Prairie Operating Co.

Prairie Operating Co. announced significant leadership changes, promoting Gregory S. Patton to Chief Executive Officer and appointing Michael J. Shelly as Chief Financial Officer. Patton, who previously served as EVP and CFO, will also join the Board of Directors. Rich Frommer, the interim President and CEO, will transition back to his role as Director. The company emphasized that these changes are aimed at strengthening leadership for its next phase of growth in the DJ Basin.

Prairie Operating Co. entered into a Second Amendment to its Amended and Restated Credit Agreement, reaffirming a borrowing base of $475,000,000. The amendment also modified certain covenants and increased the frequency of borrowing base redeterminations. Additionally, the company entered into a Letter Agreement with Hudson Bay PH XIX LLC, allowing for the conversion of remaining Series F Convertible Preferred Stock into up to 21,156,339 common shares and adjusting the terms of Anniversary Warrants, including a reduction in shares issuable from 75% to 65% of Stated Value.

Prairie Operating Co. announced actions to strengthen its financial position and reduce potential shareholder dilution. The company reaffirmed its borrowing base at $475 million with its lending syndicate. Additionally, Prairie entered an agreement with Hudson Bay PH XIX LLC regarding its Series F Convertible Preferred Stock, extending the Anniversary Warrant Issuance Date, reducing the warrant issuance formula from 75% to 65%, and capping the conversion of 78,000 Series F shares to 98 million common shares. These steps aim to simplify the capital structure and provide flexibility for addressing the remaining Series F balance.

Prairie Operating Co. announced that its senior management team, including Executive Vice President and CFO Gregory S. Patton and VP of Investor Relations Wobbe Ploegsma, will participate in the 26th Annual Louisiana Energy Conference from May 26-28, 2026. They plan to meet with investors to discuss the company's operational momentum, ongoing development activity in the DJ Basin, balance sheet initiatives, and strategy for long-term value creation. Additionally, Gregory S. Patton will join a panel discussion titled "Onshore E&Ps – How do Higher Prices Affect their Strategy" on May 27.

Prairie Operating Co. announced strong financial and operational results for Q1 2026, with total revenue increasing over 500% to $83.4 million and Adjusted EBITDA rising over 600% to $37.2 million. The company achieved significant production growth of 2.1 MMBoe (23,200 Boe/d) and maintained strong operational execution with wells delivered below AFE. Despite the positive operational and revenue growth, the company reported a net loss of $174.4 million attributable to common stockholders. Prairie also made progress on its capital structure by partially refinancing the Series F Preferred Stock and reaffirmed its full-year 2026 guidance.

Prairie Operating Co. reported a significant increase in total revenues for Q1 2026, reaching $83.4 million, up from $13.6 million in Q1 2025. However, the company's net loss widened substantially to $152.7 million, primarily due to a $177.1 million loss on derivatives. Despite the increased loss, net cash provided by operating activities improved to $42.3 million, while total stockholders' equity significantly decreased.

Prairie Operating Co. announced it will release its first quarter 2026 financial and operating results after market close on May 14, 2026. The company will host a conference call and webcast the following day, May 15, 2026, at 8:30 AM Eastern Time, to review the results and provide an update on recent developments. Analysts and investors are invited to participate via webcast or telephone.

Prairie Operating Co. announced that Gizman I. Abbas has resigned from its Board of Directors, effective May 15, 2026. The company stated that Mr. Abbas's resignation was not due to any disagreement with the company's operations, policies, or practices. A press release was issued on April 22, 2026, to inform the public of this change.

Prairie Operating Co. announced that Gizman I. Abbas has resigned from its Board of Directors, effective May 15, 2026. His departure was not due to any disagreement with the company or the Board. During his tenure, Mr. Abbas served on the Compensation and Audit Committees and chaired the Nominating and Governance Committee.

Prairie Operating Co. has entered into a letter agreement with Hudson Bay PH XIX LLC ("High Trail") to repurchase 13,727 shares of its Series F Convertible Preferred Stock for approximately $19 million in cash. This strategic move aims to optimize the company's capital structure by reducing its preferred stock obligations. In conjunction with the repurchase, Prairie Operating also issued a warrant to High Trail to purchase 4 million shares of common stock at a nominal exercise price of $0.01 per share, with a potential additional warrant for 3 million shares under certain conditions. While the repurchase reduces future dividend liabilities and potential conversion dilution from the preferred stock, the significant cash outlay and the issuance of highly dilutive warrants at a low exercise price represent a notable cost to existing common shareholders.