Richard N. Frommer joins Prairie Operating Co.'s Board of Directors, enhancing leadership with his extensive energy industry experience.
Quiver AI Summary
Prairie Operating Co. has appointed Richard N. Frommer, a seasoned energy industry expert and former CEO of Great Western Petroleum, as an independent director on its Board of Directors. Previously a member of Prairie's Advisory Board, Frommer brings over 40 years of experience in the oil and gas sector, particularly with knowledge of Colorado's regulatory landscape and the Denver-Julesburg Basin. His leadership skills and strategic vision are expected to enhance Prairie's growth and industry position. Frommer expressed his excitement about his new role, indicating Prairie's strong potential in the energy market. The company, focused on responsible oil and gas resource development, aims to drive value and sustainable growth.
Potential Positives
- Richard N. Frommer, a seasoned energy industry veteran with over 40 years of experience, has joined Prairie's Board of Directors as an independent director, enhancing the company's leadership and expertise.
- Mr. Frommer's extensive knowledge of Colorado's regulatory environment and familiarity with the Denver-Julesburg Basin positions Prairie to navigate regional challenges effectively.
- His proven track record of building and monetizing billion-dollar oil and gas companies may drive strategic value and growth for Prairie and its shareholders.
- The appointment reflects Prairie's ongoing commitment to strengthening its leadership team and positioning itself for sustainable growth and long-term success in the energy sector.
Potential Negatives
- Despite the addition of Richard N. Frommer to the Board of Directors, there may be concerns regarding the company's reliance on external leadership to navigate challenges in the energy sector.
- The emphasis on Mr. Frommer's "proven ability to build and monetize multiple billion-dollar oil and gas companies" could raise questions about the company's current performance and its need for such an experienced leader.
- The forward-looking statements section highlights potential risks and uncertainties, indicating that the company's future results may not meet current expectations, which could concern investors.
FAQ
Who has joined Prairie Operating Co.'s Board of Directors?
Richard N. Frommer has joined Prairie Operating Co. as an independent director.
What is Richard N. Frommer's background?
He is a former CEO of Great Western Petroleum with over 40 years in the oil and gas industry.
What expertise does Mr. Frommer bring to Prairie?
He has deep knowledge of Colorado's regulatory environment and substantial familiarity with the DJ Basin.
What did Prairie's CEO say about Mr. Frommer's appointment?
Edward Kovalik expressed excitement about Mr. Frommer's leadership and strategic vision for sustainable growth.
What is Prairie Operating Co.'s main focus in the energy sector?
The Company focuses on the development and acquisition of oil and natural gas resources in the DJ Basin.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PROP Insider Trading Activity
$PROP insiders have traded $PROP stock on the open market 56 times in the past 6 months. Of those trades, 0 have been purchases and 56 have been sales.
Here's a breakdown of recent trading of $PROP stock by insiders over the last 6 months:
- BRYAN FREEMAN (Exec VP of Operations) has traded it 8 times. They made 0 purchases and 8 sales, selling 12,246 shares.
- ERIK THORESEN has traded it 8 times. They made 0 purchases and 8 sales, selling 2,577 shares.
- GIZMAN I ABBAS has traded it 8 times. They made 0 purchases and 8 sales, selling 2,577 shares.
- ROBERT CRAIG OWEN (Chief Financial Officer) has traded it 8 times. They made 0 purchases and 8 sales, selling 73,823 shares.
- STEPHEN LEE has traded it 8 times. They made 0 purchases and 8 sales, selling 2,577 shares.
- DANIEL T. SWEENEY (General Counsel & Corp. Sec'y) has traded it 8 times. They made 0 purchases and 8 sales, selling 6,868 shares.
- PAUL L. KESSLER has traded it 8 times. They made 0 purchases and 8 sales, selling 2,577 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PROP Hedge Fund Activity
We have seen 19 institutional investors add shares of $PROP stock to their portfolio, and 12 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- STATE STREET CORP added 22,384 shares (+56.4%) to their portfolio in Q3 2024
- NORTHERN TRUST CORP added 22,087 shares (+209.3%) to their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 17,290 shares (+16.5%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 16,798 shares (-100.0%) from their portfolio in Q2 2024
- MORGAN STANLEY added 15,781 shares (+328.2%) to their portfolio in Q3 2024
- VANGUARD GROUP INC added 14,490 shares (+18.3%) to their portfolio in Q3 2024
- UBS GROUP AG removed 14,195 shares (-87.5%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, Texas, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the "Company" or "Prairie") today announced that Richard N. Frommer, former Chief Executive Officer of Great Western Petroleum, esteemed energy industry veteran, and current Prairie Advisory Board member, has joined its Board of Directors as an independent director.
For the past year, Mr. Frommer has been a key contributor as a member of the Company's Advisory Board. His deep expertise with Colorado's regulatory environment, as well as his comprehensive knowledge of the Denver-Julesburg (DJ) Basin and strong familiarity with Prairie's assets make his transition to the Board of Directors a natural progression.
Mr. Frommer brings more than 40 years of experience in the oil and gas industry to his new role. He has led and collaborated with boards and management teams across a variety of regions, from Canada to the Gulf Coast. Throughout his career, he has demonstrated a proven ability to build and monetize multiple billion-dollar oil and gas companies. As Chairman of the Trade Association for the Colorado Oil and Gas Association, Mr. Frommer played a pivotal role in shaping Colorado's regulatory framework, championing innovation and the production of the "cleanest molecule."
"We are excited to welcome Rich to our Board of Directors," said Edward Kovalik, Chairman and Chief Executive Officer of the Company. "Rich's exceptional leadership track record, combined with his unique understanding of the DJ Basin, the Colorado regulatory environment and expertise in driving billion-dollar enterprises, makes him an invaluable addition. His insights and strategic vision will help position Prairie for sustainable growth and long-term success."
"I am honored to join Prairie Operating Co.'s Board of Directors," said Mr. Frommer. "Prairie is uniquely positioned to capitalize on opportunities in the energy sector, and I look forward to collaborating with the Board and management team to drive value and advance Prairie's position as a leader in the industry."
Mr. Frommer's appointment as an independent director reflects Prairie's ongoing commitment to strengthening its leadership team and enhancing its position in the industry.
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
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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
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Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
832.274.3449
