US-based GridAI Signs Agreement to Acquire Wyoming Natural Gas Assets

en.Wedoany.com Reported - On November 13, US energy infrastructure company GridAI Technologies Corp. signed a definitive share exchange agreement with Wyoming natural gas producer Pronghorn Resources LLC to acquire all of Pronghorn's equity through the issuance of common stock and convertible preferred stock. Upon completion of the transaction, GridAI will acquire natural gas production, gathering pipelines, mineral rights and related infrastructure located in the Powder River Basin in Wyoming, and plans to use existing gas sources to build natural gas-fired power generation facilities to provide dedicated power for artificial intelligence data centers, with an initial power supply target of 300 megawatts and delivery planned to begin in 2027.

Pronghorn's current natural gas production is nearly 100 million cubic feet per day, with an estimated 2 trillion cubic feet of proven, probable and possible (3P) natural gas reserves, approximately 3,200 producing natural gas wells, and more than 450 miles (approximately 724 kilometers) of natural gas gathering and transmission pipelines. In addition, the company holds mineral and leasehold interests across approximately 1 million acres of private, state and US Bureau of Land Management land, and owns compressor stations and facilities connected to the regional natural gas transportation network. These assets form the primary basis for the acquisition.

Natural gas production is the starting point for GridAI's data center energy supply strategy. The company plans to adopt a behind-the-meter power generation model, building natural gas-fired generation facilities on the data center load side to supply power directly to large computing centers, reducing dependence on traditional grid interconnection timelines. GridAI has proposed a phased development plan, with an initial target of delivering 300 megawatts of power in 2027, and subsequent expansion based on customer demand, financing arrangements and project approvals.

Water resources and land conditions are also important components of this asset integration. Pronghorn produces nearly 14 million gallons (approximately 53,000 cubic meters) of fresh water per day, which can serve as a potential resource for industrial projects and data center cooling water. GridAI has identified multiple sites suitable for building large data centers and energy facilities, located in two unincorporated counties in Wyoming.

Pronghorn's existing energy infrastructure represents cumulative historical capital expenditures of approximately US$1.7 billion, which GridAI estimates to have a replacement value exceeding US$3.2 billion. Existing facilities include natural gas wells, gathering pipelines, compression equipment and related operating assets. The company plans to continue maintaining its natural gas production and sales business while expanding into long-term power supply contracts, industrial water supply and data center campus investment.

Under the share exchange agreement, Pronghorn's existing shareholders will exchange all of their company interests for GridAI common stock and convertible preferred stock, including approximately 1,247,900 shares of common stock and up to 129,500 shares of newly created Series 1 convertible preferred stock, with certain shares subject to escrow and performance conditions. Conversion of the relevant shares is also subject to approval by GridAI shareholders and Nasdaq listing approval. The transaction is expected to close on or before November 22, 2026, with final closing still subject to the conditions set forth in the agreement.