DENVER, Feb. 7, 2025
/PRNewswire/ -- Bayswater Exploration and Production (Bayswater), a
Denver-based oil and natural gas
development company, is pleased to announce it has entered into an
agreement to sell assets in the Denver Julesburg Basin (DJ Basin)
to Prairie Operating Company (Nasdaq: PROP), in a cash and stock
transaction valued at approximately $603
million.
"Today's agreement represents the culmination of years of work
by our talented and dedicated DJ Basin team," said Steve Struna, President & CEO of Bayswater
"Bayswater has been operating in the DJ Basin since 2009. We are
proud of the high-quality asset we have built, our reputation as a
responsible operator, and the positive impact we have had in
surrounding Weld County
communities."
The sale includes (approximately) 24,000 leased acres, 300
producing horizontal wells on 30 pads, and 25,000 barrels of oil
equivalent per day (BOED). Also included is nine newly
drilled but not yet completed horizontal wells, and a Bayswater
operated saltwater disposal system.
Bayswater is privately capitalized with a business model that is
designed to acquire, develop, and subsequently monetize assets with
the goal of an accretive return of capital to investors. The firm
of Davis Graham was Bayswater's
legal advisor for the transaction.
Bayswater remains committed to Colorado and operating in the DJ Basin.
Following this transaction, Bayswater will retain and operate 70
horizontal wells producing approximately 18,000 BOED and currently
has one rig actively drilling on the remaining position.
Additionally, Bayswater holds 50,000 acres in the Northern Midland
Basin in Texas that is under
active development, including 140 horizontal wells producing
approximately 20,000 BOED, a large saltwater disposal system, and
Tejon Treating and Carbon Solutions—a Bayswater affiliate owned gas
gathering and treating business in the Midland Basin. These
Texas assets were unaffected by
this transaction.
"This sale is a key part in the natural lifecycle of our
business. I am grateful to all my Bayswater field and office
colleagues, our vendors, suppliers, and local community
stakeholders," said Struna. "We remain committed to operating in
the DJ Basin and look forward to rebuilding our Colorado footprint with newly raised capital
and continuing to responsibly produce Colorado oil and natural gas—the cleanest
energy molecules on the planet."
Bayswater is a privately held oil and natural gas
development company with operations in Colorado and Texas, employing multiple best-in-class
practices focused on reducing the air, land, and water impacts of
their operations. Bayswater is committed to responsible
energy development and the belief that the development of oil and
natural gas resources and the stewardship of a pristine,
sustainable environment are not mutually exclusive. To learn more,
visit www.bayswater.us.
Media Contacts:
Steve Struna | President &
CEO | Bayswater | 303.893.2503
Mark Truax | Communications |
Bayswater | 720.724.0298 | mark.truax@pacweststrategies.com
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SOURCE Bayswater Exploration & Production (Bayswater)
