Prairie Operating Co., an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin, reaffirmed its multi-year reserve-based lending credit facility with Citibank, its lead arranger.
Following its semi-annual redetermination, the company’s reserve-based credit facility was reaffirmed with a borrowing base of $475 million, a maximum facility size of $1.0 billion, and a maturity date of March 26, 2029.
“The reaffirmation of our borrowing base, along with the addition of Bank of America and West Texas National Bank to our syndicate, underscores the confidence our lenders have in the strength of our asset base and execution strategy,” Edward Kovalik, chairman and CEO of Prairie, said. “This facility enhances our financial flexibility and supports our ongoing development activity and pursuit of accretive growth opportunities in the DJ Basin.”
In conjunction with the semi-annual redetermination, Bank of America and West Texas National Bank have joined the lending syndicate, which includes Citibank, KeyBank, MUFG Bank, Truist Bank, UMB Bank and Macquarie Bank.
