Prairie Operating Co (PROP)

[lecorb]

Creek Road Miners
The Trade: Creek Road Miners, Inc.
CRKR
Director Paul L Kessler acquired a total of 25,869,829 shares at an average price of $0.16. The insider spent around $4.16 million to buy those shares.
What’s Happening: Prairie Operating recently reported the closing of the previously announced between Creek Road Miners, Inc. and Prairie Operating Co., LLC.
What Creek Road Miners Does: Prairie Operating Co formerly Creek Road Miners Inc develops and operates bitcoin mining scaled-up facilities using natural gas to power the operations.

https://www.benzinga.com/trading-ideas/long-ideas/23/05/32315031/over-4m-bet-on-this-financial-services-stock-check-out-these-3-penny-stocks-insiders-are





Creek Road Miners, Inc. Completes Merger with Prairie Operating Co., LLC, Establishing Prairie Operating Co.
Press Release | 05/04/2023
OKLAHOMA CITY, Oklahoma, May 04, 2023 (GLOBE NEWSWIRE) -- Prairie Operating Co. (OTCQB: CRKR; the “Company”) announced today the closing (the “Closing”) of the previously announced merger (the “Merger”) between Creek Road Miners, Inc. (“Creek Road”) and Prairie Operating Co., LLC (“Prairie”). As a result of the Merger, Creek Road was renamed Prairie Operating Co. The Company expects to commence trading on the OTCQB under the new name and symbol “PROP” once FINRA processes the Company’s pending Rule 10b-17 action request pursuant to FINRA Rule 6490. The Company intends to request listing on the NYSE American Exchange.

In connection with the Merger, the Company acquired from Exok, Inc. (“Exok”) undeveloped oil and gas leasehold acreage, located in Weld County, Colorado (the “Exok Assets”) for approximately $3.0 million (the “Initial Asset Acquisition”) pursuant to the previously announced amended and restated purchase and sale agreement (“PSA”) between Prairie and Exok. The Company has the option to purchase 32,695.63 additional gross Weld County acres from Exok, payable partly in cash and partly in equity consideration, until the later of August 15, 2023 or 90 days from the Closing, in accordance with the terms of the PSA.

To fund the Initial Asset Acquisition, Creek Road raised $17.3 million in proceeds from the private placement of the Company’s Series D preferred stock (“Series D Preferred Stock”) and warrants to purchase the Company’s common stock with certain investors (the “PIPE” and together with the Merger and the Initial Asset Acquisition, the “Transactions”). Any remaining proceeds from the PIPE, after funding the Initial Asset Acquisition and expenses related to the Transactions, will be used to develop the Exok Assets.

Ed Kovalik, the Company’s Chief Executive Officer, added, “Today marks the beginning of a tremendous growth opportunity for Prairie and its shareholders. Our goal is to be a world-class developer of high-quality assets with continuing focus on environmentally responsible operations”

As previously announced, the Company’s executive leadership team includes Prairie co-founders Gary C. Hanna (President) and Ed Kovalik (Chief Executive Officer), together with energy industry veterans Craig Owen (Chief Financial Officer), Jeremy Ham (Chief Commercial Officer) and Bryan Freeman (Executive Vice President of Operations). Gary C. Hanna, Ed Kovalik, Paul L. Kessler, Gizman Abbas and Stephen Lee will serve on the Company’s board of directors.

Advisors

Baker McKenzie LLP served as legal counsel to Creek Road.

Vinson & Elkins L.L.P. served as legal counsel to Prairie.

About Prairie Operating Co.

Prairie Operating Co. (f/k/a Creek Road Miners, Inc.) is a publicly traded company with assets held in Weld County, Colorado. The Company is dedicated to developing affordable, reliable energy to meet the world’s growing demand, while continuing to protect the environment. To learn more, visit Prairieopco.com.