Prairie Operating Co. submits second oil and gas development plan and receives approval for first wells

HOUSTON, Texas, Aug. 8, 2024 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that it has submitted the application for its second Oil and Gas Development Plan (OGDP), the Genesis II OGDP, to the Colorado Energy and Carbon Management Commission (CECMC) and subsequently received approval from the CECMC for the first twenty wells under the Genesis I OGDP.

The Genesis II OGDP consists of two drill platforms developing nine square miles of subsurface minerals in rural Weld County, Colorado. The two platforms, Croissant and Red Angus, will develop up to 42 three-mile lateral wells. The Company plans to utilize a single production facility at the Red Angus site for the entire development and will utilize a fully electrified drilling rig and production facility with three-phase removal for produced oil, gas and water. These initiatives underscore the Company’s continued commitment to minimizing its development footprint while maximizing infrastructure efficiency. Prairie expects the CECMC hearing on the Genesis II OGDP to occur in Q1 2025 and the project to be drill ready in Q2 2025.

In addition, the Company received permits from the CECMC for its first twenty wells at the Oasis and Burnett sites within the Genesis I OGDP. These permits include ten three-mile and ten two-mile lateral wells each at the Burnett and Oasis sites and will develop multiple benches in the Niobrara and Codell formations.

About Prairie Operating Co.

Prairie Operating Co. is a Houston-based, publicly traded, independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids prolific regions of the Denver-Julesburg (DJ) Basin, with a focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline and sustainable cash flow generation.

For more information about the company, please visit www.prairieopco.com.

Forward-looking statements

The information contained herein and in all oral statements made in connection herewith constitutes “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. All statements included herein, other than statements of current or historical fact, are forward-looking statements. When used herein, including all oral statements made in connection herewith, the words “may,” “should,” “will,” “can,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions regarding future events and are based on information currently available regarding the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. There may be additional risks that the Company is not currently aware of or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. For more information on these and other factors that may affect the Company’s expectations, please see the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K/A filed with the SEC on March 20, 2024, and any subsequently filed Quarterly Reports and Current Reports on Form 8-K. The Company’s SEC filings are publicly available on the SEC’s website at www.sec.gov.

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Contact for Investor Relations:
Wobbe Ploegsma
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832.274.3449