Company Website: CreekRoadMiners.com
PARK CITY, Utah--(BUSINESS WIRE)--Creek Road Miners, Inc. (OTCQB:CRKR) (“Creek” or “Company”) has announced that it has signed a non-binding term sheet with the intention to enter into a binding and definitive merger agreement (the “Merger’) with Prairie Operating Co., LLC a Delaware Limited Liability Company (“Prairie”).
With the successful execution of the Merger with Prairie, the Company will conclude a business combination and financing to acquire certain oil and gas properties, and relocate its headquarters to Houston, TX. The combined operating company will consummate the acquisition of over 23,000 net mineral leasehold acres within the DJ Basin, targeting the prolific Niobrara and Codell formations. Offset operators include EOG, Chevron, Oxy, and Civitas. With sufficient drilling inventory to support development for the next decade, Prairie intends to become a preeminent mid-cap E&P company. Management, led by public E&P veterans Edward Kovalik, Gary Hanna and Craig Owen, has over 100 years of operational experience around the world and applies best practices from the board room to field operations.
This transaction provides Creek Road an opportunity to greatly simplify its capital structure with Prairie owning approximately 33% of the pro-forma common shares. At the conclusion of the Merger, Creek Road will be debt- free and intends to change its name to Prairie to reflect the new business operation, and Prairie will operate as the surviving company.
The Company’s current operations utilize natural gas assets to power its bitcoin mining operation. Through this transaction the Company will reposition itself towards oil and gas production. Following the intended Merger, Creek will operate as a much larger enterprise in the energy sector. Paul L. Kessler the Executive Chairman of Creek stated, “There is no more significant sector than energy at this time. With the proposed Merger, Creek will step into an opportunity to achieve scale and the generation of revenue well beyond its current operational capacity.” Mr. Edward Kovalik, the CEO of Prairie, stated, “We’re excited to build a mid-cap E&P company oriented towards growth with our world-class assets. We believe our focus on responsibly developing production, coupled with the high-margin profile of our oil-weighted assets, presents a compelling investment case for creating shareholder value.”
About Creek Road Miners, Inc. (OTCQB: CRKR)
Creek Road Miners, Inc. (www.CreekRoadMiners.com) is a cryptocurrency mining company that leverages mobile power generation units and mining facilities in a manner that overcomes otherwise existing economic barriers. The Creek Road Miners model utilizes the abundance of stranded natural gas in a manner that provides its operations with a desirably priced energy source while benefitting energy operators, the consumer and environmental considerations.
Prairie Operating Company, LLC (www.Prairieopco.com) is an oil & gas company focused on environmentally responsible energy development.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Relations and Media :
John D. Maatta
Creek Road Miners, Inc.