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BUZZ-Oil and gas firm Prairie slumps on stock offering plan to fund DJ Basin assets acquisition

Reuters
Feb 08, 2025
BUZZ-Oil and gas firm Prairie slumps on stock offering plan to fund DJ Basin assets acquisition

** Shares of oil and natural gas producer Prairie Operating PROP.O plunge as much as 29.9%; last down 23% at $6.65

** Houston-based PROP unveils $200 million stock offering plan

** Company plans to use the proceeds to fund its acquisition of certain Denver-Julesburg (DJ) Basin assets from Bayswater Exploration for $602.8 million

** Rest of the proceeds will be used for other purposes, including beefing up PROP's development and drilling program, debt repayment and potential acquisitions

** Citigroup is the lead book-running manager for the offering

** PROP has 22.9 million outstanding shares for a market capitalization worth $198 million, according to data compiled by LSEG

** Stock plunged 27.2% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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