Prairie Operating Co. Provides Operations Update

Rhea-AI Summary

Prairie Operating Co. (NASDAQ:PROP), an energy company focused on the Denver-Julesburg Basin, provided an operational update highlighting significant progress across multiple drilling pads. The Opal/Coalbank pad has exceeded expectations with nine wells achieving average IP30 rates of 525 boepd per well. The company has completed 11 wells on the Rusch pad, targeting multiple Niobrara zones and Codell formation.

Prairie's innovative approach includes their first U-turn wells on the Noble pad, designed to target two Niobrara benches within a single wellbore. The Simpson pad is currently under development with six 2-mile wells planned. The company's 2025 schedule targets 41 total wells to be turned in line, complemented by 32 high-return workovers planned for Q3 and Q4 2025.

Positive

• Nine Opal/Coalbank wells outperforming with IP30 rates of 525 boepd per well
• Implementation of cost-efficient U-turn well technology on Noble pad
• Execution of 32 high-return workovers planned for Q3-Q4 2025
• Strong drilling program with 41 wells scheduled for 2025
• Successful integration of acquired Bayswater DUC assets

Negative

• Drilling program subject to variation based on asset optimization
• Complex multi-formation development across different pads increases operational complexity

• Recently completed Opal/Coalbank pad outperforming expectations
• Remaining 2025 drilling schedule on track for 41 wells turned in line

Houston, TX, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company,” “Prairie,” “we,” “our,” or “us”) – an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids (“NGL”) resources in the Denver-Julesburg (DJ) Basin – today provided an update on recent operational activities and its 2025 drilling and completion schedule to increase visibility into upcoming operational milestones and expected production catalysts.

OPERATIONS UPDATE

• Opal/Coalbank Pad: Prairie has completed and turned in line (TIL) to sales nine wells that were acquired as Drilled and Uncompleted (DUC) locations from the Bayswater transaction. Initial results have met or exceeded expectations, with an average initial production rate over the first 30 days (IP30) of approximately 525 boepd per well (two-stream, gross).
• Rusch Pad: Prairie has finished the drilling, completion, and drill-out operations on 11 wells, which are now in the process of being turned to sales. These wells targeted multiple horizons, including the Niobrara A, B, and C zones, as well as the Codell formation. The Company will closely monitor initial flowback results and expects these wells to meaningfully contribute to production growth in the second half of 2025.

• Noble Pad: Prairie has finished drilling and completing four 2-mile U-turn wells and three 1-mile lateral wells. These represent the Company’s first U-turn wells, designed to target two benches of the Niobrara within a single wellbore, delivering significant cost efficiencies compared to traditional 1-mile laterals. The pad is currently in the drill-out phase with first production expected in the fourth quarter of 2025.

• Simpson Pad: Prairie, with a Precision rig, is currently drilling and about to total depth the second of six 2-mile initial occupation wells across the Niobrara and Codell formations. Completions and takeaway are expected to be finalized in the fourth quarter of 2025.

“We believe these results underscore the strength of Prairie’s asset base and our ability to rapidly integrate acquired assets to deliver increased production growth, margins and cash flow,” said Edward Kovalik, Chairman and Chief Executive Officer. “Beyond new drilling, overall asset optimization has been a key priority, with the team driving gas lift and pad efficiencies while executing an initial batch of 32 high-return workovers in the third and fourth quarters.”

2025 SCHEDULE

Outlined below is the Company’s 2025 drilling and completions schedule:

PAD NAME	FORMATION	Q2 2025	Q3 2025	Q4 2025	TOTAL
Shelduck	Niobrara	TIL			8
Opal / Coalbank	Codell	Complete + Frac	TIL		9
Rusch	Niobrara & Codell	Drill	Complete + Frac + TIL		11
Noble	Niobrara & Codell	Drill	Complete + Frac	TIL	7
Simpson	Niobrara & Codell		Drill + Complete	Frac + TIL	6
TOTAL					41
New Locations	Niobrara & Codell			Drill	10
Workovers			20	12	32

  
* Our drilling program may vary from time to time, depending on optimization of our asset base.

Cautionary Statement about Forward-Looking Statements

The information included in this press release 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. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our SEC filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this press release should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

All forward-looking statements, expressed or implied, included in this Press release are expressly qualified in their entirety by this cautionary statement.

About Prairie Operating Co.

Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil, natural gas, 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, natural gas, 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.

Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
832.274.3449

FAQ

What are the initial production rates for Prairie Operating's (PROP) Opal/Coalbank pad wells?

The Opal/Coalbank pad wells achieved an average initial production rate (IP30) of 525 boepd per well (two-stream, gross) over the first 30 days, meeting or exceeding expectations.

How many wells does Prairie Operating (PROP) plan to turn in line during 2025?

Prairie Operating plans to turn in line 41 total wells across multiple pads during 2025, including wells in the Shelduck, Opal/Coalbank, Rusch, Noble, and Simpson pads.

What is Prairie Operating's (PROP) workover program for 2025?

Prairie Operating plans to execute 32 high-return workovers in 2025, with 20 scheduled for Q3 and 12 for Q4.

What is Prairie Operating's (PROP) new U-turn well technology on the Noble pad?

Prairie's U-turn wells are designed to target two benches of the Niobrara within a single wellbore, delivering significant cost efficiencies compared to traditional 1-mile laterals. The Noble pad includes four 2-mile U-turn wells and three 1-mile lateral wells.

Which formations is Prairie Operating (PROP) targeting in their drilling program?

Prairie Operating is targeting multiple horizons including the Niobrara A, B, and C zones, as well as the Codell formation across their various drilling pads.