BUZZ-Oil and gas firm Prairie slumps on stock offering plan to fund DJ Basin assets acquisition
ReutersFeb 7, 2025 6:51 PM
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
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