HOUSTON, TX, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Prairie Operating Co. (OTCQB: PROP; the “Company” or “Prairie”) announced today that it has submitted its Weld County Oil and Gas Location Assessment (“WOGLA”) for sites within the Genesis Oil and Gas Development Plan (“OGDP”) and has begun the application process for its second OGDP.
Following the September 15th submittal of the Genesis OGDP with the Colorado Energy and Carbon Management Commission (ECMC) for the Burnett and Oasis locations, Prairie subsequently submitted its Weld County Oil and Gas Location Assessment (WOGLA) for each of these two (2) locations.
The Burnett and Oasis locations will develop eighteen (18) three-mile lateral wells and fifty-four (54) two-mile lateral wells, respectively, encompassing 9-square miles or 5,772 subsurface mineral acres in rural Weld County, Colorado. The Company anticipates that both the WOGLA hearings in Weld County and the OGDP hearing in front of the Colorado ECMC will take place during the first quarter of 2024.
In addition, Prairie has commenced work on its second OGDP, consisting of up to 6,400 subsurface mineral acres of development, with three-to-four (3-4) locations drilling between seventy-two-to-ninety (72-90) wells. The Company is targeting a first quarter 2024 submittal for the second OGDP with the Colorado ECMC.
"I am very proud of the ongoing progress our team continues to make,” stated Ed Kovalik, Chairman and CEO. “Our current permitting strategy highlights Prairie's commitment to maintaining a robust permitted drilling inventory while offering the Company flexibility in its scheduling.”
About Prairie Operating Co.
Prairie Operating Co. (f/k/a Creek Road Miners, Inc.) is a publicly-traded company engaged in the development, exploration, and production of oil, natural gas, and natural gas liquids with operations focused on unconventional oil and natural gas reservoirs located in Colorado focused on the Niobrara and Codell formations. The company also owns crypto miner computer assets, complementary to its energy assets. The Company is dedicated to developing affordable, reliable energy to meet the world’s growing demand while continuing to protect the environment. To learn more, visit www.prairieopco.com.
Forward-Looking Statements
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. These risks include, but are not limited to, general economic, financial, legal, political, and business conditions and changes in domestic and foreign markets; the risks related to the growth of the Company’s business; and the effects of competition on the Company’s future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. 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 filed with the SEC on March 31, 2023, 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
wp@prairieopco.com
832.274.3449
