Prairie Operating Co. announces $35M common stock offering

Prairie Operating Co. (PROP) announced that it has commenced an underwritten public offering of $35M of shares of its common stock. In addition, the company also announced today its concurrent registered offering of 150,000 shares of new Series F convertible preferred stock. The company intends to use the net proceeds from the common stock offering, together with the net proceeds from the concurrent preferred stock offering, to fund a portion of the purchase price for the company’s proposed acquisition of certain oil and gas assets from Bayswater Exploration and Production and certain of its affiliates. The company intends to use any remaining net proceeds from the common stock offering and the concurrent preferred stock offering, including any net proceeds from the underwriters’ exercise of their option to purchase additional shares, for other general corporate purposes, which may include advancing the company’s development and drilling program, repayment of existing indebtedness or financing other potential acquisition opportunities. Citigroup is acting as lead book-running manager for the common stock offering. KeyBanc Capital Markets, Truist Securities, MUFG Securities Americas, and Piper Sandler & Co. are also acting as joint book-running managers. Roth Capital Partners, Clear Street, Johnson Rice & Company, and Pickering Energy Partners are acting as co-managers.