DENVER, March 27, 2025 /PRNewswire/ -- Bayswater Exploration and Production (Bayswater), a Denver-based oil and natural gas development company closed the sale of certain Denver Julesburg (DJ) Basin assets to Prairie Operating Co. (Nasdaq: PROP) in a cash and stock transaction valued at approximately $603 million. "We are pleased to get this deal across the finish line with Prairie Operating Co.," said Steve Struna, President and CEO of Bayswater. "Thank you to everyone who helped us get here, including Bay ...

Prairie Operating Co. (PROP) has been on a rough ride, shedding 39% over the past six months and hitting a 52-week low of $4.50 earlier this week. Despite this setback, we believe the company’s long-term growth story remains intact. With aggressive production expansion, a game-changing acquisition and improving financials, Prairie Operating appears well-positioned for a major rebound. Image Source: Zacks Investment ResearchPrairie Operating Company ProfileHouston-based PROP is an independent oil and gas com ...

Core Insights - Prairie Operating Co. has successfully closed a $602.75 million acquisition of certain assets in the Denver-Julesburg Basin, significantly enhancing its operational footprint and production capabilities [1][4][5] - The acquisition adds approximately 55,000 net acres and increases average daily production by about 25,700 net BOEPD, with a substantial uplift expected in 2025 production, revenue, and adjusted EBITDA [1][4][12] - The transaction is expected to be immediately accretive to per-share cash flow metrics while maintaining a strong balance sheet with an anticipated leverage ratio of around 1.0x at closing [12] Transaction Highlights - The acquired assets contribute 77.9 million barrels of oil equivalent (MMBOE) in proved reserves, with an estimated PV-10 value of $1.1 billion [4] - The acquisition is positioned to create meaningful value for shareholders and reinforce Prairie's commitment to long-term shareholder value [4][12] - The transaction was funded through a combination of preferred stock issuance, common stock public offering, and a draw on an expanded credit facility [5][6] Company Overview - Prairie Operating Co. is an independent energy company based in Houston, focused on the development and acquisition of oil and natural gas resources in the U.S., particularly in the DJ Basin [7] - The company aims to maximize returns through consistent growth, capital discipline, and sustainable cash flow generation [7]

Investors rarely get the chance to invest in a company right before a game-changing transformation, but that’s exactly what’s happening with Prairie Operating Co. (PROP) Zacks Rank #1 (Strong Buy). With oil prices firming up and Prairie’s landmark acquisition of Bayswater, the company is set to increase daily production nearly tenfold, creating one of the most compelling growth opportunities in the energy sector today.Beyond the operational upside, Prairie’ssmart financing structure minimized dilution to co ...

Core Viewpoint - Prairie Operating Co. announced a public offering of $38.5 million in common stock at a price of $4.50 per share, with an option for underwriters to purchase additional shares valued at $5.8 million [1][2]. Group 1: Offering Details - The net proceeds from the common stock offering are expected to be approximately $35.4 million, or $40.8 million if the underwriters fully exercise their option [2]. - The offering is set to close on March 26, 2025, pending customary closing conditions [4]. - Citigroup is the lead book-running manager for the offering, with several other firms acting as joint and co-managers [4]. Group 2: Use of Proceeds - The proceeds from the common stock offering will be used to fund a portion of the purchase price for the acquisition of oil and gas assets from Bayswater Exploration and Production [3]. - Remaining proceeds will be allocated for general corporate purposes, which may include advancing development and drilling programs, repaying existing debt, or financing other acquisition opportunities [3]. Group 3: Company Overview - Prairie Operating Co. is an independent oil and gas company focused on acquiring and developing crude oil, natural gas, and natural gas liquids, primarily in the Denver-Julesburg Basin [7]. - The company emphasizes responsible development and aims to maximize returns through consistent growth and sustainable cash flow generation [7].

HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (“Prairie,” the “Company,” “we” or “our”) (Nasdaq: PROP), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, announced today that it has entered into a Securities Purchase Agreement with a certain investor, pursuant to which the Company agreed to issue and sell, in a registered public offering by the Company directly to such investor (the “Preferred Stock Offering”) ...

HOUSTON, Texas, March 11, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), today announced the promotion, effective April 1st, of Gregory S. Patton to Chief Financial Officer. Mr. Patton, who joined Prairie last year as Executive Vice President of Commercial Development, brings over 15 years of industry experience with a strong background in corporate finance, accounting, and capital markets. Prior to joining Prairie, Mr. Patton served as Senior Vice President of C ...

Production and Sales - Production volumes for 2024 include 96 MBbls of oil, 245 MMcf of natural gas, and 33 MBbls of NGL, totaling 170 MBoe[92] - Average sales prices for 2024 are $68.60 per MBbl for oil, $2.25 per MMcf for natural gas, and $24.03 per MBbl for NGL, with an average price of $46.70 per MBoe[92] - The company completed 8 development wells in 2024, with a net of 6.33 wells[95] - As of December 31, 2024, the company has 8 productive wells, all of which are operated[98] Land and Acreage - The company owns 36,895 gross acres and 23,769 net acres, with 15,810 net acres (66%) potentially expiring in the next three years if production is not established[100] Customer Concentration - The company’s two largest customers accounted for approximately 80% and 15% of oil, natural gas, and NGL revenues in Q4 2024[106] Delivery Commitments - The company has no delivery commitments as of December 31, 2024[107] Risk Management - The company engages in derivative contracts to hedge against price volatility in oil and natural gas, aiming to mitigate cash flow impacts[105] - International events have contributed to price volatility in oil and natural gas, affecting the company's operations and cash flows[109] Regulatory Compliance - The company believes it is in substantial compliance with applicable laws and regulations, although future changes could impact operations and costs[112] - The production of oil, natural gas, and NGLs is regulated by various local, state, and federal statutes, which include requirements for permits, bonding, and operational reports[115] Taxes and Fees - Colorado imposes a production or severance tax on the production and sale of oil, natural gas, and NGLs, which can affect overall profitability[115] Transportation Regulation - The Federal Energy Regulatory Commission (FERC) regulates interstate transportation rates for crude oil and natural gas, ensuring that tariff rates are just and reasonable[118] - FERC has the authority to impose civil penalties of up to $1,000,000 per day for violations of the Natural Gas Act, with adjustments for inflation[126] Waste Management and Environmental Regulations - The Resource Conservation and Recovery Act (RCRA) regulates the management of hazardous and nonhazardous wastes, which may impact operational costs[137] - The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) imposes joint and several liability for hazardous substance releases, potentially leading to significant cleanup costs[138] - The Clean Water Act (CWA) imposes strict controls on pollutant discharges into U.S. waters, requiring permits from the EPA or state agencies[140] - The Oil Pollution Act of 1990 establishes liability for oil spills, mandating responsible parties to develop response plans and conduct annual spill training[142] - Underground Injection Control (UIC) program regulates the disposal of produced water, with potential changes in regulations affecting operational costs[143] - The Clean Air Act (CAA) requires compliance with air emissions standards, which may delay project development due to permitting requirements[145] - New Source Performance Standards (NSPS) for methane and VOC emissions were finalized, requiring states to develop plans for existing sources within two years[146] Climate and Emissions Regulations - The SEC's final rule mandates climate-related risk disclosures for public companies, with large accelerated filers required to report GHG emissions starting in fiscal year 2025[151] - The Inflation Reduction Act of 2022 includes a methane emissions charge, starting at $900 per metric ton in 2024, potentially increasing operational costs[153] - Recent regulations may lead to increased costs for compliance with GHG emissions reporting and permitting obligations, affecting profitability[154] State-Specific Regulations - The Colorado Energy Commission has approved new rules affecting wellbore integrity and waste management, which may impact operational practices[163] - Colorado Senate Bill 19-181 (SB 181) significantly changed regulations, requiring more than 45% consent from mineral interest owners for pooling, and instituting a 16% royalty on oil and a 13% royalty on gas production[164] - Local governments now have greater control over oil and gas facility siting, which may lead to stricter regulations and increased operational costs[165] - The CECMC has implemented new rules affecting facility siting, cumulative impacts, and wellbore integrity, potentially increasing well costs and delaying drilling permits[167] - New rules adopted by the CDPHE aim to minimize methane and other emissions, increasing inspection frequencies and regulatory authority over oil and gas facilities[168] - On December 20, 2024, the CDPHE introduced rules requiring midstream operators to capture hydrocarbon emissions, which may raise costs for the industry[169] Operational Efficiency - The permit approval process for new multi-well pads can take between 90 to 150 days, followed by a 30-day public comment period[171] Employment and Office Space - As of December 31, 2024, the company employed 19 full-time employees and has not experienced any work stoppages[177] - The company has leased office space in Houston, Texas, and Denver, Colorado, for its operations[178] Stock Information - The company's common stock is listed on the Nasdaq Capital Market under the symbol "PROP"[182]

Company Overview - Prairie Operating Co. (PROP) shares increased by 26.8% in the last two trading sessions, closing at $9.50, with a total gain of 46.2% over the past four weeks, supported by high trading volume [1] - The company has a strong presence in the D-J Basin of the United States, owning 30,000 net acres [2] Recent Developments - Prairie Operating Co. has entered an agreement to acquire additional assets in the D-J Basin from Bayswater Exploration and Production, adding 24,000 net acres in Weld County [2] - This acquisition is expected to enhance the company's resource base and production capacity, aligning with its low-cost operating strategy, with breakeven costs as low as $43.80 per barrel in Weld County [2] Financial Performance - The company is projected to report a quarterly loss of $0.12 per share, reflecting a year-over-year change of +83.1%, while revenues are expected to reach $12.02 million, up 1,220.9% from the previous year [3] - The consensus EPS estimate for the quarter has seen one downward revision in the last 30 days, indicating potential volatility in stock price movements [4] Industry Context - Prairie Operating Co. is part of the Zacks Oil and Gas - Integrated - United States industry, which includes other companies like DT Midstream (DTM), which has experienced a decline of 4.6% over the past month [4] - DT Midstream has seen two downward revisions in its EPS estimate, indicating challenges within the industry [5]

Core Points - Bayswater Exploration and Production has entered into an agreement to sell assets in the Denver Julesburg Basin to Prairie Operating Company for approximately $603 million in cash and stock [1][2] - The sale includes around 24,000 leased acres, 300 producing horizontal wells, and a production capacity of 25,000 barrels of oil equivalent per day [2] - Bayswater will retain 70 horizontal wells producing approximately 18,000 barrels of oil equivalent per day and has ongoing operations in the Northern Midland Basin in Texas [4][5] Company Overview - Bayswater is a privately capitalized oil and natural gas development company focused on acquiring, developing, and monetizing assets for investor returns [3] - The company emphasizes responsible energy development and aims to minimize environmental impacts while producing oil and natural gas [5] - Bayswater has been operating in the DJ Basin since 2009 and is committed to continuing its operations in Colorado [2][4]