Welcome to our dedicated page for Prairie Operating Co. news (Ticker: crkr), a resource for investors and traders seeking the latest updates and insights on Prairie Operating Co. stock.
Prairie Operating Co., trading under the symbol CRKR, is a forward-thinking energy company primarily focused on the exploration, development, and production of oil and natural gas. The company’s core operations are centered in the Denver Julesburg (DJ) Basin, which is renowned for its abundant hydrocarbon resources.
Recently, Prairie Operating Co. has made significant strides in expanding its asset portfolio. The acquisition of a 1,280-acre drillable spacing unit (DSU) and eight fully permitted proven undeveloped (PUD) drilling locations for $900,000 has bolstered its operational capabilities. With a proven PV10 value of approximately $40 million, these assets are expected to enhance the company's production profile and financial metrics substantially.
The company's strategy is to create value through disciplined capital allocation and efficient operational execution. This approach has resulted in the addition of 3,370 barrels of oil equivalent per day (Boepd) and proven reserves with a PV10 of over $250 million, further solidifying its standing in the DJ Basin.
Prairie Operating Co. is committed to maintaining a robust financial position while pursuing growth opportunities. The company collaborates with various industry partners to optimize resource development and maximize shareholder value. Investors and stakeholders can stay informed about the latest developments, including financial reports and upcoming projects, through the company's dedicated Investor Relations contact, Wobbe Ploegsma, reachable at wp@prairieopco.com or 832.274.3449.
In addition to its core E&P activities, Prairie Operating Co. is exploring new ventures and technological advancements to enhance its operational efficiency and environmental stewardship. By leveraging cutting-edge technologies and industry best practices, the company aims to achieve sustainable growth and long-term value creation.
Creek Road Miners (OTCQB: CRKR) has signed a merger agreement with Prairie Operating Co., LLC, creating a new entity named Prairie Operating Co. Expected to close in Q4 2022, the merger will result in a public listing on OTCQB. Prairie will acquire 37,030 acres of oil and gas leasehold from Exok for $28.2 million. The merger aims to enhance U.S. energy independence, with a projected share distribution of 58.5% to current Creek Road shareholders and 29.3% to Prairie members. A capital raise of $30 million is also planned to support the acquisition and development of assets.
Creek Road Miners, Inc. (OTCQB: CRKR) has signed a non-binding term sheet to merge with Prairie Operating Co., LLC. The merger aims to enhance Creek's business by acquiring over 23,000 net mineral acres in the DJ Basin, focusing on oil and gas production. Following the merger, Creek will relocate its headquarters to Houston, TX, and become debt-free. The company plans to streamline its capital structure and intends to rebrand as Prairie. Leadership from both companies boasts over 100 years of experience in energy production.
Creek Road Miners, Inc. (OTCQB:CRKR) announces the operational launch of its first production facility in Meeker, Colorado, equipped with 240 Bitmain Antminers capable of producing 24 petahashes per second (PH/s) at a cost of $0.0455/kWh. The Company plans to open a second facility in Rangely, Colorado, housing 270 Antminers for an estimated 27 PH/s, effectively doubling its hashing power. This strategic expansion aims to leverage stranded natural gas for economically viable mining operations, enhancing profitability and operational efficiency.
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