- 2 days ago
Chris Versace talks with Prairie's CEO about oil opportunities, the importance of cost structure, what to do with excess cash flow and more.
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00:00welcome to the streets stocks and markets podcast where we dig into what's driving the stock market
00:07its various constituents and the forces behind them i'm chris versace portfolio manager of the
00:13streets pro portfolio and today because we're going to be joined by ed kawalik chairman and
00:19ceo of the prairie operating company ticker symbol prop we're going to dig into the oil
00:26sector we'll get ed's insights on the oil market other energy markets and also discuss how prairie
00:32is positioned for what lies ahead but as we get ready for that i do want to share with you that
00:37recently roth capital initiated coverage on prop shares with a buy rating and a 12 target calling
00:45out what it sees as quote an attractive cost structure improving financial position in addition
00:51to roth city did something very similar in early june sharing that it likes the company's quote
00:57unique position as the only pure play single basin public operator pursuing a roll-up strategy in the
01:04denver joelsburg basin ed thanks for joining me hey thanks for having me on today chris glad to be here
01:17so let me ask you a quick question ed you know there's a lot of different areas in the energy
01:21market so to speak and obviously uh city and roth like what they see but for folks who may not be
01:27familiar with the prairie story give us kind of you know the elevator pitch on the company and its
01:32opportunity will you yeah happy to so you know we started prairie two years ago really with a very
01:40focused mission to create a pure play under levered high growth dj basin focused smid cap company and so
01:50that was really in response to uh what we've seen over the last decade which has been a massive amount
01:56of consolidation in our industry we've had the super majors come down market and buy large caps and mid caps
02:04we've had mid caps consolidating uh we've had small caps merging to form mid caps and as a result of all of that
02:13activity on the m and a side there are far fewer public oil companies than there used to be and in
02:21particular there are far fewer small cap companies and there are no growth oriented small cap companies
02:28so we really wanted to uh create an investment alternative uh that looked like that and as investors
02:37first and foremost you know we were looking around the market two years ago and couldn't find anything
02:43that was compelling to invest our own capital in and so that really led to the creation of prairie
02:49now when you say looking around for something to invest in ed this really speaks to your background
02:5425 years in the energy markets and correct me if i'm wrong but you kind of headed up a energy merchant
02:59banking firm correct i did i came out of uh the investment banking world really banking you know
03:07the uh first generation of shale companies that emerged in the early 2000s and fell in love with
03:14uh the industry uh in the process and went on to uh work in private equity and merchant banking
03:22investing in mostly upstream emp across all the basins in the us it was really at that time that i
03:29also really uh fell in love with the dj basin um only because where the rubber meets the road is
03:36always economics and the rock and the dj always produced superior economics to just about anywhere
03:42else in the country so ultimately that led to you know kind of going over the wall to actually found
03:49and operate oil and gas companies and you know happy to happy to have founded this one with my partner
03:55gearing hannah a couple years ago okay so it's kind of fair to say that you've seen the trials the
04:01tribulations the rewards if you will uh throughout economic cycles and what commodity prices have done
04:08so you you're well aware of um you know the bigger opportunities and mindful of the risks fair to say
04:16yeah 100 i mean look in that period of time you know shale has been through an entire evolution from
04:22you know the first days of drilling to today from a pure operational technological perspective
04:29you know a lot of innovation has happened in the industry where we're able to uh drill much better
04:36wells than we did 25 years ago we know a lot more about the reservoir we know a lot more about
04:42producing efficiently and from you know low emissions perspective and in that period of time we've had to
04:48operate as an industry you know from you know moments of uh very expensive commodity price environments
04:56above 100 bucks and moments of uh very low commodity price environments like we experienced during covid
05:02where we had negative oil for for a little while there and then everything in between so you know i think
05:08i think the industry today is an industry that's been through you know the ringer and knows how to
05:16operate uh in a very cost effective uh cost conscious way well let's jump jump into it right there because
05:25you know if you look back oil prices they've been a little volatile this year right as high as 78 79
05:31dollars a barrel as low as the high 50s and with crude at least today if i remember the financials
05:38correctly ed uh it's the bulk of prairie's revenue so i have to ask what's kind of your world view on
05:44the energy market oil in particular as tensions in the middle east appear to be settling down
05:51i can answer that for about two hours so stop me when i've overspoken
05:56um but you know commodity prices are the favorite topic of oil companies because we live or die by
06:03them right um i guess i'll take you down a little bit of you know the history road in the past when
06:11the industry started um the the whole cost structure around shale was designed around 75
06:19you know long-term prices for oil and since then you know we've we've suffered through something
06:25that we've all become unfortunately familiar with which is inflation and if you look at oil
06:31prices today there's anywhere from about 15 to 20 dollars of inflation built into today's oil prices
06:39so uh if you look at that 75 historic sort of long-term goal seek price you know fair market value
06:48for the commodity i would argue today is really 90 to 95 dollars so here we are in the mid 60s
06:55you know a good 25 30 dollars below that price i'd say oil is very cheap today now you know why is it
07:03cheap uh i have no idea and i say that in full seriousness because the commodity hasn't seen to
07:10respond in any logical way for a number of years coming out of covid um the one thing that i'll note
07:19that's absolutely true is that demand for fossil fuels goes up every year and we've seen that
07:26really you know uh since the advent of the in the discovery of fossil fuels you've seen a straight
07:32line up into the right there have only been really two occasions where that line of demand growth has been
07:40disrupted uh one was 07 08 during the credit crisis and then most recently during covid we saw that but
07:49you know representative of true the true elasticity of demand um those short hiccups in demand were
07:58very quickly solved for and then you saw the demand curve continue up into the right
08:04and so in that context demand even though there's been a lot of talk about you know cooling economies a lot of
08:13people looking at china or the developing world in general china and india uh or looking at um
08:21um you know these the supply side of the equation with opec um we've never really seen economic downturn
08:31affect demand in a really material way aside from those two occasions that i noted and so there's been
08:38a lot of speculation and a lot of talk around what's really happening in the oil markets uh if you turn
08:45your attention to the supply side and opec um you know what i always look at is true global storage
08:53and that used to be a metric that used to drive prices and people would look at pushing uh and
08:59talk about the tank bottoms they look at floating storage of oil around the world on vessels and uh by
09:07any measure you know storage as a correlative to oil prices kind of broke uh significance because
09:15we've been at points of hitting tank bottoms and yet oil price never really
09:20really responded and reacted in any material way and then on the flip side we've had geopolitics
09:26in and out of the conversation you know pre what we witnessed a couple weeks ago on uh iran israel and
09:34you know the us on all the conflict that we saw there uh there's a lot of talk about what could happen
09:40uh if uh war broke out in the middle east and different scenarios and there used to be just a
09:47geopolitical risk premium built in but we went all the way up to the precipice of war i mean the us
09:55bombed iran and we saw no reaction in commodity prices so i think we're living in a world today where
10:04you know it's a very unpredictable uh commodity to price on a go forward basis so you know when you
10:12say that and then we look forward a little bit where i think opec plus is supposed to in august
10:17increase their production i think it's 411 000 barrels per day do you think the market's going to
10:22react to that ed or do you think it's just gonna just like you said you know with uh you know the
10:26bombing in iran and oil prices and it might be a blip a little bit but ultimately things will settle back
10:32down it's it's hard to tell because opex clearly been increasing output the last several months
10:40um however they've been unable to uh actually produce to the quotas that they announced which
10:47you know is a topic that i don't think a lot of uh your view viewers may be privy to but you know
10:55there's rampant speculation about how much actual production capacity a lot of the opec countries have
11:02in particular uh saudi arabia which has never made public really the you know ability of uh
11:09their ability to ramp up reserves and so it's a closely held state secret uh whether or not they
11:14really can now russia produced a little bit more uh pre uh uh i guess uh pre the ukraine war and some
11:25of the disruption that they've had as a result uh can they increase production a little bit maybe i'm
11:32pretty bearish on their ability to ramp quickly um you know kazakhstan's been overproducing and so
11:39there's some argument around the fact that opec has been trying to ramp up production to uh force compliance of
11:47non-compliant states like kazakhstan but you know a lot of a lot of focus has been on u.s shale and
11:54is u.s shale going to react as sort of you know the pressure release valve on supply and so you know
12:02i'll remind everybody that in the us um we're mostly producing from shale oil and we produce a little
12:10bit over 13 million barrels a day uh and really shale is a game of just maintaining production because
12:19there's such fast decline on new wells and so i think it'd be really hard for us to grow production
12:25in this country i think i think it'd be really easy to see a decline in production if we saw prices
12:31settle below 60 for some prolonged period of time we've already seen you know some rigs getting
12:38mothballed in the u.s i think you probably see a third up to a third of all u.s rigs um being laid up
12:46if you saw 50 mid 50s to 50 dollar pricing for you know a quarter uh so the u.s may very well be the
12:54pressure release valve but you know it may never come to that uh if prices don't don't come to that
13:01and then we'll really test whether or not opec is trying to force compliance or opec is really trying
13:06to start a price war with the u.s so so ed it sounds like you know there's a little bit of push pull
13:12right between uh how much capacity is on the market subject to what the price of oil is and i think that
13:18that really speaks to the industry's uh cost structure and you know i mentioned a few minutes
13:24ago that um in the report that roth wrote about prairie it mentioned the company is having an
13:30attractive cost structure and i know it seems like an obvious question but but for the listeners out
13:36there why is that so important and how is prairie able to have such an account well as roth would say
13:44an attractive cost structure so at the end of the day our business is really a manufacturing business
13:51and by all measure you know us shale is is uh the us's largest manufacturing industry
13:58and instead of manufacturing widgets we manufacture molecules of oil and so like any manufacturing
14:05business it's all about costs uh we measure costs in a number of ways uh starting with what it costs to
14:12produce uh oil vis-a-vis a well you know we've worked really hard at prairie to lower our cost per
14:21two mile well uh down as low as we can get it right now we're hovering a little bit above five million
14:28dollars for a two mile lateral well uh and the way we got there uh which which is really a great
14:35accomplishment that we're exceptionally proud of because our peers and offsetting operators are currently
14:41drilling the same wells for six and a half to seven point two million dollars and so the way we did
14:48that is essentially by stepping in as and acting as the contractor and not using any middlemen so we
14:55contract our own sand directly from a sand mine we manage the logistics to transload that onto rail cars
15:03and move them to location transload them from rail to uh where we're fracking we do the same thing
15:10for all the chemicals we use uh we source all of our steel casing direct from a u.s mill so we're not
15:18uh you know having to pay any kind of tariff penalties for foreign steel and so in every line
15:25item that we spend money in we go direct to the source and we manage all of those processes ourselves and so
15:33that's driven that cost down significantly the other cost is our lease operating expense uh and transportation
15:41to get our oil to market uh that number is also really low compared to many other basins for a couple
15:49different reasons uh one is you know we don't produce as much water uh as the permian for example when we
15:57produce our oil wells and that just has to do with the geology of where we're at uh and and so every
16:05shale company no matter where they are produces some level of water out of the formation and that water
16:12uh costs money to lift uh you know above ground to separate from hydrocarbons and then to dispose of
16:19back down a salt water disposal well and so the more water you produce the more expensive it is and so
16:25that water cut for us being very low compared to other basins lowers that cost significantly
16:33on the transportation side in terms of processing the gas we make and moving our oil into oil pipelines
16:41we are hooked up on most of our operations into pipe so we were really not paying for excessive
16:50trucking expenses as a result of that and we also happen to produce an oil that is a gravity of 38 to 42
16:59api spec which is more valuable than a lot of the other oil produced around the country and so we're
17:06able to get a premium for that oil of about a dollar 50 per barrel by getting it into the right pipeline
17:14that's able to transport it to cushing to capture that spread and so that piece of our cost structure
17:20is really competitive uh moving on to our gna you know we're currently operating the company for a
17:26little over two dollars per barrel in gna which is half of what our peer group currently operates at
17:34uh and so in all those ways you know we're able to really shave cost out of the equation we're not done
17:41yet we're still working to lower those costs but you know that's a really important piece of our business
17:48so i know a lot of folks talk about you know break even based on you know a dollar price for a barrel
17:54of oil have you guys shared what that is if so what is it where do you think you could get it to
18:00yeah so you know our assets uh have variable levels of irr uh and as a result of that our break even
18:08range is somewhere in the high 30s per barrel to the mid 40s per barrel and so you know we could say it's
18:14around 40 bucks or so per barrel uh so we make a decent margin at you know 65 oil um you know i'd
18:24say that at the end of the day um break evens for the industry on average probably hover in the mid 40s
18:33is my guess uh and so at 55 dollars can we make money yes but is anybody excited about burning
18:41through inventory which is you know a diminishing resource at 55 oil you know probably not okay okay
18:51so in looking through you know your materials your presentations you've got about 550 identified
18:57locations 157 are fully permitted but i've also seen ed that you know part of the strategy for prairie
19:04is to do acquisitions and i i hear what you're saying about ringing costs out of your business
19:12is that a bigger opportunity to pick up let's just say uh production facilities that might have been
19:18mothballed or they're just not as efficient uh is that you know a strategy that you guys can you know
19:24ring costs out and get a lot of incremental profit at a lower starting cost i guess so m a is absolutely
19:32a pillar of our strategy you know we are trying to generate high growth really through two means
19:39through m a and through uh pretty aggressive development through the drill bit uh and so on
19:46the m a side you know we just announced another deal this morning we acquired the assets of edge energy
19:52for 12 and a half million dollars that added 40 proven locations to our portfolio that are
19:58immediately offsetting our existing assets and you know we've got a pipeline of you know probably three
20:05to five billion dollars of deals to go do uh this is the third deal we've done in the last 12 months
20:13and the smallest one you know we did a 80 million ish dollar acquisition last october uh we closed the
20:20base water acquisition for a little over 600 million in march uh and so we are very acquisitive
20:26as long as we can do accretive deals and the way we look at these deals is you know we love proven
20:33locations uh we love reserves that we can acquire for a competitive value um we love this basin because we
20:42can acquire both of those things at really deep discounts compared to the permian uh and that's part of our core
20:49strategy is you know to be contrarian and to focus in a place where nobody else is focusing so where
20:55we're focusing we're able to buy proven reserves for about a average pv 17 valuation uh as compared to the
21:05permian where they're buying that in a pv 10 so we're getting a much better return on proven reserves
21:11ed just let me let me cut you off can you just explain that metric for the audience
21:15um sure so it's the present value pv is present value of the existing producing cash flow so we
21:25just take the cash flow we discount it back on a time value and we calculate the return so essentially
21:32we're buying cash flows at a seven as at an embedded 17 rate of return uh as compared to the permian
21:40where where competitors of ours are buying cash flows for an embedded 10 rate of return and then
21:46in terms of inventory of proven locations to develop you know we're paying anywhere from a hundred thousand
21:53to two hundred and twenty five thousand dollars for an undrilled proven location to drill in the permian
22:01they're paying three to seven million dollars for a proven undrilled location and so in our business
22:10we like to talk about half cycle returns and full cycle returns not to confuse your viewers but half
22:17cycle returns are the returns you generate from drilling a well and so in that case you know we look
22:24at the cost of drilling a well 5.2 million dollars or so for a two mile well and you look at the irrs
22:32and you know we're able to produce uh wells for 30 percent irrs in the low end to over a hundred percent
22:39on the high end depending on our portfolio and uh on a full cycle return basis that includes the cost of
22:47acquiring the wells and so because we're basically buying cash flow at a steep discount and we're
22:54paying virtually nothing for proven locations to drill our full cycle returns look very similar
23:01to our half cycle returns got it okay and and i saw that you guys recently reaffirmed i think it's a
23:08billion dollar lending facility with city if i read correctly that sounds like on the one hand i want
23:14to say compared to the acquisition you most recently announced that could be a lot of deals but you also
23:19mentioned one i think it was the bayswater one you said it was 600 million correct so how how should
23:24folks think about the size of these uh acquisitions that you might make and and as they're thinking
23:30about that you know acquisitions can be um messy sometimes sometimes they can be smooth how many
23:36acquisitions can the team handle at any given time well let me start there so for one everything we've
23:44been acquiring is immediately in our backyard and contiguous with our existing operations so it's
23:50very easy to integrate these operations and they all feed into our midstream takeaway and gathering
23:58systems so we are not diluting the attention and focus of our team to have to go somewhere else
24:05we're not having to incur more gna to build you know mirror teams in other locations and so
24:12we're very myopically focused in one zip code uh which helps that strategy in terms of size of deals
24:20you know you saw us do a little one today that was 12 and a half million you've seen us do one over
24:26600 million that's probably a good range uh i know it's a wide range but you know that's the range we see
24:33deals in um you know establishing the credit facility with city was really important because
24:40um as far as cost of capital is concerned you know the credit facility with the banks is always the
24:45lowest cost of capital in terms of credit you know we're focused on really maintaining an under levered
24:52balance sheet which is about one to 1.2 terms of leverage which is kind of where we sit today uh and
25:01you know having a group of great banks and the credit facilities is uh really a privilege because
25:08we can scale that credit facility up to accommodate bigger deals uh should we want to go do them uh we
25:14can leverage on uh those institutional partners for all the hedging that we do uh and so recently we also
25:24brought bank of america into that credit facility so we've got a great group of partners
25:30in that credit facility awesome awesome so as you look forward do you see you know if you had to
25:36break down the revenue growth how much of it do you think will be organic how much of it do you think
25:41will be from acquisition well it's hard to predict the acquisition piece of it and taking today's deal
25:50into consideration for example we didn't really buy it for the revenue we bought it for the inventory
25:55uh to to add on those 40 locations um without taking into consideration any more m a we can grow
26:05at a double digit rate um year to year which is our goal we haven't really guided more specifically
26:12how aggressively we're going to grow but we're currently running a one rig program uh with a one
26:20frack fleet uh that kind of mirrors that and so what does that mean well in the dj basin we're able
26:28to drill two mile wells in a little over four days which is wildly efficient if you think about that
26:37and so with one rig we can easily drill about 60 wells a year um possibly pushing into the you know
26:4570 well plus per year with 100 efficiency uh and so 60 wells a year uh we can develop our inventory
26:55over the next 10 years uh and and so that's that's kind of how we like to manage the cadence of growth
27:03is really to that inventory life so with 10 years of inventory you know why would we design the company
27:11around that well being a you know student of our industry and of the markets uh for our peers um our
27:19takeaway in starting the company was that the market doesn't really ascribe value to long dated inventory
27:27that companies like us have that goes beyond 10 years it's kind of worthless so essentially 10 years
27:34is a bit of a magic number now you know let's say we get into let's say we roll forward two years from
27:42now as an example and now we have eight years of inventory and we buy something that gives us another
27:49you know 500 locations at that point i think we'd sort of redesign the the cadence of drilling so that we go
27:58back to having 10 years of inventory but we probably employ more than one rig and we drill more than 60
28:06wells per year to sort of you know uh meet that 10-year inventory kind of projection right so if we if
28:14we have 800 wells in inventory for example we'd want to drill 80 wells per year as an example right and
28:21just to call it out it's not a fixed 10-year you're talking a rolling 10-year
28:2510-year well it's a fixed 10-year unless we buy more inventory okay so essentially we're blowing
28:34down our inventory over 10 years is the way to think about it and every time we add inventory
28:41through m&a or through organic leasing which is an important thing to know so you know we've got a
28:47really good land team that's in their uh leasing additional locations day in and day out and then
28:56creating drillable units out of that activity and that active that activity in and of itself will
29:04probably add a couple years of inventory life to our portfolio over the next couple years so without
29:11doing any m a as we roll forward for the next two years we'll probably maintain about a 10-year inventory
29:16life okay so if we kind of game this out a little bit as you just said over the next few years let's call
29:22it that three to five years something like that how do you think prairie is going to look then
29:28compared to what it looks like today well the next the next big uh pivot for us as a company is to
29:36return cash to investors and you know as big equity investors ourselves you know we're keenly focused on
29:44that strategy so essentially the way to think about us is you know we're reinvesting this year 100 of
29:53the cash flow we generate back into drilling so that we can accelerate our growth trajectory
30:00but but by maintaining our capex flatly every year for the next 10 years based on what i just described
30:09which is maintaining a one rig program for that 10 years we start to exceed the amount of cash flow
30:16we need for our capex program next i think i know i think i know where you're going ed i think the magic
30:22word is dividends dividends right and so we ought to be in a position next year where we're exceeding
30:30cash flow compared to capex and we're able to distribute cash as a result and so that's really the
30:38next big move for us um and you know look there's still a lot of m a to do around us we've done three
30:46deals within the last 12 months we're going to continue executing on that uh we've got a great
30:52pipeline of actionable transactions to do um we just don't want to do it in a way that's dilutive and our
30:59stock price today is exceedingly low where we're not going to use that currency right now to acquire
31:07anything uh to know you know we bought the edge assets with cash on hand for our credit facility
31:13it was non-dilutive we love those types of deals if we get our stock to a level that we think is fair
31:19market value uh then we'll be open to using it again as currency um but you know you're going to
31:26see us accomplish that task and you're going to see us continue to roll up assets around us excellent
31:32excellent um final question uh you know we've talked a little bit about you know the oil market
31:38the opportunities with uh prairie but you know for someone who's new to the story ed what's what are the
31:44one or two risks that you and the rest of the management team kind of you know continue to focus
31:49in on or folks i guess we could say should be mindful of well i mean the big elephant in the room
31:56is commodity price risk and you know you can't you can't be an oil company without assuming that risk
32:02right um we hedge for that uh so you know we're certainly not believers in the idea that people
32:10ought to buy prairie stock as a way to expose themselves to oil prices you can do that yourself
32:16without us you can go buy wti and trade that uh and so what we do is we try to eliminate that risk to
32:24the best of our ability uh when we purchased uh the bayswater assets for example we hedged 85 percent
32:32of that production on a three-year roll forward basis i think we locked in our oil price hedges at
32:3968 and change and our gas hedges above four dollars and so we're big believers in taking that risk off
32:47as we drill wells uh which we're doing every day uh we'll continue to hedge as we bring those new wells
32:56on production uh and so that's the biggest risk the other risk um that our industry has experienced
33:03has been leverage and companies have gotten over their skis in terms of the amount of leverage that
33:09they have um it's part of our core mantra as a company to remain under levered relative to peers
33:17some judicious level of debt is healthy to operate with and we think we've got the right structure for
33:26our credit which is you know the bank line that i described is the lowest cost of debt out there in
33:32the market uh and we're you know purposefully maintaining that at a low ratio compared to peers
33:39uh and then in terms of just operational risk you know we we you know work in a um mechanical business
33:48and so there's always a risk that you know you drill bad wells or you drill wells that don't produce
33:56oil because you did a really bad job uh and so we manage that risk probably best of all the other
34:03risks because we drill proven reserves we've got a really great team uh that i'm exceptionally proud
34:12you know to call my team of industry veterans uh that have come from you know pedigree great companies
34:20we've recruited people from chevron around us uh and oxy and other great companies that operate in the dj
34:27basin so we've got local know-how we've got national experience of drilling in all sorts of basins all
34:34sorts of rock uh and we're also blessed because where we drill in the dj basin um has the most consistent
34:44results of drilling as compared to any other basin including the permian and so you know we're kind of
34:50statistically um favored to do well uh but we like to ensure we do well you know by having the best
34:59possible people on board uh on the execution side so you know i think we manage all those risks pretty
35:06well excellent excellent ed you've been so generous with your time was there anything about prairie or the
35:12industry that we didn't talk about that we should before we get out of here today you know the only
35:18other thing i get asked a lot about which you know is is a funny topic uh is sort of renewables and the
35:26energy transition and you know how long are we going to need energy from oil and gas and fossil fuels for
35:33and you know it's a sobering conversation uh when i illuminate all the statistics for people
35:40uh because at the end of the day you know uh oil is not an obsolescent asset uh as long as we live
35:47and breathe hopefully for decades to come uh you know we're going to see demand for fossil fuels increase
35:54every year as it has because you know fossil fuels is a energy dense uh form of energy the only competitive
36:02form of energy is nuclear and nuclear is going to take decades to work itself out of the regulatory
36:09quagmire that it's in uh and get built prolific in a way that's prolific to really meet the demand of
36:17you know ai data centers and everything we're seeing there but you know low low energy dense forms of
36:24generation like solar and wind are not going to take over uh the the industry and i always remind people
36:32that everything in their daily life is made in some way shape or form with a petroleum-based product so
36:38you know the computers that we're using right now to talk to one another with you know the makeup that
36:45our lives wear the surfboard you know my kids use at the beach uh they're fossil fuels and everything
36:53fossil fuels everything so yeah i think the only thing i've ever seen that's as prolific is corn
36:58yes and that's it if you for folks listening if you know what i'm talking about that should tell
37:06you how important uh and how many uses there are for oil petroleum call it what you will um well ed
37:13thank you so much for joining us i know that between um acquisitions that are likely to happen the
37:19eventual dividend stream there's gonna be a lot to pay attention to on the prairie story i'm gonna ask that
37:25at some point maybe later this year early uh 2026 we can have you back hey it's always a pleasure
37:31i'd love to come back anytime chris awesome all right thank you ed uh folks be sure to take a look
37:37at prairie operating company ticker symbol prop uh look at the investor relations stuff look at their
37:44sec filings and i'm sure that ed and his team would be happy to uh chat with you if you have any further
37:49questions or interest and as far as the streets stocks and markets podcast that's our episode for today
37:55thanks for tuning in we'll be back with you with a fresh episode before you know it
38:04all right what do you think ed no good to me excellent
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