Prairie Operating Co.

Listed Company

PROPCIK 0001162896NasdaqNon-AcceleratedSmaller ReportingCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$241.65M

Net Income

$32.05M

Total Assets

$944.55M

Equity

$130.16M

Shares Out

76.57M

Op. Cash Flow

$153.90M

Business

Prairie Operating Co. is an independent oil and natural gas company focused on acquiring, developing and producing crude oil, natural gas and NGLs. It offers upstream exploration and production activities, drilling and completion services, and leasehold development of oil, gas and NGL reserves. The company’s key business assets and operating areas include its Genesis assets (including Genesis Bolt‑on and Exok option purchases) and its Central Weld assets acquired from NRO. Its operations and sales are concentrated in the Denver‑Julesburg Basin in Weld County, Colorado, utilizing regional midstream infrastructure and market purchasers.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	242	8	—	517,602	369,804
Lease operating expenses	41	1	—	—	—
Transportation and processing expenses	9	864,000	—	—	—
Ad valorem and production taxes	21	591,000	—	—	—
Depreciation, depletion, and amortization	49	427,000	—	658,080	112,512
Accretion of asset retirement obligation	247,000	6,000	—	—	—
Exploration expenses	1	734,000	264,000	—	—
Abandonment and impairment of unproved properties	3	0	—	—	—
General and administrative expenses	51	31	16	4	6
Total operating expenses	176	34	17	8	19
Income (loss) from operations	66	−27	−17	−8	−18
Interest expense	−29	−1	—	—	—
Gain (loss) on derivatives, net	79	−4	—	—	—
Loss on adjustment to fair value embedded derivatives, debt, and warrants	−63	−5	—	—	—
Loss on issuance of debt	0	−3	—	—	—
Interest income and other	759,000	580,000	248,000	—	—
Total other expenses	−12	−13	−45	−6	−991,650
Income (loss) from operations before income taxes	54	−40	−62	−13	−19
Income tax expense	−22	0	—	—	—
Net income (loss) from continuing operations	32	−40	−62	—	—
Loss from discontinued operations, net of taxes	0	−1	−17	—	—
Net loss from discontinued operations	0	−1	−17	−17,738	2
Net income (loss) attributable to Prairie Operating Co.	32	−41	−79	−13	−17
Series F preferred stock declared dividends	−11	0	—	—	—
Series F preferred stock undeclared dividends	−1	0	—	—	—
Remeasurement of Series F preferred stock	−80	0	—	—	—
Net loss attributable to Prairie Operating Co. common stockholders	−61	−41	—	−14	−18
Net loss attributable to Prairie Operating Co. common stockholders - Diluted	−61	−41	—	—	—
Loss per share, basic (in Dollars per share)	−1.35	−2.65	−12.95	−1.18	−4.12
Loss per share, diluted (in Dollars per share)	−1.35	−2.65	−12.95	—	—
Weighted average common shares outstanding, basic (in Shares)	45	15	5	12	5
Weighted average common shares outstanding, diluted (in Shares)	45	15	5	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-06-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-04-30
Cash and cash equivalents	20,000	—	5	13	—
Oil, natural gas, and NGL accrued revenue	23	—	3	—	—
Joint interest and other receivables	23	—	9	—	—
Derivative assets	29	—	0	—	—
Inventory	4	—	5,000	—	—
Prepaid expenses and other current assets	1	—	312,000	—	—
Note receivable	0	500,000	500,000	—	—
Total current assets	80	—	18	14	—
Oil and natural gas properties, successful efforts method of accounting including $57,897 and $70,462 excluded from depletable base as of December 31, 2025 and 2024, respectively	853	—	135	—	—
Other property and equipment	21	—	94,000	—	—
Less: Accumulated depreciation, depletion, and amortization	−49	—	−427,000	—	—
Total property and equipment, net	824	—	135	29	—
Derivative assets	25	—	0	—	—
Debt issuance costs, net	13	—	2	—	—
Operating lease assets	3	—	1	155,000	—
Other noncurrent assets	133,000	—	578,000	—	—
Total assets	945	—	157	46	—
Accounts payable and accrued expenses	63	—	38	5	—
Oil, natural gas, and NGL revenue payable	30	—	2	—	—
Ad valorem and production taxes payable	31	—	7	—	—
Senior convertible note, at fair value	0	—	13	—	—
Derivative liabilities	0	—	2	—	—
Operating lease liabilities	1	—	323,000	42,000	—
Total current liabilities	126	—	63	5	—
Credit facility	366	—	28	—	—
Subordinated note related party	1	—	5	—	—
Subordinated note warrants, at fair value related party	316,000	—	4	—	—
Series F convertible preferred stock embedded derivatives, at fair value	16	—	0	—	—
Series F convertible preferred stock warrants, at fair value	90	—	0	—	—
SEPA, at fair value	0	—	790,000	—	—
Derivative liabilities	0	—	2	—	—
Oil, natural gas, and NGL revenue payable	27	—	0	—	—
Ad valorem and production taxes payable	23	—	0	—	—
Deferred tax liability	22	—	0	—	—
Asset retirement obligation	4	—	227,000	0	—
Operating lease liabilities	2	—	1	94,000	—
Other longterm liabilities	1	—	0	—	—
Total longterm liabilities	552	—	41	94,000	—
Total liabilities	678	—	104	6	—
Commitments and contingencies (Note 12)	—	—	—	—	—
Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 121,050 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively	136	—	0	—	—
Common stock; $0.01 par value; 500,000,000 shares authorized, and 62,499,375 and 23,045,209 shares issued and outstanding as of December 31, 2025 and 2024, respectively	625,000	—	230,000	98,000	—
Treasury stock, at cost; 111,357 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively	−531,000	—	0	—	—
Additional paidin capital	218	—	172	119	—
Accumulated deficit	−88	—	−120	−79	—
Total stockholders equity	130	—	53	40	—
Total liabilities, mezzanine equity, and stockholders equity	945	—	157	46	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion, and amortization	49	427,000	—	658,080	112,512
Accretion of asset retirement obligation	247,000	6,000	—	—	—
Stock based compensation	15	8	3	—	—
Unrealized (gain) loss on derivatives	−58	4	—	—	—
Amortization of deferred financing costs	3	35,000	—	—	—
Noncash SEPA commitment fee	0	600,000	—	—	—
Oil, natural gas, and NGL accrued revenue	−20	−3	—	—	—
Joint interest and other receivables	−6	−9	—	—	—
Inventory	−4	0	—	18,725	−18,725
Prepaid expenses and other current assets	−1	−74,000	−101,000	67,047	−54,435
Accounts payable and accrued expenses	19	19	2	3	569,459
Oil, natural gas, and NGL revenue payable	17	1	—	—	—
Ad valorem and production taxes payable	18	496,000	—	—	—
Other assets and liabilities	176,000	−65,000	−16,000	—	—
Net cash provided by (used in) continuing operating activities	154	−10	−13	—	—
Net cash provided by discontinued operations	0	460,000	675,000	—	—
Net cash provided by (used in) operating activities	154	−9	−12	−2	−7
Cash paid for Bayswater asset purchase, net of cash received	−460	0	—	—	—
Development of oil and natural gas properties	−178	−29	—	—	—
Other asset and leasehold purchases	−19	−94,000	—	—	—
Cash received from payment on note receivable related to sale of cryptocurrency miners	805,000	338,000	—	—	—
Cash paid for Nickel Road asset purchase, net of cash received	0	−56	—	—	—
Transaction expenses paid related to Nickel Road asset purchase	0	−239,000	—	—	—
Deposit on other oil and natural gas properties purchase	0	−382,000	—	—	—
Cash received from sale of cryptocurrency miners	0	1	—	—	—
Net cash used in investing activities	−656	−83	−24	−2	−10
Borrowings on the Credit Facility	390	28	—	—	—
Repayment on the Credit Facility	−52	0	—	—	—
Debt issuance costs associated with the Credit Facility	−14	−336,000	—	—	—
Proceeds from the issuance of Common Stock	44	15	—	—	4
Financing costs associated with issuance of Common Stock	−4	−5	—	—	—
Proceeds from the issuance of Series F Preferred Stock	148	0	—	—	—
Financing costs associated with the issuance of Series F Preferred Stock	−12	0	—	—	—
Proceeds from the issuance of the Subordinated Note related party	0	5	—	—	—
Payments of the Subordinated Note related party	−3	−2	—	—	—
Proceeds from the issuance of the Senior Convertible Note	0	14	—	—	—
Payments of the Senior Convertible Note	0	−4	—	—	—
Proceeds from option exercise	633,000	0	—	—	50,625
Treasury stock repurchased	−531,000	0	—	—	—
Proceeds from the exercise of Series D and E Preferred Stock warrants	0	34	12	983,330	—
Net cash provided by financing activities	497	85	49	1	18
Net decrease in cash and cash equivalents	−5	−8	13	−3	887,484

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