Prairie Operating finalizes $84.5 million acquisition of DJ basin assets

(WO) — Prairie Operating Co. has closed its $84.5 million acquisition of oil-weighted assets from Nickel Road Operating, LLC (NRO), a portfolio company of Vortus Investment Advisors, LLC. The acquisition was funded through a private placement of common stock, an equity facility, and cash reserves.

The assets, located in Weld County, Colorado, add 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells, enhancing Prairie’s cash flow in the DJ basin.

“This transaction is a major step forward in our growth strategy and an example of delivering long-term value for our shareholders,” said Edward Kovalik, Chairman and CEO of Prairie Operating Co. “With our Shelduck South development now drilling well four of the eight-well pad, we expect the production from both these assets, combined with our permitted Genesis locations, to provide a significant cash flow engine for growth through 2025 and beyond.”

The company is committed to expanding production and well inventory through organic drilling and strategic acquisitions. Prairie plans to integrate the newly acquired assets into its existing operations while focusing on developing its extensive inventory of drilling locations across its DJ basin acreage.