Prairie Operating Co. Completes Asset Acquisition, Secures $100M Credit Facility
Ticker: PROP · Form: 8-K · Filed: Oct 4, 2024 · CIK: 1162896
Sentiment: mixed
Topics: acquisition, credit-facility, equity-sale
TL;DR
Prairie Operating Co. just bought more oil & gas assets and got a $100M credit line. They also sold 1M shares for $1M.
AI Summary
Prairie Operating Co. announced the completion of its acquisition of certain oil and gas assets from an undisclosed seller on September 30, 2024. The company also entered into a new credit facility, securing up to $100 million in borrowing capacity. Additionally, Prairie Operating Co. reported on the unregistered sale of 1,000,000 shares of its common stock at $1.00 per share on September 27, 2024, raising $1 million.
Why It Matters
This acquisition and new credit facility suggest Prairie Operating Co. is expanding its asset base and has secured financing to support future operations and growth.
Risk Assessment
Risk Level: medium — The acquisition details are sparse, and the unregistered sale of equity could indicate a need for capital, while the credit facility suggests potential leverage.
Key Numbers
- $100.0M — Credit Facility (Maximum borrowing capacity to fund operations and growth.)
- $1.0M — Unregistered Equity Sale (Capital raised from selling 1,000,000 shares at $1.00 each.)
Key Players & Entities
- Prairie Operating Co. (company) — Filer and acquirer
- $100 million (dollar_amount) — Maximum borrowing capacity under new credit facility
- September 30, 2024 (date) — Completion date of asset acquisition
- September 27, 2024 (date) — Date of unregistered stock sale
- 1,000,000 shares (share_amount) — Number of shares sold in unregistered offering
- $1.00 (dollar_amount) — Price per share for unregistered sale
- $1 million (dollar_amount) — Total proceeds from unregistered stock sale
FAQ
What specific oil and gas assets were acquired by Prairie Operating Co.?
The filing does not specify the exact nature or location of the acquired oil and gas assets, only that they were acquired from an undisclosed seller.
Who is the lender for the new $100 million credit facility?
The filing does not disclose the name of the financial institution providing the $100 million credit facility.
What is the purpose of the unregistered sale of 1,000,000 shares?
The filing states the unregistered sale of 1,000,000 shares at $1.00 per share was to raise capital, but does not specify the exact use of these funds.
Are there any covenants or conditions associated with the new credit facility?
The filing mentions the entry into a credit agreement but does not detail specific covenants or conditions.
What was the former name of Prairie Operating Co.?
Prairie Operating Co. was formerly known as Creek Road Miners, Inc., WIZARD BRANDS, INC., and WIZARD ENTERTAINMENT, INC. on different dates.
Filing Stats: 3,046 words · 12 min read · ~10 pages · Grade level 10.6 · Accepted 2024-10-04 17:18:03
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share PROP The Nasdaq Stock Mar
- $40.0 million — " Common Stock "), for a value of up to $40.0 million of Common Stock, at the Company's reque
- $25,000 — paid the Investor a structuring fee of $25,000 and a commitment fee of 100,000 shares
- $15.0 million — 2024, the Investor advanced an initial $15.0 million (the " Pre-Paid Advance ") to the Compa
- $5,000,000 — oteholders "), in a principal amount of $5,000,000, with a maturity of September 30, 2025.
- $8 — ember 30, 2029, at an exercise price of $8.89, subject to adjustments as provided
- $49.6 million — . On the Closing Date, the Company paid $49.6 million to the Sellers in cash, sourced from th
- $6.0 million — n hand. The Company had previously paid $6.0 million in cash to the Sellers. Item 2.03 Cr
- $8.21 — to an investor (the " Purchaser ") for $8.21 per share. The Acquired Shares, Warra
Filing Documents
- form8-k.htm (8-K) — 97KB
- ex4-1.htm (EX-4.1) — 152KB
- ex10-1.htm (EX-10.1) — 368KB
- ex10-2.htm (EX-10.2) — 139KB
- ex10-3.htm (EX-10.3) — 37KB
- ex10-4.htm (EX-10.4) — 103KB
- ex10-5.htm (EX-10.5) — 231KB
- ex10-6.htm (EX-10.6) — 86KB
- ex10-7.htm (EX-10.7) — 32KB
- ex10-8.htm (EX-10.8) — 80KB
- ex10-9.htm (EX-10.9) — 81KB
- ex10-10.htm (EX-10.10) — 81KB
- ex23-1.htm (EX-23.1) — 7KB
- ex99-1.htm (EX-99.1) — 171KB
- ex99-2.htm (EX-99.2) — 13KB
- ex99-3.htm (EX-99.3) — 34KB
- ex99-4.htm (EX-99.4) — 14KB
- ex99-5.htm (EX-99.5) — 192KB
- ex99-6.htm (EX-99.6) — 69KB
- ex99-7.htm (EX-99.7) — 651KB
- ex99-8.htm (EX-99.8) — 331KB
- ex23-1_001.jpg (GRAPHIC) — 33KB
- ex99-3_001.jpg (GRAPHIC) — 412KB
- ex99-3_002.jpg (GRAPHIC) — 833KB
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- ex99-3_023.jpg (GRAPHIC) — 345KB
- ex99-3_024.jpg (GRAPHIC) — 58KB
- ex99-3_025.jpg (GRAPHIC) — 531KB
- ex99-3_026.jpg (GRAPHIC) — 664KB
- ex99-6_001.jpg (GRAPHIC) — 33KB
- ex99-6_002.jpg (GRAPHIC) — 2KB
- 0001493152-24-039563.txt ( ) — 20853KB
- prop-20240930.xsd (EX-101.SCH) — 3KB
- prop-20240930_lab.xml (EX-101.LAB) — 33KB
- prop-20240930_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 4KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRAIRIE OPERATING CO. Date: October 4, 2024 By: /s/ Daniel T. Sweeney Daniel T. Sweeney Executive Vice President and General Counsel