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Houston-based Prairie Operating Co. has reaffirmed its multiyear $1 billion reserve-based lending credit facility with Cititbank, its lead arranger, according to a June 9 press release.
The reserve-based credit facility was reaffirmed with a borrowing base of $475 million and a maturity date of March 26, 2029, the company said. Bank of America and West Texas National Bank have also joined Prairie’s lending syndicate.
The facility will support the company’s development activity in the Denver-Julesburg (D-J) Basin, said Prairie Operating CEO and Chairman Edward Kovalik.
On March 27, Prairie closed its $600 million bolt-on of D-J assets from Bayswater Exploration and Production.
The deal added approximately 25,700 boe/d (69% liquids) to its inventory, as well as 600 drilling locations and 10 years of drilling inventory, Prairie said.
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