Prairie Operating Co. announces completion of eight-well Shelduck South pad, focusing on growth and sustainable operations in 2025.
Quiver AI Summary
Prairie Operating Co. has announced the successful on-time completion of its initial eight-well Shelduck South pad in the DJ Basin, with production expected to be fully operational in the first quarter of 2025. This project marks the first phase of Prairie's development program for 2025, alongside a recent acquisition from Nickel Road Operating. CEO Edward Kovalik emphasized that this achievement reflects the company's growth strategy and dedication to sustainable operations through advanced drilling technologies. Following the Shelduck South development, Prairie plans to focus on their new NRO acreage and further projects, including the Noble, Rusch, and Genesis pads, enhancing their production footprint. Prairie Operating Co. is committed to responsible resource development and maximizing returns through disciplined capital management.
Potential Positives
- Successful on-time completion of the initial eight-well Shelduck South pad, indicating effective project management and operational efficiency.
- The Shelduck South pad is expected to fully contribute to production in Q1 2025, signaling positive short-term revenue implications.
- Utilization of cutting-edge, electrified drilling and completion technologies demonstrates the company's commitment to sustainable practices and innovation in operations.
- The announcement outlines a clear growth strategy with future developments planned at the NRO acreage and other pads, indicating strong potential for long-term growth and value creation.
Potential Negatives
- The press release heavily emphasizes forward-looking statements, which are inherently uncertain and could lead to potential investor skepticism regarding the company's future performance.
- The mention of risks and uncertainties associated with the forward-looking statements may raise concerns about the company's ability to achieve its projected growth and production targets.
- The reliance on recent acquisitions and new developments could indicate that the company is expanding rapidly, which may strain resources or lead to operational challenges if not managed properly.
FAQ
What is the Shelduck South pad project?
The Shelduck South pad is an eight-well project in the DJ Basin, completed on time to enhance Prairie's production capacity.
When will production from the Shelduck South pad start?
Production from the Shelduck South pad is set to be fully online in the first quarter of 2025.
What technologies are being used in the Shelduck South development?
The project utilizes cutting-edge, electrified drilling and completion technologies for sustainable and efficient operations.
What is Prairie Operating Co.’s main focus in 2025?
In 2025, Prairie will focus on developing high-quality assets and expanding its production footprint in the DJ Basin.
How can I learn more about Prairie Operating Co.?
Additional information about Prairie can be found on their official website at www.prairieopco.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
HOUSTON, TX, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced the on-time completion of its initial eight-well Shelduck South pad in the DJ Basin and is set to have production fully online in the first quarter of 2025. The Shelduck pad, together with recent Nickel Road Operating (NRO) acquisition, represents the first phase in Prairie's 2025 development program.
“The on-time completion of the Shelduck South pad is a testament to the hard work of our team and represents a significant step forward in our growth strategy,” said Edward Kovalik, Chairman and CEO of Prairie Operating Co. “In addition to continuing acquisitions, we are now focused on leveraging this momentum to develop our high-quality assets that position us for long-term value creation.”
The Shelduck South pad, and future developments, utilize cutting-edge, electrified drilling and completion technologies that exemplifies Prairie’s commitment to sustainable and efficient operations. With the Shelduck South development completed, Prairie is now shifting focus to the recently acquired NRO acreage and the development of the Noble, Rusch and Genesis pads. These projects will build on the momentum established at Shelduck South, further expanding Prairie’s production footprint in the DJ Basin.
About Prairie Operating Co.
Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at
www.prairieopco.com
.
Forward-Looking Statement
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. There may be additional risks not currently known by the Company or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K/A filed with the SEC on March 20, 2024, and any subsequently filed Quarterly Report and Current Report on Form 8-K. The Company’s SEC filings are available publicly on the SEC’s website at
www.sec.gov
.
Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
832.274.3449
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