Prairie Operating Co. Announces Unanimous Approval of Genesis Oil and Gas Development Plan Adding Multi-Year Inventory of Development Drilling Locations
14 Marzo 2024 - 5:30AM
Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”)
today announced the Colorado Energy and Carbon Management
Commission (“ECMC”) approved the Company’s Genesis I Oil & Gas
Development Plan (“OGDP”).
The Genesis I OGDP encompasses 72 wells on two
pads, developing 9-square miles of subsurface minerals in rural
Weld County, Colorado. The two pads, the Burnett and Oasis, will
develop up to 18 three-mile lateral wells and up to 54 two-mile
lateral wells, respectively. Combined with the previously announced
bolt-on acquisition earlier this year, the Company has added 80 new
wells to its inventory in 2024 and will soon have over 140 permits
upon the anticipated closing of the Nickel Road Operating (“NRO”)
asset acquisition announced in January.
"I would first like to thank our team at Prairie
and the leadership and staff at the ECMC, we very much appreciate
their supportive comments during the hearing,” stated, Ed Kovalik,
Chairman and CEO. “Operationally, the new permits provide a
multi-year inventory of projects for Prairie in the DJ Basin,
giving us visibility well into 2025 while allowing us to maintain a
robust drilling inventory that offers flexibility in
scheduling.”
In addition, Prairie has commenced work on the
preparation and submission of a second Genesis OGDP (the “Genesis
II OGDP”), consisting of up to 5,760 mineral acres of subsurface
development, with two pad locations drilling between 42 and 54
planned wells. The Company is targeting an April 2024 submittal for
the Genesis II OGDP with the ECMC.
About Prairie Operating Co.
Prairie Operating Co. is a Houston-based
publicly traded independent energy company engaged in the
development and acquisition of proven, producing oil and natural
gas resources in the United States. The Company’s assets and
operations are concentrated in the oil and liquids-rich regions of
the Denver-Julesburg (DJ) Basin, with a primary focus on the
Niobrara and Codell formations. The Company is committed to
the responsible development of its oil and natural gas resources
and is focused on maximizing returns through consistent growth,
capital discipline, and sustainable cash flow generation.
More information about the Company can be found at
www.prairieopco.com.
Forward-Looking Statements
The information included herein and in any oral
statements made in connection herewith include “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included herein, are forward-looking
statements. When used herein, including any oral statements made in
connection herewith, the words “could,” “should,” “will,” “may,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,”
the negative of such terms and other similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on the Company’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law, the
Company disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. The Company cautions you that these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the control
of the Company. There may be additional risks not currently known
by the Company or that the Company currently believes are
immaterial that could cause actual results to differ from those
contained in the forward-looking statements. Additional information
concerning these and other factors that may impact the Company’s
expectations can be found in the Company’s periodic filings with
the Securities and Exchange Commission (the “SEC”), including the
Company’s Annual Report on Form 10-K filed with the SEC on March
31, 2023, and any subsequently filed Quarterly Report and Current
Report on Form 8-K. The Company’s SEC filings are available
publicly on the SEC’s website at www.sec.gov.
Investor Relations Contact:Wobbe
Ploegsmawp@prairieopco.com832.274.3449
Prairie Operating (NASDAQ:PROP)
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