Prairie Operating Stock Price, News & Analysis

ClearSign Technologies Corporation (CLIR) announced significant changes to its Board of Directors. The Board expanded from five to seven directors with the appointment of Anthony DiGiandomenico and Lou Basenese, effective May 22, 2025. Additionally, David M. Maley will not seek re-election at the 2025 annual stockholders meeting.

DiGiandomenico, co-founder and Chief of Transactions at MDB Capital Holdings, brings extensive experience in early-stage disruptive technologies. Basenese, currently Executive VP of Market Strategy at Prairie Operating Co. and CEO of The Basenese Group, contributes over 25 years of experience in equity research, investment banking, and strategic planning.

Prairie Operating Co. (NASDAQ: PROP) has appointed Maree K. Delgado, CPA, as Senior Vice President of Accounting & Controller. Delgado brings over 20 years of experience in financial accounting, regulatory compliance, and risk management within the energy sector. She previously served as E&P Controller at Antero Resources Corporation and held executive positions at Ultra Petroleum Corp (now PureWest Energy), including Vice President and Chief Accounting Officer.

Delgado's expertise includes implementing strategic financial partnerships, driving internal efficiencies, and overseeing system implementations. She is a Certified Public Accountant licensed in Colorado and holds a Bachelor of Commerce in Accounting and Business Law from Curtin University of Technology. The appointment aligns with Prairie's focus on operational excellence, financial discipline, and strong governance as it expands its Denver-Julesburg Basin platform.

Prairie Operating Co. (PROP) has initiated completions of nine drilled but uncompleted (DUC) wells at the Opal Coalbank pad, acquired from Bayswater. The project targets six wells in the Codell and three in the Niobrara B, with production expected to begin this summer.

The company's 11-well Rusch Pad development is progressing ahead of schedule, with three wells already drilled and cased. The program utilizes Precision's premier rig, operating on multiple forms of electric power for reduced emissions. Drilling completion is expected by early June, with first production anticipated in early August.

Prairie's strategic hedging program currently shows a mark-to-market value of approximately $70 million. The program covers 85% of remaining daily production for 2025 at $68.27/barrel WTI and $4.28/MMBtu Henry Hub, with additional hedges through Q1 2028 at $64.29/barrel WTI and $4.09/MMBtu Henry Hub.

Prairie Operating Co. (PROP) has successfully implemented a strategic hedging program covering 85% of its current daily production in the Denver-Julesburg Basin. The program, executed after acquiring DJ Basin assets from Bayswater Exploration and Production, secures pricing at $68.27/bbl WTI and $4.28/MMBtu Henry Hub for remaining 2025 production, and $64.29/bbl WTI and $4.09/MMBtu Henry Hub for 2026-1Q 2028 production.

The company is advancing development with an 11-well Rusch Pad project targeting the Niobrara and Codell formations. This hedging initiative aims to protect cash flows, reduce risk, and support the company's growth strategy while maintaining capital discipline.

Prairie Operating Co. (PROP) has launched an 11-well development program at the Rusch Pad in Weld County, Colorado. The first well spud began on April 1, 2025, using Precision E-Drilling Rig 461. The development consists of eleven two-mile lateral wells alternating between the Niobrara A, B, and C Chalks and the Codell Sandstone.

The drilling phase is expected to complete by early June, followed by hydraulic fracturing, with initial production anticipated in early August. The company is utilizing an environmentally conscious approach with Precision's E-rig 461, powered by natural gas generators with battery backup to enhance efficiency and reduce emissions.

This development follows Prairie's recent Bayswater acquisition, which expanded their position in the Denver-Julesburg Basin. The company aims to focus on integrating these assets, capturing operational efficiencies, and executing its development program to drive production growth and cash flow generation.

Bayswater Exploration and Production has completed the sale of its Denver Julesburg (DJ) Basin assets to Prairie Operating Co. (PROP) in a transaction valued at approximately $603 million, combining cash and stock. The deal includes approximately 24,000 leased acres, 300 horizontal wells producing 27,500 barrels of oil equivalent per day (BOED), nine newly drilled but uncompleted horizontal wells, and a saltwater disposal system.

Following the transaction, Bayswater will retain and operate 70 horizontal wells producing approximately 18,000 BOED and a nine-well pad currently under completion by Halliburton. The company remains committed to operating in the DJ Basin and plans to rebuild its Colorado footprint in the coming years.

Prairie Operating Co. (PROP) has successfully completed its previously announced $602.75 million acquisition of DJ Basin assets from Bayswater Exploration and Production. The transaction significantly expands Prairie's operational footprint, adding approximately 24,000 net acres and increasing average daily production by 25,700 net BOEPD (69% liquids).

The acquisition adds approximately 600 highly economic drilling locations, extending inventory life to roughly 10 years. The assets contribute 77.9 million barrels of oil equivalent in proved reserves with an estimated PV-10 value of $1.1 billion. The transaction was funded through a combination of Series F convertible preferred stock issuance, common stock public offering, credit facility draw, and direct issuance of common stock to Bayswater.

Post-closing, Prairie maintains a strong balance sheet with an expected leverage ratio of ~1.0x and has approximately 35.4 million shares of common stock outstanding. The acquisition is expected to be immediately accretive to per-share cash flow metrics.

Prairie Operating Co. (NASDAQ: PROP) has announced the pricing of an underwritten public offering of $38.5 million of common stock at $4.50 per share. The underwriters have a 30-day option to purchase up to an additional $5.8 million of shares.

The net proceeds, estimated at $35.4 million (or $40.8 million if underwriters exercise their full option), will primarily fund the Bayswater Acquisition of oil and gas assets. Additional proceeds will support general corporate purposes, including development and drilling programs, debt repayment, and potential acquisitions.

The offering, expected to close on March 26, 2025, is concurrent with a previously announced offering of 150,000 shares of Series F Convertible Preferred Stock. Citigroup leads the offering as book-running manager, alongside KeyBanc Capital Markets, Truist Securities, MUFG Securities Americas, and Piper Sandler & Co. as joint book-running managers.

Prairie Operating Co. (PROP) has announced a registered direct offering of 150,000 shares of new Series F Convertible Preferred Stock. The preferred stock will carry a 12% annual dividend rate on the stated value plus accumulated unpaid dividends.

The company is concurrently conducting a common stock offering, with proceeds from both offerings intended to fund the acquisition of oil and gas assets from Bayswater Exploration and Production. Remaining proceeds will support corporate initiatives, including development and drilling programs, debt repayment, and potential acquisitions.

The offering includes warrants for additional common stock, exercisable if certain conditions are met on the first anniversary of closing, including if the stock trades below 115% of the conversion price. The offering is being conducted under an effective S-3 shelf registration statement filed with the SEC.