Bayswater completes $603M sale of D-J Basin assets
DENVER — Bayswater Exploration and Production LLC, a Denver-based oil and natural-gas development company, has closed the sale of certain Denver-Julesburg Basin assets to Prairie Operating Co. (Nasdaq: PROP) in a cash and stock transaction valued at approximately $603 million.
“We are pleased to get this deal across the finish line with Prairie Operating Co.,” Steve Struna, president and CEO of Bayswater, said in a prepared statement. “Thank you to everyone who helped us get here, including Bayswater leadership, Colorado staff, our investors, the Prairie team and the firm of Davis Graham, Bayswater’s legal advisor for this transaction. This sale represents a terrific milestone in Bayswater’s 20-year story. We are proud of the high-quality asset that we built here in Colorado and pleased to realize this return for our investors.”
With the close of this sale agreement, Prairie will acquire a portion of Bayswater’s D-J Basin assets, including approximately 24,000 leased acres, 300 horizontal wells on 30 pads producing 27,500 barrels of oil equivalent per day, nine newly drilled but not yet completed horizontal wells and a Bayswater-operated saltwater disposal system.
Lynn Belcher, Bayswater’s chief operating officer, added that “this sale represents the natural evolution and successful execution of our business model. We remain committed to operating in the D-J Basin and look forward to rebuilding our Colorado footprint in the coming years.”
Bayswater has operated in the D-J Basin for 16 years. After the transaction, Bayswater will retain and operate 70 horizontal wells producing approximately 18,000 barrels of oil equivalent per day, and a nine-well pad being completed by Halliburton.
Bayswater, a privately held oil and natural-gas development company, has operations in Colorado and Texas.
Bayswater Exploration and Production LLC, a Denver-based oil and natural-gas development company, has closed the sale of certain Denver-Julesburg Basin assets to Prairie Operating Co. (Nasdaq: PROP) in a cash and stock transaction valued at approximately $603 million.
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