Prairie Operating Co. Expands with Major Acquisition in DJ Basin
Prairie Operating Co. Strengthens Position in Oil Sector
Recently, Prairie Operating Co. announced a significant development in their growth trajectory. The Houston-based company successfully completed the acquisition of oil-weighted assets from Nickel Road Operating, LLC for approximately $84.5 million. This strategic move is set to boost Prairie's operational capacity in the Denver-Julesburg (DJ) Basin, an area known for its rich oil and natural gas resources.
Details of the Acquisition
The deal, which closed recently, involved a considerable addition to Prairie's inventory, including 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells. This not only enhances Prairie's asset portfolio but also promises to generate substantial cash flow as the company seeks to ramp up its operations.
Funding the Acquisition
The acquisition was made possible through a combination of a private placement of Common Stock, an Equity Facility, and available cash resources. This financial strategy showcases Prairie's robust capital management, ensuring they can seize valuable opportunities for expansion in the highly competitive oil market.
Long-Term Growth Strategy
Edward Kovalik, the Chairman and CEO of Prairie, expressed that this transaction is a pivotal step in their growth strategy. As the company continues drilling new wells in their Shelduck South development, they anticipate a strong production flow from these recent assets combined with their additional permitted drilling locations.
Commitment to Expansion
Prairie Operating Co. remains dedicated to exploring organic drilling and pursuing strategic acquisitions that align with their business model. The integration of the new assets into their pre-existing operations will play a crucial role in achieving their long-term growth objectives in the DJ Basin.
About Prairie Operating Co.
Prairie Operating Co. is recognized as a leading independent energy company actively engaged in the development and acquisition of oil and natural gas resources within the United States. With its primary operational focus on the Denver-Julesburg Basin, the company is dedicated to extracting value while adhering to responsible environmental and operational practices.
Company Vision
With a mission centered on maximizing returns through sustainable practices and continuous growth, Prairie is well-positioned to remain a strong player in the oil industry. Their innovative approaches and capital discipline have impressed investors and stakeholder alike.
Frequently Asked Questions
What recent acquisition did Prairie Operating Co. complete?
Prairie Operating Co. completed an acquisition of oil-weighted assets from Nickel Road Operating for $84.5 million.
How will the acquisition impact Prairie's operations?
The newly acquired assets will enhance Prairie's cash flow and significantly expand their operational capacity in the DJ Basin.
What is Prairie Operating Co.'s main operational focus?
The company primarily focuses on the development and acquisition of oil and natural gas resources, particularly in the DJ Basin.
Who is the CEO of Prairie Operating Co.?
Edward Kovalik serves as the Chairman and CEO of Prairie Operating Co.
How does Prairie plan to proceed after the acquisition?
Prairie plans to integrate the acquired assets into their existing operations while continuing to explore new drilling locations to boost production.
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