Prairie Operating Co. Submits Second Oil And Gas Development Plan, With The CECMC And Receives Approval For The First 20 Wellbores Within The Genesis I OGDP
Portfolio Pulse from Benzinga Newsdesk
Prairie Operating Co. (NASDAQ:PROP) has submitted its second Oil and Gas Development Plan (OGDP), Genesis II, to the Colorado Energy and Carbon Management Commission (CECMC). The company received approval for the first 20 wellbores within the Genesis I OGDP. The Genesis II OGDP will develop up to 42 three-mile lateral wells in Weld County, Colorado, with a fully electrified drill rig and production facility. The CECMC hearing for Genesis II is expected in Q1 2025, with the project drill-ready by Q2 2025.
August 08, 2024 | 9:32 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Prairie Operating Co. (NASDAQ:PROP) has submitted its second OGDP, Genesis II, and received approval for the first 20 wellbores within Genesis I OGDP. The Genesis II project will develop up to 42 wells and is expected to be drill-ready by Q2 2025.
The approval of the first 20 wellbores within Genesis I OGDP and the submission of Genesis II OGDP indicate significant progress in Prairie's development plans. This is likely to positively impact the stock price in the short term as it demonstrates regulatory approval and future growth potential.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100