HOUSTON, TX, Jan. 16, 2025 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced the expansion of its executive management team with the addition of four seasoned industry leaders. These appointments underscore Prairie’s commitment to strengthening its leadership team to drive growth, innovation, and operational excellence.
Introducing the New Leadership Team Members
Gregory S. Patton – Executive Vice President – Commercial Development: Mr. Patton brings over 15 years of experience in oil and gas operations, including his recent experience as an executive at Great Western Petroleum in the Denver Julesburg (“DJ”) Basin. His proven track record includes M&A, public debt and equity offerings, midstream, and implementation of cutting-edge technologies. As Executive Vice President of Commercial Development, Mr. Patton will oversee Prairie’s commercial efforts, including but not limited to the Company’s strategic initiatives, corporate development and midstream efforts to help drive development and efficiencies for the Company.
Lou Basenese, Executive Vice President – Market Strategy: With over 25 years of experience, Mr. Basenese brings extensive expertise in financial management, strategic planning and thought leadership development. Mr. Basenese has successfully led financial initiatives for several publicly listed companies, his recent track record includes working directly with members of the NYSE, NASDAQ, and multiple national media organizations, including Fox News and Fox Business. As Executive Vice President of Market Strategy, Mr. Basenese will manage Prairie’s promotional initiatives, marketing campaign strategy, and liaise with mainstream and alternative media outlets.
Tim Smith, Senior Vice President of Reservoir Engineering: Mr. Smith brings deep technical expertise in geology and reservoir engineering, with over 15 years of experience in the energy sector. His prior experience with private-equity back E&P ventures provides a valuable skill set to Prairie as we continue to expand, lease, and expand our presence in the DJ Basin. As Senior Vice President of Reservoir Engineering, Mr. Smith will lead Prairie’s exploration and reserves efforts, focusing on unlocking value in the DJ Basin and other strategic regions.
Steve R. Stacy, Senior Vice President of Land: Mr. Stacy brings extensive experience in land management and negotiations, with a career spanning over 34 years in the oil and gas industry. His most recent experiences include being an executive at Great Western Petroleum in the DJ basin, and included M&A, management and aggregation of significant land positions. As Senior Vice President of Land, Mr. Stacy will oversee land acquisition, a robust leasing program, permitting and planning initiatives and be a familiar face to stakeholder relationships that will support Prairie’s operational goals.
Positioning Prairie for Future Growth
“The addition of these accomplished executives to our leadership team reflects our dedication to building a world-class organization,” said Edward Kovalik, Chairman and Chief Executive Officer of Prairie Operating Co. “Their expertise and leadership will be instrumental as we execute our strategy to maximize value from our growing portfolio of assets and deliver sustainable results for our shareholders.”
Driving Operational Excellence and Innovation
The newly expanded executive team will play a pivotal role in achieving Prairie’s mission to become a leading operator in the DJ Basin. Together, they bring a wealth of knowledge and experience that will enhance Prairie’s ability to:
- Grow its drilling inventory and production capabilities.
- Drive operational efficiencies and cost management.
- Leverage technological advancements to improve resource recovery.
- Expand Prairie’s visibility in mainstream and alternative media outlets.
About Prairie Operating Co.
Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com.
Forward-Looking Statement
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. There may be additional risks not currently known by the Company or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K/A filed with the SEC on March 20, 2024, and any subsequently filed Quarterly Report and Current Report on Form 8-K. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Investor Relations Contact:
Wobbe Ploegsma
[email protected]
832.274.3449
