As a reminder, this conference is being recorded. It is now my pleasure to pass the call over to management for further remarks. Thank you. You may begin.
Good afternoon, and welcome to Prairie Operating Company's investor update call and webcast. Today's call will be recorded and made available for replay on the company's website under the Press and Media tab of the Investor Relations section. Before the call begins, please take a moment to read the disclaimer and forward-looking statement language available on our website, located in our corporate presentation or press releases. With that said, I would like to turn the call over to the company's Chairman and Chief Executive Officer, Edward Kovalik.
Thank you, Wobbe. Good afternoon, and thank you for joining us for Prairie Operating Company's 2024 shareholder update. As we reflect on an extraordinary year, I'm filled with immense pride and gratitude for the progress we have achieved together. Your support and belief in our vision have been fundamental to our success, and I'm honored to share the significant milestones from 2024 that mark key steps forward in our business plan. On the financial front, earlier this week, we announced the closing of a $1 billion credit facility with Citi. Our relationship with Citi highlights Prairie's progress in attracting world-class institutional support and affirms our corporate strategy. We plan to utilize this facility to pursue accretive M&A opportunities in the DJ Basin, consistent with our recent acquisition of assets from Nickel Road Operating, or NRO. Earlier this year, we also launched our first development program at Shelduck South.
In September, we spun the first well on the Shelduck South pad, a strategically designed eight-well development that incorporates cutting-edge, environmentally conscious technology utilizing electric line power and natural gas generators. The progress on this project has been exceptional. I'm happy to announce that all eight wells on the Shelduck pad have been fully drilled and are currently being fracked. ProFrac has completed hydraulic fracturing on the first four wells, and we anticipate completing the entire pad by year-end. We look forward to announcing initial production in Q1 of 2025 and are encouraged by the progress and what we're seeing. The acquisition of the Nickel Road assets marked a transformative milestone for Prairie, significantly strengthening our footprint in the DJ Basin. This strategic transaction added approximately 5,500 net acres of high-quality, contiguous, oil-weighted assets to our portfolio, seamlessly complementing our existing operations.
It also delivered an immediate boost to our production profile, contributing over 2,500 net barrels of oil equivalent, or BOE, per day. This addition not only expands our operational scale but also reinforces our capacity to deliver on our development objectives. A standout feature of this acquisition is the inclusion of more than 85 drill-ready permits. Strategically positioned within the NRO acreage, these permits provide us with a robust inventory of development opportunities, enabling accelerated drilling timelines and optimized operational efficiencies. By enhancing our inventory with high-value, proved targets, the NRO assets position us to achieve both near-term production growth and long-term sustainability. Beyond the immediate benefits, the acquisition underscores Prairie's disciplined approach to growth through accretive opportunities. As market dynamics continue to present compelling prospects, we remain committed to acquisitions that strengthen our inventory, optimize synergies, and deliver meaningful shareholder returns.
Our steadfast focus on operational excellence and financial resilience ensures that every acquisition aligns with our overarching strategy of maximizing value. The addition of NRO serves as a cornerstone of our growth strategy, bolstering our ability to capitalize on future opportunities. With the foundation provided by this acquisition, we are well-positioned to accelerate our development timeline, expand operational efficiencies, and drive sustained shareholder value as we continue our growth trajectory. This year also brought significant regulatory successes. We received unanimous approval for the Genesis One OGDP, encompassing 20 wellbores at the Oasis and Burnett locations, including a mix of three and two-mile lateral wells targeting the Niobrara and Codell formations. This approval paved the way for substantial future production. Additionally, we submitted the Genesis Two OGDP, covering up to 42 three-mile lateral wells across nine sq mi in Weld County, with fully electrified production facilities.
We anticipate a regulatory hearing in early 2025 and drilling readiness by mid-year. To ensure full-field takeaway and smooth operations, we executed several critical midstream agreements with premier partners, including Rimrock Energy Partners, NGL Energy Partners, and Taproot Energy Partners. These agreements are instrumental in securing essential infrastructure and gathering services for our expanding operations. The contracts provide comprehensive midstream solutions encompassing oil and gas gathering, processing, and marketing, along with water management and disposal capabilities. These partnerships ensure that our production can seamlessly flow from wellhead to market with minimal interruption. By establishing these partnerships, we have significantly enhanced our operational efficiency, reduced transportation risks, and optimized pricing for our production. These agreements also provide the scalability necessary to support our development plans across our 44,000-acre footprint, ensuring that our growing production profile is met with robust and reliable takeaway capacity.
These partnerships not only safeguard our current operations but also position us to capitalize on future growth opportunities, reinforcing our commitment to operational excellence and shareholder value creation. Financially, 2024 was a pivotal year for Prairie. We took significant steps to enhance our balance sheet and simplify our capital structure, highlighted by $24 million in warrant exercises led by Watermill Capital Partners. This capital injection has been instrumental in advancing our development initiatives, particularly at the Shelduck South project. Watermill's unwavering support continues to play a critical role in our success. In addition, we successfully funded the acquisition of Nickel Road Operating, or NRO, through an advancement on an equity line of credit with Yorkville Capital and a substantial equity investment by a prominent family office based in Fort Worth, Texas. These funding partnerships underscored the trust in Prairie's vision and operational strategy.
By securing the necessary financial resources, we positioned ourselves to seamlessly integrate the NRO assets and enhance our production capabilities, further supporting our commitment to sustainable and strategic growth. Prairie's accomplishments this year extended beyond the field and conference rooms. In March, we had the honor of ringing the Nasdaq closing bell, symbolizing our growth and commitment to excellence. Later, our inclusion in the Russell 3000 Index underscored our market visibility and investor confidence. Leadership was another key area of focus. This year, we welcomed Rich Frommer to our board of directors. With over 40 years of experience, including as CEO of Great Western Petroleum, Rich brings invaluable expertise in DJ Basin operations and efficient, environmentally conscious growth. His guidance strengthens our strategic direction as we advance our Genesis development program and other operational initiatives.
Looking ahead, our priorities remain clear: discipline development, accretive acquisitions, and a steadfast commitment to sustainability. As we expand our production base, we aim to maximize shareholder value while maintaining operational excellence. As we close, I extend my heartfelt gratitude to you, our valued shareholders. Your trust and support have been the foundation of our achievements. Together, we're driving Prairie toward a future of sustained growth and success. Thank you for joining us on this exciting journey, and here's to an even more promising 2025. If you have any questions or would like to speak with someone at the company, please don't hesitate to reach out. Our contact information is on the website, and we're happy to discuss further.
This concludes Prairie Operating Company's investor update call. Thank you for your participation. You may now disconnect.
Thank you. This does conclude today's teleconference. You may disconnect your lines at this time.