Prairie Operating (PROP) agreed to acquire assets in the Denver Julesburg Basin from Bayswater Exploration and Production for about $603 million in a cash and stock deal, Bayswater said Friday.
The acquisition includes about 24,000 leased acres, 300 producing horizontal wells, nine newly drilled but not completed horizontal wells, 25,000 barrels of oil equivalent per day, and a Bayswater-operated saltwater disposal system.
Bayswater said it will retain and operate 70 horizontal wells on the remaining position after the transaction.
Shares of Prairie were down 28% in recent trading.
Price: 6.22, Change: -2.42, Percent Change: -28.01
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