Prairie Operating Co. Partners with ProFrac Holding Corp to Launch Electric Frac Fleet in Colorado
HOUSTON, Texas, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (NASDAQ:PROP) (the "Company" or "Prairie") is proud to announce its partnership with ProFrac Holding Corp. (NASDAQ:ACDC) ("ProFrac") to implement an electric frac fleet for operations in Colorado. This groundbreaking initiative will feature a fleet of 25 advanced 3000 HHP Single E-Pumps, allowing both hydraulic fracturing and pump down operations to be fully electrified.
Prairie anticipates initial frac operations under the new partnership will commence on the Company's recently drilled 8-well Shelduck pad in Weld County, CO.
"This partnership represents a significant step forward in our commitment to emissions reductions, innovative technology and operational efficiency," said Edward Kovalik, Chairman and CEO of Prairie Operating Co. "By transitioning to an all-electric frac fleet, we are not only enhancing our operational capabilities but also taking proactive measures to reduce our environmental impact. Combined with our previously announced agreement with High West Energy to provide line power in Weld County, the ProFrac partnership moves us toward our ultimate goal of having all operations, drilling through the production phase, fully electrified."
"We are excited to partner with Prairie Operating Co. on this transformative initiative to implement an all-electric frac fleet in Colorado," said Matt Wilks, Executive Chairman of ProFrac. "At ProFrac, we are committed to advancing cutting-edge technologies that drive operational efficiency and reduce environmental impact. This collaboration not only supports Prairie's vision of a fully electrified operation but also strengthens our position in the Rockies, where we continue to grow our presence. Our goal is to secure long-term contracts on our top-tier assets, and this partnership marks another important milestone in this effort and further positions us to lead the industry in electrification and sustainable operations," concluded Mr. Wilks.
In addition to the E-Pumps, the fleet will be equipped with state-of-the-art electric Blender units, hydration systems, and chemical additive units, all powered by 100% natural gas, marking a significant shift from conventional diesel-powered operations.
To support this fully electric fleet, power will be provided by state-of-the-art turbine generators, including two new Solar – SMT130 Mobile Gas Turbines each capable of generating 16.5 MWe ISO (13.8 kV).
Prairie is committed to upholding Colorado's stringent emissions standards through the implementation of ProFrac's innovative power generation solutions. The Solar – SMT 130 Mobile Gas Turbines are expected to reduce emissions significantly across key metrics and stay below the Air Quality Control Commissions stated NOx targets.
The collaboration between Prairie and ProFrac underscores both companies' dedication to innovation in the energy sector, setting a new benchmark for responsible and efficient hydraulic fracturing practices.
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.
About ProFrac Holding Corp.
ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources. ProFrac operates through three business segments: stimulation services, proppant production and manufacturing. For more information, please visit ProFrac's website at www.PFHoldingsCorp.com.
Prairie Cautionary Statement Regarding Forward-Looking Statements
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.
ProFrac Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. Forward-looking statements relate to future events or ProFrac's future financial or operating performance. These forward-looking statements include, among other things, statements regarding: ProFrac's strategies and plans for growth; ProFrac's positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; ProFrac's expectations about the contributions of AST; ProFrac's expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; ProFrac's ability to increase the utilization of its mining assets and lower its mining costs per ton; success of ProFrac's ongoing strategic initiatives; ProFrac's intention to increase the number of fully integrated fleets; ProFrac's currently expected guidance regarding its 2024 and 2025 financial and operational results; ProFrac's ability to earn its targeted rates of return; pricing of ProFrac's services in light of the prevailing market conditions; ProFrac's currently expected guidance regarding its planned capital expenditures; statements regarding ProFrac's liquidity and debt obligations; ProFrac's anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; expectations regarding pricing per ton range; the amount of capital that may be available to ProFrac in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and ProFrac's outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by ProFrac as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability to achieve the anticipated benefits of ProFrac's acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that ProFrac's actions intended to achieve its 2024 and 2025 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated ProFrac's fleets and sand mines in a timely manner or at all; ProFrac's ability to deploy capital in a manner that furthers ProFrac's growth strategy, as well as ProFrac's general ability to execute its business plans; the risk that ProFrac may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; industry conditions, including fluctuations in supply, demand and prices for ProFrac's products and services and for natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine; the effectiveness of ProFrac's risk management strategies; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in ProFrac's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov.
Prairie Investor Relations Contact:
Wobbe Ploegsma
[email protected]
832.274.3449
ProFrac Investor Relations Contact:
Michael Messina
[email protected]
Attachments
