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Prairie Operating Co. Submits Second Oil and Gas Development Plan and Receives Approval for Initial Wellbores
HOUSTON, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that it submitted the
About this update from Prairie Operating Co.
[{"type":"text","content":"HOUSTON, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that it submitted the application for its second Oil and Gas Development Plan (OGDP), the Genesis II OGDP, with the Colorado Energy and Carbon Management Commission (CECMC), and subsequently received approval from the CECMC for the first twenty wellbores within the Genesis I OGDP. The Genesis II OGDP is comprised of two well pads, developing nine square miles of subsurface minerals in rural Weld County, Colorado. The two pads, the Croissant and Red Angus, will develop up to 42 three-mile lateral wells. The Company plans to utilize a single production facility, located at the Red Angus site, for the entire development and will employ a fully electrified drill rig and production facility, with three-phase takeaway for produced oil, gas, and water. These initiatives highlight the Company’s continued commitment to minimizing its development footprint while maximizing infrastructure efficiencies. Prairie anticipates the CECMC hearing for the Genesis II OGDP to occur in the first quarter 2025 and the project to be drill-ready in the second quarter of 2025. Additionally, the Company received approval from the CECMC for its first twenty wellbores at the Oasis and Burnett locations within the Genesis I OGDP. These approvals include ten three-mile laterals and ten two-mile laterals at the Burnett and Oasis locations, respectively, and will develop multiple benches across the Niobrara and Codell formations. 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 incl...