Welcome to our dedicated page for CRKR news (Ticker: crkr), a resource for investors and traders seeking the latest updates and insights on CRKR stock.
Prairie Operating Co. (CRKR) maintains an active presence in energy markets through strategic developments in oil, gas, and natural gas liquids. This news hub provides investors and industry observers with timely updates on the company's operations in the DJ Basin, including the Niobrara and Codell formations.
Our curated collection offers essential insights into CRKR's financial announcements, asset acquisitions, and operational milestones. Users will find comprehensive coverage of earnings reports, partnership developments, and production updates that reflect the company's disciplined approach to energy asset management.
The page features verified information on drilling operations, regulatory compliance efforts, and capital allocation strategies. Regular updates ensure stakeholders stay informed about CRKR's progress in maintaining operational efficiency while navigating commodity market dynamics.
Bookmark this resource for direct access to Prairie Operating Co.'s official communications and third-party analysis. Check back frequently to monitor developments in natural gas production, resource development strategies, and other critical aspects of CRKR's energy sector activities.
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.
Prairie Operating Co. (NASDAQ: PROP) has announced an underwritten public offering of $35.00 million in common stock, with underwriters having a 30-day option to purchase up to an additional $5.25 million in shares.
Concurrent with this offering, the company is launching a registered offering of 150,000 shares of new Series F Convertible Preferred Stock, which includes warrants for additional common stock shares under specific conditions.
The proceeds will primarily fund the company's proposed Bayswater Acquisition of oil and gas assets. Any remaining funds will support general corporate purposes, including development and drilling programs, debt repayment, or other acquisition opportunities.
The offering is led by Citigroup as the lead book-running manager, with KeyBanc Capital Markets, Truist Securities, MUFG Securities Americas, and Piper Sandler & Co. serving as joint book-running managers.
Prairie Operating Co. (NASDAQ: PROP) has announced the promotion of Gregory S. Patton to Chief Financial Officer, effective April 1st, 2025. Patton, who joined Prairie last year as Executive Vice President of Commercial Development, brings over 15 years of industry experience in corporate finance, accounting, and capital markets.
Patton succeeds Craig Owen, who is retiring after more than 30 years in the energy industry. Prior to Prairie, Patton served as Senior Vice President of Corporate Development and Finance at Great Western Petroleum and as CFO at Trigger Energy. He holds accounting degrees from the University of Denver.
Ed Kovalik, Chairman and CEO, praised Owen's contributions in strengthening the company's financial foundation and highlighted Patton's critical role in aligning Prairie's capital strategy with long-term growth objectives over the past year.
Prairie Operating Co. (PROP) has announced an underwritten public offering of $200 million of common stock shares, with an additional 30-day option for underwriters to purchase up to $30 million in additional shares. The proceeds will primarily fund the company's proposed Bayswater Acquisition, which involves purchasing oil and gas assets from Bayswater Exploration and Production.
The remaining proceeds will support general corporate purposes, including development and drilling programs, debt repayment, and potential acquisitions. Citigroup leads the offering as the book-running manager, joined by KeyBanc Capital Markets, MUFG Securities Americas, Piper Sandler & Co., and Truist Securities as joint book-running managers. The offering is being made through a shelf registration statement that became effective on December 20, 2024.
Prairie Operating Co. (PROP) has announced a definitive agreement to acquire Bayswater Exploration and Production's DJ Basin assets for $602.75 million. The acquisition includes ~24,000 net acres in Weld County and adds ~26 mboepd of oil-weighted (69% liquids) net production.
The transaction will be funded through a combination of cash, up to ~5.2 million shares of Prairie common stock, and borrowings under an expanded credit facility with a $475 million borrowing base. The deal is expected to close in February 2025, with an economic effective date of December 1, 2024.
Key highlights include an increase to ~27,500 net BOEPD production, expanded footprint to ~54,000 net acres, and ~600 highly economic drilling locations providing ~10 years of inventory. The company's 2025 guidance projects production of 29,000-31,000 BOEPD, capital expenditures of $300-320 million, and adjusted EBITDA between $350-370 million.
Prairie Operating Co. (PROP) has expanded its executive management team with four key appointments to strengthen its leadership and drive growth in the DJ Basin. The new executives include: Gregory S. Patton as EVP of Commercial Development, bringing 15 years of oil and gas operations experience; Lou Basenese as EVP of Market Strategy, with 25 years in financial management; Tim Smith as SVP of Reservoir Engineering, with 15 years of energy sector expertise; and Steve R. Stacy as SVP of Land, with 34 years of industry experience.
The appointments aim to enhance Prairie's operational capabilities, drive efficiency, and maximize shareholder value. The expanded team will focus on growing drilling inventory, improving resource recovery, and expanding the company's media presence.
Prairie Operating Co. (PROP) has released its 2025 guidance, projecting significant growth with expected average daily production of 7,000-8,000 BOEPD, representing a 300% year-over-year increase. The company anticipates capital expenditures of $120-130 million, focusing on high-return drilling opportunities in the DJ Basin.
Financial projections include net income between $69-102 million and Adjusted EBITDA of $100-140 million. The company plans to drill and complete 25-28 wells in 2025. CEO Edward Kovalik highlighted that Prairie's current valuation represents approximately 1x projected 2025 EBITDA, suggesting a potential investment opportunity. The company also plans to pursue additional strategic acquisitions, which could lead to updated guidance.
Prairie Operating Co. (Nasdaq: PROP) has announced the timely completion of its eight-well Shelduck South pad in the DJ Basin, with production expected to be fully online in Q1 2025. This development, along with the recent Nickel Road Operating (NRO) acquisition, marks the first phase of Prairie's 2025 development program.
The company is implementing electrified drilling and completion technologies at Shelduck South, demonstrating its commitment to sustainable operations. Following this milestone, Prairie is now focusing on developing the newly acquired NRO acreage and advancing the Noble, Rusch, and Genesis pads.
