** Prairie Operating Co's PROP.O shares down 16.6% to $4.89 post-market as oil and gas producer seeks equity raise to fund recently announced acquisition

** Houston-based firm commences $35 mlm stock offering and announces concurrent registered direct offering of 150,000 shares of convertible preferred stock to a certain investor

** It plans to use net offering proceeds from both transactions to fund portion of ~$600 mln purchase of certain Denver-Julesburg (DJ) Basin assets from Bayswater Exploration

** Co says intends to use any remaining proceeds for general purposes, including advancing development and drilling program, debt repayment or potential acquisitions

** Citigroup lead bookrunner

** On Feb 7, co announced planned $200 mln equity offering for the same purposes

** With ~26.9 mln shares outstanding, according to most recent 10-k filing, co has ~$158 mln market cap

** PROP shares on Mon closed up 5% at $5.86. Stock down 15% YTD and down ~44% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))