Houston-based Prairie Operating Co. has begun completion of the Opal Coalbank pad it acquired from Bayswater Exploration & Production in a $600 million deal, according to an April 28 press release.
Opal Coalbank, located in the Denver-Julesburg (D-J) Basin, spans two drilling spacing units and consists of nine DUC wells: six in the Codell Sandstone and three in the Niobrara B.
The project uses Prairie’s design optimized through multivariate and geo-mechanical analysis, the release said. Completions are set to begin in May and production is on track to commence by summer.
“The broader Opal Coalbank project offers significant future upside as Prairie evaluates additional developments across both DSUs,” Prairie said.
The company also said it is ahead of schedule on developing the 11-well Rusch Pad, which it announced April 2. Development plans include 2-mile lateral wells alternating between the Niobrara A, B and C chalks and the Codell Sandstone. Prairie said it is utilizing a Precision premier rig in the basin, resulting in “faster cycle times and significant emissions reductions due to its ability to operate on multiple forms of electric power.”
As of April 28, three wells have been drilled and cased, with the fourth currently being drilled. Drilling is expected to be completed by early June, with hydraulic fracturing commencing shortly thereafter.
First production is anticipated for early August.
Prairie on April 10 executed a strategic hedging program, with their production holding a mark-to-market value of approximately $70 million.
The program covers approximately 85% of Prairie’s remaining daily production for 2025, locking in prices at $68.27/ bbl WTI and $4.28/ MMBtu Henry Hub. For the period from 2026 through first-quarter 2028, the hedges secure pricing at $64.29/bbl WTI and $4.09/MMBtu Henry Hub.