Prairie Operating Acquired 1,280 Acre Drillable Spacing Unit In DJ Basin For $900,000
Portfolio Pulse from Benzinga Newsdesk
Prairie Operating has expanded its DJ Basin portfolio by acquiring a 1,280 acre drillable spacing unit (DSU) and eight permitted PUDs for $900,000. This acquisition, along with the expected acquisition of 62 PUDs from Nickel Road Operating LLC, will increase Prairie's drilling inventory to 70 wells. The acquisition adds over 2.6 MMboe in reserves and approximately $40 million in PV10 value, with the PUDs being liquids rich and near existing midstream infrastructure.
February 05, 2024 | 9:20 pm
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POSITIVE IMPACT
Prairie Operating's acquisition of a 1,280 acre DSU and eight permitted PUDs for $900,000 significantly expands its DJ Basin portfolio, increasing its drilling inventory to 70 wells and adding over 2.6 MMboe in reserves.
The acquisition directly impacts Prairie Operating by significantly expanding its drilling inventory and reserves in the DJ Basin, which is likely to be viewed positively by investors. The addition of high-value, liquids-rich PUDs near existing infrastructure enhances the company's asset base and operational efficiency, potentially leading to increased production and revenue in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100