Prairie Operating Co. (PROP) announced the acquisition of certain assets from Edge Energy II LLC in an off-market transaction for $12.5 million in cash.
The purchase was funded through the company’s credit facility. This transaction is non-dilutive for shareholders.
The acquisition adds approximately 11,000 net acres to Prairie’s DJ Basin footprint. This expansion increases the company’s total net acres in the DJ Basin to approximately 60,000.
Edward Kovalik, Chairman and CEO of ConocoPhillips (COP), stated that this strategic and highly accretive bolt-on acquisition enhances their existing footprint in the DJ Basin.
