Oil and gas producer Prairie tumbles after acquisition-related stock deals unveiled

Prairie Operating Co's PROP.O shares down 16.6% to $4.89 post-market as oil and gas producer seeks equity raise to fund recently announced acquisition

Houston-based firm commences $35 mlm stock offering and announces concurrent registered direct offering of 150,000 shares of convertible preferred stock to a certain investor

It plans to use net offering proceeds from both transactions to fund portion of ~$600 mln purchase of certain Denver-Julesburg (DJ) Basin assets from Bayswater Exploration

Co says intends to use any remaining proceeds for general purposes, including advancing development and drilling program, debt repayment or potential acquisitions

Citigroup lead bookrunner

On Feb 7, co announced planned $200 mln equity offering for the same purposes

With ~26.9 mln shares outstanding, according to most recent 10-k filing, co has ~$158 mln market cap

PROP shares on Mon closed up 5% at $5.86. Stock down 15% YTD and down ~44% over the past 12 months