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Prairie Operating Co. Reaffirms $1 Billion Reserve Based Lending Facility with Citibank, N.A. Adds Bank of America, N.A. and West Texas National Bank to Syndicate
HOUSTON, TX, June 09, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), an independent energy company engaged in the
About this update from Prairie Operating Co.
[{"type":"text","content":"HOUSTON, TX, June 09, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin, today announced the reaffirmation of its multi-year Reserve-Based Lending (“RBL”) credit facility with Citibank, N.A., its lead arranger. Following its semi-annual redetermination, the Company’s reserve-based credit facility was reaffirmed with a borrowing base of $475 million, a maximum facility size of $1.0 billion, and a maturity date of March 26, 2029. “The reaffirmation of our borrowing base, along with the addition of Bank of America and West Texas National Bank to our syndicate, underscores the confidence our lenders have in the strength of our asset base and execution strategy,” said Edward Kovalik, Chairman and Chief Executive Officer. “This facility enhances our financial flexibility and supports our ongoing development activity and pursuit of accretive growth opportunities in the DJ Basin.” In conjunction with the semi-annual redetermination, Bank of America, N.A. and West Texas National Bank have joined the lending syndicate, which includes Citibank, N.A., KeyBank National Association, MUFG Bank, Ltd., Truist Bank, UMB Bank, N.A., and Macquarie Bank Limited, further expanding Prairie’s banking relationships and strengthening its access to capital. 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. Cautionary Statement about 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,...