DENVER, Jan. 11, 2024 /PRNewswire/ — Nickel Road Operating LLC (“Nickel Road”) today announced that it has entered into a definitive agreement (“Agreement”) with Prairie Operating Co. and Prairie Operating Co., LLC (“Prairie”), to strategically divest its assets in the Denver-Julesberg (“DJ”) Basin. The assets are located in Weld County and include 5,526 net leasehold acres; 26 operated producing horizontal wells; and 90 operated well permits.
“We are pleased to enter into this Agreement with Prairie. Nickel Road’s operated position in the Northern Oil Rim of the Wattenberg Field is an attractive growth platform with the second largest approved permit inventory issued in the DJ Basin. While remaining focused on responsible development for all of our stakeholders in Weld County, these assets have delivered top tier results through optimization of well spacing and enhanced completion designs,” said Andrew Haney, Co-President of Nickel Road.
Nickel Road Co-President, Dana Johnson added, “Nickel Road has excelled at operational execution in the oil-rich Northern Wattenberg Field, demonstrating best-in-class drilling times, strong netbacks, and an efficient return of capital profile. We look forward to successfully completing this transaction.”
Based in Denver, Colorado, Nickel Road is focused on acquiring, leasing, and developing oil and natural gas assets in the Wattenberg Field. The company is supported by an equity commitment from Vortus Investment Advisors, LLC of Fort Worth, Texas.
Buchalter is advising Nickel Road on this transaction.
About Nickel Road Operating
Nickel Road Operating LLC is a Denver-based oil and gas acquisition and development company. Nickel Road was formed in July 2017 by Andrew Haney and Kit Tincher with a capital investment from private investors. The company partnered with Vortus Investment Advisors to grow and develop the position. Nickel Road is currently led by Andrew Haney, Dana Johnson and Kit Tincher. For additional information please visit www.nickelroadoperating.com.
About Vortus Investment Advisors, LLC
Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.
Nickel Road Operating LLC
Andrew Haney & Dana Johnson, Co-Presidents
SOURCE Nickel Road Operating LLC