Peak Resources LP, a US oil and natural gas producer operating in the Powder Ridge Basin, postponed its IPO on Wednesday, citing market conditions. It had filed to raise $66 million by offering 4.7 million shares at a price range of $13 to $15.
Peak Resources is an independent limited partnership focused on oil and natural gas operations, primarily in the Powder River Basin of Wyoming. It utilizes advanced horizontal drilling and completion technology to enhance oil and natural gas production and reserves. The company has identified 1,770 gross (530 net) horizontal drilling locations across its approximately 65,000 gross (45,000 net) acres. As of June 30, 2024, it operates 104 gross (56 net) producing horizontal wells and holds interests in an additional 83 gross (five net) non-operated wells. The company's total estimated proved reserves as of December 31, 2023, were approximately 16,247 Mboe, with 59% oil and 41% natural gas.
The Durango, CO-based company was founded in 2011 and booked $49 million in sales for the 12 months ended June 30, 2024. It had planned to list on the NYSE American under the symbol PRB. Janney Montgomery Scott, Roth Capital, and TCBI Securities were set to be the joint bookrunners on the deal.
