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Prairie Operating Expands Acreage in the Denver-Julesburg Basin
09/06/2023
Prairie Operating Co. buys 20K+ acres in Weld County, CO, expanding its footprint in the core of the Denver-Julesburg Basin.
The evaluation report reveals that the land has more to offer beyond the initial findings and that hundreds of additional locations are viable for drilling in the future beyond an initial five-year program.
On August 21, Prairie Operating disclosed findings from an external, independent assessment focused on its inactive holdings in Weld County.
Acquisition Details
- Area Covered: Prairie Operating is acquiring a substantial 20,328 net mineral acres located in Weld County, Colorado.
- Partner: The company made this deal in an agreement with Oklahoma-based Exok Inc., as documented in filings with the Securities and Exchange Commission.
Financial Arrangements
- Cost Structure: The total cost of this acquisition is approximately $22 million. Of this sum, $18 million will be paid in cash, and the remaining $4 million will be provided as equity in Prairie Operating.
- Funding Source: In addition to the cash and equity arrangement, Prairie Operating secured funding through a $20 million Private Investment in Public Equity (PIPE) offering.
Resource Evaluation
- Potential Reserves: Initial evaluations indicate that the acquired land could potentially hold reserves of about 285.3 million barrels of oil equivalent (MMboe).
- Net Present Value (PV-10): The estimated value of these potential reserves, based on a PV-10 calculation, is approximately $2.4 billion.
Geological Aspects
- Formation Locations: These reserves are distributed across 412 qualified locations within the Niobrara and Codell geological formations.
- Reserve Composition: The potential reserves are composed mainly of oil and liquids (74%) and natural gas (26%).
About Prairie Operating Co.
Prairie Operating Co., formerly known as Creek Road Miners, Inc., is a publicly traded entity that specializes in the development, exploration, and production of oil, natural gas, and natural gas liquids. The company focuses its operations on unconventional oil and gas reservoirs in Colorado, particularly targeting the Niobrara and Codell formations. Alongside its energy activities, the company also has a foothold in the cryptocurrency mining sector. Committed to meeting the growing global demand for affordable and reliable energy, Prairie Operating Co. places a strong emphasis on environmental protection.
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SM Energy Acquires 20,000 Acres in Texas for $90.6M
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/171Blog_SM Energy Buys 20,000 Acres in Dawson and north Martin Texas in Q2 2023.png)
SM Energy acquired 20,000 net acres in Dawson and north Martin counties in Texas, completing the transaction in cash. SM Energy Co., based in Denver, intends to expand on its success from the second quarter by increasing its drilling and completion activities in the coming quarter. This plan also includes preparations to develop the newly acquired land in the Midland basin. In June, the company's president and CEO, Herb Vogel, along with his team, raised their target for total oil and gas production for the second quarter to 13.9 MMboe, up from 13.4 MMboe. They exceeded this target, reaching nearly 14.1 MMboe, with oil making up 42% of that figure. During the quarter, SM Energy drilled 17 wells, with 12 located in South Texas and five in the Midland basin. They also completed 25 wells, 17 of which were in the Midland basin.
Diamondback's Viper Energy Acquires $1 Billion in Royalty Interests in the Permian Basin
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/186Blog_Viper Energy Secures $1 Billion in Permian.png)
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/184Blog_Rangeland Energy Divests Canadian Pipeline to Kingston Midstream.png)
Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/187Blog_ONEOK Completes Acquisition of Magellan Midstream.png)
The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.