(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.
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