Prairie Operating Co (PROP) said Friday that it has entered into a definitive agreement to acquire certain assets from Bayswater Exploration and Production and its affiliated entities for about $602.8 million.
The transaction will consist of cash and up to about 5.2 million shares of Prairie common stock and is expected to close in February.
The company said the transaction will significantly increase its operational scale and footprint in the DJ Basin.
Prairie expects to fund the cash portion of the consideration through a combination of cash on hand, borrowings under its credit facility, and proceeds from capital markets transactions.
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