Prairie Operating Co. (PROP) has officially entered into a definitive agreement to purchase certain assets from Bayswater Exploration and Production and its associated entities at a total cost of $602.75 million. This acquisition will be funded through a combination of cash and approximately 5.2 million shares of Prairie's common stock.
In conjunction with this transaction, Prairie Operating Co. has launched an underwritten public offering estimated at $200 million for shares of its common stock, with each share having a par value of $0.01. The company plans to allocate the net proceeds from this offering to help finance part of the acquisition costs for these oil and gas assets from Bayswater Exploration and Production and its affiliates.
