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Prairie Operating Co. Announces Unanimous Approval of Genesis Oil and Gas Development Plan Adding Multi-Year Inventory of Development Drilling Locations
HOUSTON, Texas, March 14, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced the Colorado Energy and
About this update from Prairie Operating Co.
[{"type":"text","content":"HOUSTON, Texas, March 14, 2024 (GLOBE NEWSWIRE) -- 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 ora...