secwatch.observer — SEC 8-K summary
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Issuer:     Prairie Operating Co. (PROP)
CIK:        0001162896
Form:       8-K
Filed at:   2024-02-05T23:59:59+00:00
Accession:  0001493152-24-004931
Event type: m_and_a
Sentiment:  positive
Materiality: 0.55
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Prairie Operating acquires DJ Basin leases: 2.6 MMboe reserves, $40M PV10 for $900k
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- Acquired 1,280-acre drillable spacing unit and 8 fully permitted PUDs in Weld County, CO for $900,000.
- Adds 2.6 MMboe in proved reserves with ~$40M PV10 per CG&A report (SEC pricing as of Dec 31, 2023).
- Pro forma permitted drilling inventory expands to 70 wells after closing of Nickel Road Operating acquisition (expected H1 2024).
- PUDs are liquids-rich: 75% oil / 85% liquids, offset Niobrara developments near existing midstream.
- CEO Ed Kovalik cites 'disciplined and opportunistic growth' as acquisition creates immediate value.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1162896/000149315224004931/0001493152-24-004931-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1162896/000149315224004931/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-004931

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