HOUSTON - Prairie Operating Co. (NASDAQ:PROP), an independent energy company, announced today that the Colorado Energy and Carbon Management Commission (ECMC) has approved its Genesis I Oil & Gas Development Plan (OGDP). The plan outlines the development of 72 wells across two pads in Weld County, Colorado, which will include up to 18 three-mile lateral wells and up to 54 two-mile lateral wells.
The approval marks a significant step for Prairie in expanding its operations in the Denver-Julesburg (DJ) Basin, a region known for oil and liquids-rich resources. The company's recent acquisition of additional wells earlier this year, along with the anticipated closing of the Nickel Road Operating (NRO) asset acquisition announced in January, is set to increase its well inventory to over 140 permits.
Ed Kovalik, Chairman and CEO of Prairie, expressed gratitude to the ECMC and the company's team for their support during the hearing process. The new permits are expected to provide Prairie with a multi-year inventory of projects, enhancing operational visibility into 2025 and maintaining a robust drilling inventory that allows for flexible scheduling.
Furthermore, Prairie has initiated preparations for a second Genesis OGDP, dubbed Genesis II OGDP, which involves up to 5,760 mineral acres of subsurface development and proposes between 42 and 54 new wells. The company aims to submit this plan to the ECMC by April 2024.
Prairie Operating Co. specializes in the acquisition and development of proven oil and natural gas resources in the United States. The company emphasizes responsible development and is focused on maximizing returns through growth, capital discipline, and sustainable cash flow.
This announcement contains forward-looking statements, which are based on current expectations and projections about future events. Investors are cautioned that such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
The information provided in this article is based on a press release statement from Prairie Operating Co.
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