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Prairie Operating Expands Acreage in the Denver-Julesburg Basin
09/06/2023
Prairie Operating Co. buys 20K+ acres in Weld County, CO, expanding its footprint in the core of the Denver-Julesburg Basin.
The evaluation report reveals that the land has more to offer beyond the initial findings and that hundreds of additional locations are viable for drilling in the future beyond an initial five-year program.
On August 21, Prairie Operating disclosed findings from an external, independent assessment focused on its inactive holdings in Weld County.
Acquisition Details
- Area Covered: Prairie Operating is acquiring a substantial 20,328 net mineral acres located in Weld County, Colorado.
- Partner: The company made this deal in an agreement with Oklahoma-based Exok Inc., as documented in filings with the Securities and Exchange Commission.
Financial Arrangements
- Cost Structure: The total cost of this acquisition is approximately $22 million. Of this sum, $18 million will be paid in cash, and the remaining $4 million will be provided as equity in Prairie Operating.
- Funding Source: In addition to the cash and equity arrangement, Prairie Operating secured funding through a $20 million Private Investment in Public Equity (PIPE) offering.
Resource Evaluation
- Potential Reserves: Initial evaluations indicate that the acquired land could potentially hold reserves of about 285.3 million barrels of oil equivalent (MMboe).
- Net Present Value (PV-10): The estimated value of these potential reserves, based on a PV-10 calculation, is approximately $2.4 billion.
Geological Aspects
- Formation Locations: These reserves are distributed across 412 qualified locations within the Niobrara and Codell geological formations.
- Reserve Composition: The potential reserves are composed mainly of oil and liquids (74%) and natural gas (26%).
About Prairie Operating Co.
Prairie Operating Co., formerly known as Creek Road Miners, Inc., is a publicly traded entity that specializes in the development, exploration, and production of oil, natural gas, and natural gas liquids. The company focuses its operations on unconventional oil and gas reservoirs in Colorado, particularly targeting the Niobrara and Codell formations. Alongside its energy activities, the company also has a foothold in the cryptocurrency mining sector. Committed to meeting the growing global demand for affordable and reliable energy, Prairie Operating Co. places a strong emphasis on environmental protection.
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