Prairie Operating Co. Begins Completion of the Opal Coalbank Pad, Acquired from Bayswater

Opal Coalbank consists of nine DUC wells on track for production this summer

Previously announced drilling of Rusch Pad ahead of schedule

Recently announced strategic hedging program “in the money” by ~$70 million

HOUSTON, TX, April 28, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) – an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced it is beginning completions of nine previously drilled but uncompleted (“DUC”) wells acquired in the recent Bayswater transaction. 

"We are encouraged to see continued strong progress across our operational and financial initiatives," said Edward Kovalik, Chairman and CEO of Prairie. "The completion of the Opal Coalbank pad, in combination with the development of the Rusch Pad, exemplifies our commitment to growing production. The well-timed execution of our hedging program, now materially “in the money”, provides the financial stability needed to execute these growth projects while protecting our downside in a volatile market. As we move forward, we remain focused on operational excellence, disciplined capital allocation, and long-term shareholder value creation."

Opal Coalbank Development: Unlocking Near-Term Cash Flow with Future Upside

The Opal Coalbank project spans two distinct DSUs and is currently in partial development, leveraging nine drilled but uncompleted (DUC) wells acquired from Bayswater. This phase of the project is focused on unlocking immediate cash flow through the completion of the existing DUCs—targeting six in the Codell and three in the Niobrara B.

Completions are set to begin in May, using Prairie’s tailored design optimized through multivariate and geo-mechanical analysis. Production is on track to commence by summer. The broader Opal Coalbank project offers significant future upside as Prairie evaluates additional developments across both DSUs.

Rusch Pad: 11-Well Development Ahead of Schedule

On April 2, 2025, Prairie announced the launch of an 11-well development program at the Rusch Pad, utilizing one of Precision premier rigs in the basin. The program includes two-mile lateral wells alternating between the Niobrara A, B, and C Chalks and the Codell Sandstone. As of today, three wells have been successfully drilled and cased, with the fourth currently being drilled. Drilling is expected to be completed by early June, with hydraulic fracturing commencing shortly thereafter and first production anticipated in early August.