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Prairie Operating Co. Submits Second Oil and Gas Development Plan and Receives Approval for Initial Wellbores

By: Prairie Operating Co. via GlobeNewswire

August 08, 2024 at 16:05 PM EDT

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 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/A filed with the SEC on March 20, 2024, 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 Ploegsma
wp@prairieopco.com
832.274.3449