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Prairie Operating Co. Announces Warrant Exercise Resulting in $24 Million of Proceeds
HOUSTON, Texas, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that Watermill Capital
About this update from Prairie Operating Co.
[{"type":"text","content":"HOUSTON, Texas, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that Watermill Capital Partners and its affiliates exercised Series E B Warrants (the “Warrants”) to purchase 4,000,000 shares of common stock of the Company, generating $24 million in proceeds. This exercise follows Watermill Capital Partners’ $12 million warrant exercise in November 2023, highlighting their continued confidence and support for Prairie’s growth strategy. With the exercise of these Warrants, all Series E B Warrants have now been fully exercised. Additionally, all of the Company’s Series E preferred stock was converted into common stock of the Company. This conversion of the Company’s Series E preferred stock and the exercise of the Company’s Series E B Warrants simplifies its capital structure, further enhancing Prairie’s position for long-term growth. “We appreciate the confidence and support of Watermill Capital Partners as we continue to execute our strategy. The warrant exercise and associated cash proceeds provide additional fuel to our growth plans, particularly as we embark on our new project at Shelduck South.” stated Ed Kovalik, Chairman and CEO of the Company. The Shelduck South development (part of the Genesis Bolt-on Assets) involves an eight-well pad targeting the Niobrara B and C formations across 1,260 mineral acres, with production expected to begin in the fourth quarter of 2024. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of 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. Warrant Overview The Warrants were originally issued in connection with a private offering of units completed by Prairie in August 2023. The Warrants featured a one-year duration with a $6.00 per share exercise price. The ...