(Source: Shutterstock, Prairie Operating Co.)
Prairie Operating Co. has closed its $602.75 million acquisition of Denver-Julesburg (D-J) Basin assets from Bayswater Exploration and Production, the operator said March 26.
The 24,000-acre deal adds approximately 25,700 boe/d (69% liquids) to its inventory, as well as 600 drilling locations and 10 years of drilling inventory, Prairie said.
The assets have 77.9 MMboe in proved reserves with an estimated PV-10 value of $1.1 billion.
The deal was funded through a combination of a common stock public offering, the company’s $1 billion credit facility, an issuance of common stock to Bayswater and an issuance of Series F preferred stock to an institutional investor.
Prairie now has 35.4 million shares of common stock outstanding.
Citi served as exclusive financial adviser and Norton Rose Fulbright US LLP served as legal adviser to Prairie.
Citibank NA led the financing under Prairie’s expanded credit facility. Latham & Watkins LLP acted as legal adviser to Citibank.
RELATED
Recommended Reading
Waterous Raises $1B PE Fund for Canadian Oil, Gas Investments
2025-04-01 - Waterous Energy Fund (WEF) raised US$1 billion for its third fund and backed oil sands producer Greenfire Resources.
Kissler: Gas Producers Should Still Hedge on Price
2025-03-27 - Recent price jumps and rising demand don’t negate the need to protect against future drops.
Plains All American President Pefanis to Retire
2025-03-27 - Current CEO Willie Chiang will take over as the next president of Plains All American Pipeline following co-founder Harry Pefanis’ retirement.
Japan’s JAPEX Backs Former TreadStone Execs’ New E&P Peoria
2025-03-26 - Japanese firm JAPEX U.S. Corp. made an equity investment in Peoria Resources, led by former executives from TreadStone Energy Partners.
CPP Wants to Invest Another $12.5B into Oil, Gas
2025-03-26 - The Canada Pension Plan’s CPP Investments is looking for more oil and gas stories—in addition to renewable and other energies.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.