO, stated that this transaction is a major step in their growth strategy and will deliver long-term value for shareholders. The company expects significant cashflow from these assets and their Shelduck South development through 2025 and beyond. Prairie remains committed to expanding production and well inventory through organic drilling and strategic acquisitions.

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) announced that Watermill Capital Partners exercised Series E B Warrants to purchase 4,000,000 shares of common stock, generating $24 million in proceeds. This follows Watermill's $12 million warrant exercise in November 2023, demonstrating continued support for Prairie's growth strategy. All Series E B Warrants have now been fully exercised, and all Series E preferred stock was converted into common stock, simplifying Prairie's capital structure.

Ed Kovalik, Chairman and CEO, stated that the proceeds will fuel growth plans, particularly the new Shelduck South project. This development involves an eight-well pad targeting the Niobrara B and C formations across 1,260 mineral acres, with production expected to begin in Q4 2024.

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.

Prairie Operating Co. (PROP) receives approval for Genesis I Oil & Gas Development Plan from ECMC, adding 80 new wells to its inventory in 2024. The Company plans to develop 72 wells on two pads in rural Weld County, Colorado, with a total of 140 permits expected after the NRO asset acquisition. Prairie is also working on a second Genesis OGDP for further subsurface development.

Prairie Operating Co. (Nasdaq: PROP) will ring the Nasdaq Stock Market Closing Bell to celebrate its recent listing on the exchange. The event, scheduled for March 7, 2024, highlights the company's achievements and investor support, with live broadcast details available online.

Prairie Operating Co. (Nasdaq: PROP) has acquired a 1,280 acre drillable spacing unit (DSU) and eight fully permitted proven undeveloped (PUD) drilling locations in the DJ Basin for $900,000. This strategic acquisition adds over 2.6 MMboe in reserves and approximately $40 million in PV10 value to Prairie's existing DJ Basin portfolio. The PUDs are liquids rich and near existing midstream infrastructure, contributing to the company's disciplined and opportunistic growth. An independent, third-party reserve report by Cawley, Gillespie & Associates, Inc. (CG&A) confirms the value of the newly acquired assets.