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Creek Road Miners (OTCQB: CRKR) has signed a merger agreement with Prairie Operating Co., LLC, creating a new entity named Prairie Operating Co. Expected to close in Q4 2022, the merger will result in a public listing on OTCQB. Prairie will acquire 37,030 acres of oil and gas leasehold from Exok for $28.2 million. The merger aims to enhance U.S. energy independence, with a projected share distribution of 58.5% to current Creek Road shareholders and 29.3% to Prairie members. A capital raise of $30 million is also planned to support the acquisition and development of assets.
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Creek Road Miners, Inc. (OTCQB: CRKR) has signed a non-binding term sheet to merge with Prairie Operating Co., LLC. The merger aims to enhance Creek's business by acquiring over 23,000 net mineral acres in the DJ Basin, focusing on oil and gas production. Following the merger, Creek will relocate its headquarters to Houston, TX, and become debt-free. The company plans to streamline its capital structure and intends to rebrand as Prairie. Leadership from both companies boasts over 100 years of experience in energy production.
Creek Road Miners, Inc. (OTCQB:CRKR) announces the operational launch of its first production facility in Meeker, Colorado, equipped with 240 Bitmain Antminers capable of producing 24 petahashes per second (PH/s) at a cost of $0.0455/kWh. The Company plans to open a second facility in Rangely, Colorado, housing 270 Antminers for an estimated 27 PH/s, effectively doubling its hashing power. This strategic expansion aims to leverage stranded natural gas for economically viable mining operations, enhancing profitability and operational efficiency.
Creek Road Miners, Inc. (OTCQB:CRKR) has announced the establishment of its first production facility in Meeker, Colorado, featuring 240 Bitmain Antminer units expected to generate approximately 24 petahashes per second (PH/s) at a cost of about $.0455/kWh for electricity. The facility is anticipated to be operational within ten days, followed by additional facilities in Wyoming and North Dakota. The company utilizes stranded natural gas for its operations, presenting a cost-effective solution amidst rising energy prices.
Creek Road Miners, Inc. (OTCQB:CRKR) updates shareholders on recent developments and future plans. The company appointed John D. Maatta as Co-CEO alongside Scott D. Kaufman to streamline operations and growth strategies. Creek Road executed a Memorandum of Understanding to acquire energy assets from Highwire Energy Partners in Wyoming, South Dakota, and North Dakota, enhancing its energy sourcing for cryptocurrency mining. Despite recent stock price fluctuations, the company believes it is on a path for sustained growth, leveraging fixed-cost energy to boost profitability.