HOUSTON, TX, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Prairie Operating Co. (OTCQB:CRKR, the "Company")), is pleased to announce the execution of its option to acquire the remaining Exok, Inc. ("Exok") assets located in Weld County, Colorado. In conjunction with executing this option, the Company closed on a $20 million Private Investment in Public Equity ("PIPE") offering.
The Exok asset is offset by industry-leading operators and positioned within the core of Denver-Julesburg "DJ" Basin, a premier U.S. Shale Basin. Following the closing, the Company will control a total of approximately 37,189 acres in Weld County, Colorado. The decision to exercise the option underscores the Company's continued commitment to enhancing and expanding its market presence.
"I am pleased to share that the Company has fully exercised the option to acquire the remaining Exok assets, a move that not only accelerates our growth but also strengthens our overall position within a top-tier U.S. Shale Basin," stated Chairman and CEO, Ed Kovalik. "This acquisition, coupled with the successful closing of a $20 million PIPE offering, highlights investor confidence in the Company's vision to become a world-class developer of high-quality assets."
"We look forward to filing our permit applications for acreage development and preparing both Niobrara and Codell development programs," added Gary Hanna, President of Prairie Operating Co.
To fund the exercise of the Exok option, the Company raised $20 million through the PIPE of its Series E preferred stock, common stock, and warrants to ...