Core Viewpoint - Prairie Operating Co. has secured a multi-year Reserve-Based Lending (RBL) credit facility with an initial commitment of 1 billion, enhancing its financial flexibility and development plans [1][2]. Financial Flexibility - The RBL facility, arranged with Citibank, N.A., allows Prairie to expand its financial resources in line with production increases, demonstrating the strength of its asset base [1][2]. - The initial commitment of $44 million from Citi provides Prairie with a reputable financial partner, which is expected to bolster confidence in achieving strategic objectives [2]. Strategic Development - The facility's expansion option supports Prairie's focus on organic development and strategic asset acquisitions in the DJ Basin, particularly in the Niobrara and Codell formations [2][3]. - This credit facility aligns with Prairie's development milestones, positioning the company for sustained growth in the oil and natural gas sector [3]. Company Overview - Prairie Operating Co. is an independent energy company based in Houston, focused on the development and acquisition of oil and natural gas resources in the United States, particularly in the Denver-Julesburg (DJ) Basin [4]. - The company emphasizes responsible resource development, aiming to maximize returns through consistent growth, capital discipline, and sustainable cash flow generation [4].
Prairie Operating Co. Announces $1 Billion Reserve Based Lending Facility with Citibank, N.A.