Tearsheet

Prairie Operating (PROP)

Market Price (5/11/2026): $0.95 | Market Cap: $56.2 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Prairie Operating (PROP)

Market Price (5/11/2026): $0.95
Market Cap: $56.2 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 58%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 54%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2954%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56%

Megatrend and thematic drivers
Megatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, and Resource Efficiency Solutions.

Weak multi-year price returns
2Y Excs Rtn is -138%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%

Penny stock
Mkt Price is 0.9

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 673%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18%

Key risks
PROP key risks include [1] a precarious financial position characterized by high debt, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 58%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 54%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2954%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, and Resource Efficiency Solutions.
5	Weak multi-year price returns 2Y Excs Rtn is -138%
6	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%
7	Penny stock Mkt Price is 0.9
8	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 673%
9	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18%
10	Key risks PROP key risks include [1] a precarious financial position characterized by high debt, Show more.

Valuation, Metrics & Events

	5/11/26	2025	2024	2023	2022
Share Price CYE	$0.95	$1.69	$6.92	$9.51	$0.05
Market Cap CYE ($ Mil)	56.2	85.6	116.1	62.4	0.0
Total Debt ($ Mil)	370.6	420.2	20.6	4.9	6.5
Total Cash ($ Mil)	0.0	10.6	40.1	7.2	0.5
Enterprise Value ($ Mil)	426.8	505.8	136.7	67.3	6.5
Valuation Ratios
P/S TTM	0.2	0.5	-	-	0.0
P/EBIT TTM	0.7	2.0	-2.3	-1.9	-0.0
P/E TTM	1.8	3.8	-2.2	-1.3	-0.0
P/FCF TTM	-1.3	-1.0	-6.0	-2.3	-0.0
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5	1.5	1.3
P/EBIT TTM (Sector)	7.7	7.0	6.5	5.9	3.9
P/E TTM (Sector)	10.6	11.2	8.6	8.2	5.0
P/FCF TTM (Sector)	10.3	7.7	7.1	7.9	5.1

	5/11/26	2025	2024
Share Price CYE	$0.95	$1.69	$6.92
Market Cap CYE ($ Mil)	56.2	85.6	116.1
Total Debt ($ Mil)	370.6	420.2	20.6
Total Cash ($ Mil)	0.0	10.6	40.1
Enterprise Value ($ Mil)	426.8	505.8	136.7
Valuation Ratios
P/S TTM	0.2	0.5	-
P/EBIT TTM	0.7	2.0	-2.3
P/E TTM	1.8	3.8	-2.2
P/FCF TTM	-1.3	-1.0	-6.0
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5
P/EBIT TTM (Sector)	7.7	7.0	6.5
P/E TTM (Sector)	10.6	11.2	8.6
P/FCF TTM (Sector)	10.3	7.7	7.1

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Metric	Value	Date	Source
Average Daily Production	21,052 barrels of oil equivalent per day	8122025	Link
Total Proved Reserves	100,000,000 barrels of oil equivalent	8122025	Link
Proved Developed Producing (PDP) Reserves	55,000,000 barrels of oil equivalent	8122025	Link
Proved Undeveloped (PUD) Reserves	45,000,000 barrels of oil equivalent	8122025	Link
Gross Drilling Locations	600+	8122025	Link
Net Acreage in DJ Basin	approximately 76,000 net acres	11082025	Link
Drilled and Completed Wells (Annual)	25-28 wells (guidance)	1152025	Link

Upcoming
5/14/2026	Earnings Release	Rev: $87 Mil (E) EPS: $0.15 (E)

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Prairie Operating (PROP) stock has lost about 50% since 1/31/2026 because of the following key factors:

1. Significant Potential for Share Dilution from Convertible Preferred Stock Warrants.

Prairie Operating faced considerable downward pressure due to the potential for substantial dilution from its Series F Convertible Preferred Stock and associated Anniversary Warrants. Initially, these warrants carried the potential to issue approximately 77 million shares, which would have represented a massive dilution relative to the company's around 97.34 million outstanding shares. This looming dilution created significant uncertainty and negatively impacted investor confidence in the stock's value.

2. Costs and Continued Share Issuance Associated with Dilution Mitigation Efforts.

While the company successfully negotiated an agreement on April 9, 2026, to reduce the potential issuance of Anniversary Warrants by 56% (from approximately 77 million to 34 million shares) and waived a $3.0 million cash extension fee, these efforts still incurred costs and additional share issuances. The agreement involved an immediate repayment of $13.7 million in stated value of the Series F Preferred Stock and the issuance of 4.0 million penny warrants to the Series F holder. These actions, while aiming to lessen future dilution, still added to the existing share count and financial obligations, contributing to the stock's decline.

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Stock Movement Drivers

Fundamental Drivers

The -49.2% change in PROP stock from 1/31/2026 to 5/10/2026 was primarily driven by a -58.4% change in the company's P/E Multiple.

(LTM values as of)	1312026	5102026	Change
Stock Price ($)	1.83	0.93	-49.2%
Change Contribution By:
Total Revenues ($ Mil)	167	242	44.9%
Net Income Margin (%)	13.4%	13.2%	-1.3%
P/E Multiple	4.1	1.7	-58.4%
Shares Outstanding (Mil)	51	59	-14.5%
Cumulative Contribution			-49.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/10/2026

	Return	Correlation
PROP	-49.2%
Market (SPY)	3.6%	-9.8%
Sector (XLE)	9.8%	38.5%

Fundamental Drivers

The -54.6% change in PROP stock from 10/31/2025 to 5/10/2026 was primarily driven by a -81.5% change in the company's P/E Multiple.

(LTM values as of)	10312025	5102026	Change
Stock Price ($)	2.05	0.93	-54.6%
Change Contribution By:
Total Revenues ($ Mil)	90	242	170.5%
Net Income Margin (%)	10.8%	13.2%	22.1%
P/E Multiple	9.3	1.7	-81.5%
Shares Outstanding (Mil)	44	59	-25.5%
Cumulative Contribution			-54.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/10/2026

	Return	Correlation
PROP	-54.6%
Market (SPY)	5.5%	-9.4%
Sector (XLE)	28.3%	37.1%

Fundamental Drivers

The -77.1% change in PROP stock from 4/30/2025 to 5/10/2026 was primarily driven by a -98.1% change in the company's P/S Multiple.

(LTM values as of)	4302025	5102026	Change
Stock Price ($)	4.06	0.93	-77.1%
Change Contribution By:
Total Revenues ($ Mil)	8	242	2953.5%
P/S Multiple	11.8	0.2	-98.1%
Shares Outstanding (Mil)	23	59	-61.1%
Cumulative Contribution			-77.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/10/2026

	Return	Correlation
PROP	-77.1%
Market (SPY)	30.4%	-0.2%
Sector (XLE)	42.8%	30.2%

Fundamental Drivers

The 900.1% change in PROP stock from 4/30/2023 to 5/10/2026 was primarily driven by a 4432.1% change in the company's P/E Multiple.

(LTM values as of)	4302023	5102026	Change
Stock Price ($)	0.09	0.93	900.1%
Change Contribution By:
Total Revenues ($ Mil)	-0	242	-3047504.1%
Net Income Margin (%)	-13222.3%	13.2%	-100.1%
P/E Multiple	0.0	1.7	4432.1%
Shares Outstanding (Mil)	0	59	-99.3%
Cumulative Contribution			900.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/10/2026

	Return	Correlation
PROP	900.1%
Market (SPY)	78.7%	4.5%
Sector (XLE)	44.3%	2.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
PROP Return	392%	-98%	17446%	-27%	-76%	-43%	57%
Peers Return	253%	45%	-2%	-2%	-7%	37%	527%
S&P 500 Return	27%	-19%	24%	23%	16%	7%	95%
Monthly Win Rates [3]
PROP Win Rate	50%	25%	83%	33%	25%	40%
Peers Win Rate	69%	67%	42%	44%	50%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
PROP Max Drawdown	0%	-98%	0%	-36%	-77%	-43%
Peers Max Drawdown	0%	-2%	-29%	-11%	-32%	-6%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SM, OVV, SD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)

Event	PROP	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-94.9%	-24.5%
% Gain to Breakeven	1880.0%	32.4%
Time to Breakeven	363 days	427 days
2020 COVID-19 Crash
% Loss	-30.0%	-33.7%
% Gain to Breakeven	42.9%	50.9%
Time to Breakeven	2 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-68.8%	-19.2%
% Gain to Breakeven	220.0%	23.7%
Time to Breakeven	4 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-53.7%	-3.7%
% Gain to Breakeven	115.9%	3.9%
Time to Breakeven	1185 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-46.5%	-12.2%
% Gain to Breakeven	87.1%	13.9%
Time to Breakeven	1491 days	62 days
2014-2016 Oil Price Collapse
% Loss	-67.2%	-6.8%
% Gain to Breakeven	204.6%	7.3%
Time to Breakeven	1491 days	15 days

Compare to SM, OVV, SD

In The Past

Prairie Operating's stock fell -3.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	PROP	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-94.9%	-24.5%
% Gain to Breakeven	1880.0%	32.4%
Time to Breakeven	363 days	427 days
2020 COVID-19 Crash
% Loss	-30.0%	-33.7%
% Gain to Breakeven	42.9%	50.9%
Time to Breakeven	2 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-68.8%	-19.2%
% Gain to Breakeven	220.0%	23.7%
Time to Breakeven	4 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-53.7%	-3.7%
% Gain to Breakeven	115.9%	3.9%
Time to Breakeven	1185 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-46.5%	-12.2%
% Gain to Breakeven	87.1%	13.9%
Time to Breakeven	1491 days	62 days
2014-2016 Oil Price Collapse
% Loss	-67.2%	-6.8%
% Gain to Breakeven	204.6%	7.3%
Time to Breakeven	1491 days	15 days
2013 Taper Tantrum
% Loss	-50.0%	-0.2%
% Gain to Breakeven	100.0%	0.2%
Time to Breakeven	18 days	1 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-85.0%	-15.4%
% Gain to Breakeven	566.7%	18.2%
Time to Breakeven	167 days	125 days
2008-2009 Global Financial Crisis
% Loss	-93.9%	-53.4%
% Gain to Breakeven	1542.9%	114.4%
Time to Breakeven	2150 days	1085 days

Compare to SM, OVV, SD

In The Past

Prairie Operating's stock fell -3.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Prairie Operating (PROP)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Creek Road Miners, Inc. engages in cryptocurrency mining business. The company was formerly known as Wizard Brands, Inc. and changed its name to Creek Road Miners, Inc. in July 2021. The company was incorporated in 2001 and is based in Park City, Utah.

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Analogies for Prairie Operating (PROP):

A digital gold mine.
A factory for Bitcoin and other cryptocurrencies.

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Prairie Operating (symbol: PROP) is an oil and gas exploration and production company. It sells its products, primarily crude oil, natural gas, and natural gas liquids (NGLs), primarily to other companies (B2B).

Its major customers fall into the following categories:

Midstream Companies: These companies specialize in the gathering, processing, and transportation of crude oil and natural gas from the wellhead to market hubs. They often purchase raw hydrocarbons from E&P companies like Prairie Operating.
Refineries: Refineries purchase crude oil from E&P companies to process it into various petroleum products such as gasoline, diesel, jet fuel, and petrochemical feedstocks.
Commodity Traders and Wholesale Purchasers: These entities buy crude oil, natural gas, and NGLs in bulk for resale, often to utilities, industrial users, or other downstream participants in the energy market.

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Richard N. Frommer – Interim President and CEO

Mr. Frommer has served as a director of Prairie Operating Co. since November 2024. He was the President and Chief Executive Officer of Great Western Petroleum from February 2013 to September 2021. From May 2002 to November 2012, Mr. Frommer was Senior Vice President, Rocky Mountain division at Samson Resources Company until its sale to KKR & Co., L.P. Before that, he spent four years at HS Resources Inc. as New Ventures Manager.

Greg Patton – Executive Vice President and Chief Financial Officer

Mr. Patton has over 15 years of industry experience. He previously served as Senior Vice President, Corporate Development and Finance for Great Western Petroleum and as CFO for Trigger Energy. Mr. Patton joined Prairie Operating Co. as VP of Commercial Development in March 2024 and was appointed CFO effective April 1, 2025. He holds a Master and Bachelor of Accounting from The University of Denver.

Bryan Freeman – Executive Vice President, Operations

Mr. Freeman previously served as the SVP of Drilling and Completions at Rosehill Resources, where he was responsible for managing the execution of the company's $750 million Capex program over three years. Before joining Rosehill Resources, he was the Production & Operation Engineering Manager for SM Energy.

Daniel T. Sweeney – Executive Vice President, General Counsel and Corporate Secretary

Mr. Sweeney has served as Executive Vice President, General Counsel and Corporate Secretary since July 2023. Prior to this role, he was the Senior Vice President, General Counsel and Secretary of Great Western Petroleum, LLC, a private oil and gas company, from June 2018 until its sale to PDC Energy Inc. in May 2022. From May 2013 to June 2018, he served as Director, Assistant Secretary and Associate General Counsel at Eclipse Resources Corp., also a private oil and gas exploration company. Mr. Sweeney also held legal roles at Chesapeake Energy Corporation and Rex Energy Corporation.

Louis J. Basenese – Executive Vice President, Market Strategy

Mr. Basenese has served as Executive Vice President, Market Strategy since January 2025. From June 2022 to January 2025, he was President and Chief Market Strategist for MDB Capital Holdings, a publicly traded investment bank and broker dealer. He founded and led The Basenese Group, an independent equity research, strategy, and advisory firm. Mr. Basenese started his career in capital markets as an investment consultant and analyst at Morgan Stanley from March 2002 to January 2005.

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The key risks to Prairie Operating (symbol: PROP) primarily revolve around its financial health and the inherent volatility of the energy market.

Financial Distress and Dilution Risk: Prairie Operating faces significant financial challenges, operating with negative cash flow and requiring substantial capital expenditures for its growth initiatives, with planned spending between $300 million and $320 million in 2025. This situation is further exacerbated by a high debt-to-equity ratio of 4.13 and an Altman Z-Score of 0.24, which places the company in a distress zone, suggesting a potential risk of bankruptcy within the next two years. The company relies heavily on higher-risk funding sources, with 100% of its liabilities stemming from external borrowing, and frequent equity issuances to fund growth could lead to significant dilution of shareholder value. Moreover, there is substantial potential for further dilution from preferred stock, warrants, and other instruments.
Commodity Price Volatility: As an independent energy company focused on oil, natural gas, and natural gas liquids (NGL) resources, Prairie Operating's business, financial condition, and ability to meet capital expenditure obligations are highly susceptible to the volatile prices of these commodities. An extended decline in oil, natural gas, and NGL prices could severely impact the company's profitability and financial stability.
Operational Execution Risks: Prairie Operating has a limited history of drilling producing oil and natural gas wells, which introduces uncertainties in establishing successful operations and executing its development plans. There is a risk that the development of its estimated proved undeveloped reserves (PUD) may take longer and require higher capital expenditures than anticipated, potentially leading to undeveloped or unproduced reserves and challenging its ability to scale production effectively.

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Prairie Operating (NASDAQ: PROP) is primarily an independent energy company focused on the acquisition, development, and operation of onshore oil, natural gas, and natural gas liquids (NGL) properties in the United States, with operations concentrated in the Denver-Julesburg (DJ) Basin in Colorado. The company's main products are crude oil, natural gas, and natural gas liquids.

While some sources indicate that Prairie Operating also has a Bitcoin mining operation or that Prairie Operating Co., LLC was acquired by Creek Road Miners, Inc., a cryptocurrency mining business, the bulk of Prairie Operating's revenue is described as coming from selling oil, natural gas, and natural gas liquids.

It is challenging to provide a precise addressable market size specifically for the exploration and production activities within the DJ Basin in a single numerical value. However, the broader markets for crude oil, natural gas, and natural gas liquids in the United States are substantial.

Currently, specific addressable market sizes directly attributable to Prairie Operating's main products (crude oil, natural gas, and natural gas liquids) for their specific operational region (DJ Basin, U.S.) are not readily available in a quantifiable figure that can be directly extracted as a "market size" from the provided search results. Therefore, it is not possible to size the markets for the company's products based on the available information.

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Prairie Operating (NASDAQ: PROP) is an independent energy company primarily focused on the development and acquisition of oil, natural gas, and natural gas liquids (NGL) resources in the Denver-Julesburg (DJ) Basin in the United States. The company exited its cryptocurrency mining operations in January 2024. Over the next 2-3 years, key drivers of Prairie Operating's future revenue growth are expected to include:

Increased Production Volume from Acquisitions and Development: Prairie Operating's revenue growth is significantly driven by its strategy of acquiring and developing oil and gas assets. The company's $602.8 million acquisition of Bayswater's DJ Basin assets, which closed in March 2025, substantially expanded its land position and boosted daily production. In the third quarter of 2025, Prairie Operating achieved record production of 23,029 barrels of oil equivalent per day (Boe/d), with current rates reaching approximately 27,000 Boe/d due to successful development activities and additional bolt-on acquisitions. The company has reaffirmed its full-year 2025 production guidance of 24,000–26,000 Boe/d, with ongoing drilling and completion activities expected to drive further production growth.
Development of Proved Reserves: Prairie Operating possesses substantial proved reserves, with an independent assessment as of year-end 2025 reporting total proved reserves of 121 million barrels of oil equivalent. A significant portion of these, 53 MMBoe, are categorized as proved undeveloped reserves. The systematic development and conversion of these undeveloped reserves into producing assets will be a key driver of increased production volumes and, consequently, revenue growth over the coming years.
Operational Efficiency and Optimization: The company emphasizes operational efficiency and asset optimization to enhance per-well productivity and capital efficiency. Initiatives such as workover programs, the installation of plunger lift systems (which have shown an average oil production increase of 12.6% per well), and improvements to gas-lift systems and pad efficiencies contribute to maximizing output from existing and new wells. Prairie Operating also benefits from operating in rural areas, which results in fewer permitting hurdles and a faster development timeline, allowing for efficient capital deployment.
Strategic Hedging and Commodity Price Management: While commodity prices inherently introduce volatility, Prairie Operating employs a proactive hedging strategy to secure favorable pricing for a significant portion of its production through 2028. This strategy helps to insulate the company from short-term commodity price fluctuations, enabling more reliable forecasting of cash flows and capital expenditures, and providing a stable revenue base to support ongoing growth initiatives.

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Share Issuance

In February 2025, Prairie Operating announced an underwritten public offering of $200 million of its common stock, with an option for underwriters to purchase an additional $30 million, primarily to fund a portion of the Bayswater acquisition.
In March 2025, the company agreed to issue and sell 150,000 shares of new Series F Convertible Preferred Stock in a registered public offering, carrying a 12% annual dividend rate, with proceeds aimed at funding the acquisition of oil and gas assets.
Prairie Operating downsized its common stock offering to just under $40 million in March 2025, incorporating the preferred stock issuance to minimize dilution for existing shareholders while funding the Bayswater acquisition.

Inbound Investments

In December 2024, Prairie Operating secured a $1 billion reserve-based lending facility with Citibank, N.A., providing significant capital for development.
In June 2025, the company's multi-year Reserve-Based Lending (RBL) credit facility with Citibank, N.A. was reaffirmed with a borrowing base of $475 million and a maximum facility size of $1.0 billion, maturing in March 2029.

Outbound Investments

In March 2025, Prairie Operating closed the $602.75 million acquisition of certain Denver-Julesburg Basin (DJ Basin) assets from Bayswater Exploration and Production and its affiliated entities, significantly expanding its asset base.
The company completed the NRO acquisition in October 2024.
Prairie Operating closed the Edge acquisition in July 2025.

Capital Expenditures

Capital expenditures for the second quarter of 2025 amounted to $56.6 million, reflecting the company's commitment to growth and operational expansion.
In the third quarter of 2025, Prairie Operating incurred $69.6 million in capital expenditures.
For the full year 2025, the company reaffirmed its guidance, projecting capital expenditures between $260 million and $280 million, primarily focused on growth and development opportunities.

Interactive Breakdown

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Better Bets vs. Prairie Operating (PROP)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Prairie Operating Earnings Notes	12/16/2025

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0	ARTICLES

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AKAM	Akamai Technologies	21.3	26.6%	69.3%
EOSE	Eos Energy Enterprises	2.5	25.9%	-30.1%
PGNY	Progyny	2.0	23.8%	-7.6%
FROG	JFrog	8.4	23.7%	13.0%
MRVI	Maravai LifeSciences	0.7	23.1%	49.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FWRD	Forward Air	0.3	-43.0%	-60.5%
AORT	Artivion	1.2	-28.3%	-44.3%
FIGS	FIGS	1.9	-24.3%	2.4%
NET	Cloudflare	68.9	-23.6%	-0.5%
DXC	DXC Technology	1.6	-21.5%	-35.6%
AMPH	Amphastar Pharmaceuticals	0.9	-20.9%	-29.1%
KDK	Kodiak AI	1.3	-20.4%	-33.7%
HRTG	Heritage Insurance	0.7	-20.0%	-23.4%
KODK	Eastman Kodak	1.1	-19.4%	34.9%
HUBS	HubSpot	10.4	-19.0%	-50.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FLNC	Fluence Energy	3.2	98.2%	22.1%
INOD	Innodata	2.7	92.8%	66.6%
DOCN	DigitalOcean	15.0	59.5%	240.7%
GBTG	Global Business Travel	4.9	59.4%	23.5%
STRL	Sterling Infrastructure	25.9	58.6%	175.9%
FLEX	Flex	52.5	55.0%	135.3%
POET	POET Technologies	1.4	49.8%	73.0%
AAON	AAON	11.4	49.2%	83.4%
SITM	SiTime	21.8	49.1%	135.9%
XMTR	Xometry	4.1	49.1%	34.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
EMBC	Embecta	0.2	-60.6%	-68.9%
FWRD	Forward Air	0.3	-53.7%	-60.5%
TRDA	Entrada Therapeutics	0.3	-52.8%	-33.5%
PRIM	Primoris Services	5.7	-41.9%	-15.5%
ULH	Universal Logistics	0.3	-41.8%	-13.6%
BRBR	BellRing Brands	1.2	-40.1%	-61.4%
WGS	GeneDx	1.2	-37.6%	-68.7%
VITL	Vital Farms	0.4	-37.0%	-72.0%
BETR	Better Home & Finance	0.5	-32.2%	-7.7%
TMDX	TransMedics	2.3	-32.2%	-44.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.7	403.2%	472.7%
BAND	Bandwidth	1.5	184.9%	222.9%
INOD	Innodata	2.7	135.2%	66.6%
FCEL	FuelCell Energy	0.7	109.2%	87.4%
SITM	SiTime	21.8	104.8%	135.9%
INTC	Intel	635.0	102.4%	238.5%
KOPN	Kopin	1.0	101.9%	131.2%
ABSI	Absci	0.9	100.0%	69.1%
XMTR	Xometry	4.1	97.0%	34.5%
LWLG	Lightwave Logic	2.2	94.7%	407.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-59.0%	-68.9%
TRDA	Entrada Therapeutics	0.3	-51.3%	-33.5%
CAR	Avis Budget	5.1	-50.9%	13.6%
FWRD	Forward Air	0.3	-47.7%	-60.5%
ERAS	Erasca	2.9	-41.7%	172.0%
ULH	Universal Logistics	0.3	-41.7%	-13.6%
TMDX	TransMedics	2.3	-37.9%	-44.2%
VISN	Vistance Networks	2.6	-37.4%	-36.4%
PLNT	Planet Fitness	3.8	-36.6%	-57.7%
INSM	Insmed	21.7	-36.5%	-41.8%

Peer Comparisons

Peers to compare with:

Financials

	PROP	SM	OVV	SD	Median
Name	Prairie .	SM Energy	Ovintiv	SandRidg.
Mkt Price	0.93	29.44	57.83	14.42	21.93
Mkt Cap	0.1	5.9	14.6	0.5	3.2
Rev LTM	242	3,775	8,908	164	2,009
Op Inc LTM	69	927	2,064	61	498
FCF LTM	-43	555	1,505	26	291
FCF 3Y Avg	-38	-208	1,449	49	5
CFO LTM	154	2,168	3,652	100	1,161
CFO 3Y Avg	44	1,892	3,847	90	991

Growth & Margins

	PROP	SM	OVV	SD	Median
Name	Prairie .	SM Energy	Ovintiv	SandRidg.
Rev Chg LTM	2,953.5%	27.9%	-2.7%	18.8%	23.4%
Rev Chg 3Y Avg	-	10.1%	-10.4%	-7.7%	-7.7%
Rev Chg Q	945.6%	75.8%	-1.9%	16.8%	46.3%
QoQ Delta Rev Chg LTM	44.9%	20.3%	-0.5%	4.6%	12.4%
Op Inc Chg LTM	360.2%	-16.7%	-0.3%	55.6%	27.6%
Op Inc Chg 3Y Avg	-491.9%	-13.0%	-17.9%	-11.6%	-15.4%
Op Mgn LTM	28.5%	24.6%	23.2%	37.3%	26.5%
Op Mgn 3Y Avg	-	33.6%	24.0%	34.7%	33.6%
QoQ Delta Op Mgn LTM	0.6%	-1.6%	0.0%	2.6%	0.3%
CFO/Rev LTM	63.5%	57.4%	41.0%	60.9%	59.2%
CFO/Rev 3Y Avg	-	63.1%	40.0%	61.8%	61.8%
FCF/Rev LTM	-17.8%	14.7%	16.9%	16.1%	15.4%
FCF/Rev 3Y Avg	-	-7.5%	15.2%	34.6%	15.2%

Valuation

	PROP	SM	OVV	SD	Median
Name	Prairie .	SM Energy	Ovintiv	SandRidg.
Mkt Cap	0.1	5.9	14.6	0.5	3.2
P/S	0.2	1.6	1.6	3.2	1.6
P/Op Inc	0.8	6.3	7.1	8.7	6.7
P/EBIT	0.7	13.6	12.8	7.4	10.1
P/E	1.7	44.8	11.8	7.0	9.4
P/CFO	0.4	2.7	4.0	5.3	3.4
Total Yield	58.2%	4.0%	10.6%	17.3%	13.9%
Dividend Yield	0.0%	1.8%	2.1%	2.9%	1.9%
FCF Yield 3Y Avg	-35.5%	-9.7%	13.5%	9.7%	-0.0%
D/E	6.7	1.4	0.4	0.0	0.9
Net D/E	6.7	1.3	0.4	-0.2	0.9

Returns

	PROP	SM	OVV	SD	Median
Name	Prairie .	SM Energy	Ovintiv	SandRidg.
1M Rtn	-35.4%	3.7%	3.1%	-6.5%	-1.7%
3M Rtn	-48.9%	40.9%	25.0%	-13.6%	5.7%
6M Rtn	-51.6%	64.2%	50.8%	16.2%	33.5%
12M Rtn	-80.0%	31.8%	64.5%	49.1%	40.4%
3Y Rtn	830.1%	22.0%	89.1%	39.4%	64.2%
1M Excs Rtn	-41.0%	-4.5%	-5.4%	-14.7%	-10.0%
3M Excs Rtn	-55.6%	34.1%	18.2%	-20.3%	-1.1%
6M Excs Rtn	-58.0%	59.2%	51.0%	11.0%	31.0%
12M Excs Rtn	-110.5%	12.6%	44.2%	28.0%	20.3%
3Y Excs Rtn	852.6%	-57.4%	10.1%	-28.7%	-9.3%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	3/31/2026	3/31/2026	3/6/2025	3/19/2024	3/31/2023	3/31/2022	3/29/2021
Key Financials
Total Revenue	242	242	8	0	0	0	0
EBITDA	131	131	-38	-62	-0	-18	-2
Operating Income	69	69	-27	-17	-0	-18	-2
Net Income	32	32	-41	-79	-0	-17	-2
EPS	-2.58	-1.35	-2.65	-16.51	-1.08	-106.00	-16.57
Growth Rates
Total Revenue Growth	2953.5%	2943.8%	∞%	-	-100.0%	-10.3%	-96.1%
EBITDA Growth	442.4%	442.4%	38.1%	-13312.0%	97.4%	-699.5%	-23.9%
Operating Income Growth	360.2%	360.2%	-60.4%	-3482.3%	97.5%	-697.9%	-22.5%
Net Income Growth	178.3%	178.3%	48.3%	-17034.7%	97.3%	-790.1%	10.2%
Margins
EBITDA Margin	54.1%	54.3%	-482.4%	-	-	-4842.8%	-543.3%
Operating Income Margin	28.5%	28.5%	-334.0%	-	-	-4908.2%	-551.7%
Net Income Margin	13.2%	13.3%	-515.3%	-	-	-4670.2%	-470.6%
Cash & Debt
Total Cash	0	0	5	13	0	3	2
Total Debt	371	371	47	0	0	5	5
Net Debt / (Cash)	371	371	41	-13	-0	2	3
Cash Flows
Net Cash from Operations	154	154	-9	-12	-0	-7	-1
Free Cash from Operations	-43	-43	-39	-33	-5	-17	-1
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1	1	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	3/31/2026	11/14/2025	8/12/2025	5/15/2025	3/6/2025	11/8/2024	8/9/2024	5/13/2024	3/19/2024	11/14/2023	8/14/2023	5/15/2023
Key Financials Quarterly
Total Revenue	83	78	68	14	8	0	0	0	0	0	0	0
Ebitda	47	26	57	1	-10	-11	-9	-8	-23	-34	-4	-0
Operating Income	21	27	19	2	-1	-9	-9	-8	-7	-6	-3	-0
Net Income	-2	1	36	-3	-12	-11	-9	-9	-23	-34	-21	-0
EPS	0.31	-0.44	1.04	-3.49	-0.41	-0.68	-3.49	-0.90	-2.39	-5.24	-5.39	-0.15
Key Financials TTM
Total Revenue TTM	242	167	90	22	8	0	0	0	0	-1	-1	-0
Ebitda TTM	131	74	36	-29	-38	-51	-74	-70	-62	-33	1	4
Operating Income TTM	69	47	11	-17	-27	-33	-30	-25	-17	-3	3	4
Net Income TTM	32	22	10	-34	-41	-52	-75	-88	-79	-49	-15	4
Growth Rates Quarterly
Total Revenue Growth	945.6%	-	-	-	-	-	-	-	100.0%	-	-100.0%	-100.0%
EBITDA Growth	552.3%	330.8%	769.5%	111.0%	55.7%	66.6%	-99.8%	-12313.0%	-524.6%	-12245.4%	-167.0%	97.7%
Operating Income Growth	2060.3%	406.8%	321.0%	121.8%	85.1%	-39.6%	-199.9%	-12393.8%	-222.5%	-2181.5%	-75.4%	97.9%
Net Income Growth	80.7%	111.3%	519.1%	71.0%	49.1%	66.8%	59.7%	-13934.4%	-462.5%	-12334.0%	-930.5%	97.9%
Margins Quarterly
EBITDA Margin	56.5%	33.9%	83.7%	6.5%	-130.6%	-	-	-	-	-	-	-
Operating Income Margin	25.6%	34.8%	27.8%	12.9%	-13.7%	-	-	-	-	-	-	-
Net Income Margin	-2.8%	1.7%	52.4%	-19.3%	-150.4%	-	-	-	-	-	-	-
Cash & Debt
Total Cash	0	11	11	15	5	40	2	4	13	7	9	0
Total Debt	371	420	390	380	47	21	0	0	0	5	3	7
Net Debt / (Cash)	371	410	380	365	41	-19	-2	-4	-13	-2	-6	7
Cash Flows Quarterly
FCF from Operations	87	58	-7	17	-4	3	-5	-3	-4	-3	-5	-0
Cash Flows TTM
FCF from Operations TTM	154	64	9	11	-9	-10	-15	-15	-12	-6	-3	2
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	14.5%	18.1%	13.5%	1.0%	-2.0%	-23.6%	-26.4%	-26.4%	-27.5%	-	-49.1%	-0.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.0%	7.8%	1.9%	-2.4%	-12.4%	-21.9%	-23.2%	-20.1%	-15.6%	-	11.8%	6.6%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023
Acquisition, development, and production of crude oil, natural gas, and natural gas liquids (NGLs)	0
Exploration and Production (E&P)		46	2
Cash and cash equivalents			0
Cryptocurrency mining			0
Prepaid expenses			0
Total	0	46	2

Price Behavior

Price Behavior

Market Price	$0.93
Market Cap ($ Bil)	0.1
Distance from 52W High	-80.0%
	50 Days	200 Days
DMA Price	$1.58	$1.94
DMA Trend	down	down
Distance from DMA	-41.1%	-52.0%
	3M	1YR
Volatility	136.0%	97.5%
Downside Capture	0.33	0.70
Upside Capture	-253.65	-98.03
Correlation (SPY)	-11.7%	-0.6%

PROP Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-3.36	-1.77	-0.87	-0.74	-0.01	4.61
Up Beta	-3.59	-4.11	-2.80	-2.05	-0.68	5.60
Down Beta	-7.67	1.82	2.52	0.22	0.97	1.74
Up Capture	-282%	-200%	-142%	-79%	-38%	587%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	9	18	27	56	112	349
Down Capture	-140%	-93%	-25%	-6%	81%	99%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	12	23	34	60	128	377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PROP
PROP	-80.2%	97.1%	-1.21	-
Sector ETF (XLE)	42.9%	20.1%	1.67	31.3%
Equity (SPY)	29.0%	12.5%	1.83	-0.0%
Gold (GLD)	39.8%	27.0%	1.22	0.8%
Commodities (DBC)	50.6%	18.0%	2.21	19.5%
Real Estate (VNQ)	13.0%	13.5%	0.66	1.9%
Bitcoin (BTCUSD)	-17.4%	42.1%	-0.34	10.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PROP
PROP	-10.6%	1,225.5%	0.50	-
Sector ETF (XLE)	21.5%	26.1%	0.74	2.4%
Equity (SPY)	12.8%	17.1%	0.59	4.0%
Gold (GLD)	20.9%	17.9%	0.95	-1.1%
Commodities (DBC)	13.8%	19.1%	0.59	0.1%
Real Estate (VNQ)	3.4%	18.8%	0.08	3.4%
Bitcoin (BTCUSD)	7.0%	56.0%	0.34	6.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PROP
PROP	-21.5%	958.3%	0.45	-
Sector ETF (XLE)	9.5%	29.5%	0.36	2.0%
Equity (SPY)	15.1%	17.9%	0.72	3.5%
Gold (GLD)	13.4%	15.9%	0.69	-0.9%
Commodities (DBC)	9.3%	17.8%	0.44	0.4%
Real Estate (VNQ)	5.8%	20.7%	0.24	2.6%
Bitcoin (BTCUSD)	67.8%	66.9%	1.07	4.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4152026
Short Interest: Shares Quantity	10.1 Mil
Short Interest: % Change Since 3312026	102.8%
Average Daily Volume	10.0 Mil
Days-to-Cover Short Interest	1.0 days
Basic Shares Quantity	59.2 Mil
Short % of Basic Shares	17.1%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/30/2026	2.0%	25.6%	-38.2%
11/14/2025	0.6%	0.6%	-2.9%
8/12/2025	-19.1%	-36.1%	-32.5%
SUMMARY STATS
# Positive	2	2	0
# Negative	1	1	3
Median Positive	1.3%	13.1%
Median Negative	-19.1%	-36.1%	-32.5%
Max Positive	2.0%	25.6%
Max Negative	-19.1%	-36.1%	-38.2%

	Forward Returns
3/30/2026	2.0%	25.6%	-38.2%
11/14/2025	0.6%	0.6%	-2.9%
8/12/2025	-19.1%	-36.1%	-32.5%
SUMMARY STATS
# Positive	2	2	0
# Negative	1	1	3
Median Positive	1.3%	13.1%
Median Negative	-19.1%	-36.1%	-32.5%
Max Positive	2.0%	25.6%
Max Negative	-19.1%	-36.1%	-38.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/31/2026	10-K
09/30/2025	11/14/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/06/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/13/2024	10-Q
12/31/2023	03/19/2024	10-K
09/30/2023	11/14/2023	10-Q
06/30/2023	08/14/2023	10-Q
03/31/2023	05/15/2023	10-Q
12/31/2022	03/31/2023	10-K
09/30/2022	11/14/2022	10-Q
06/30/2022	08/15/2022	10-Q
03/31/2022	05/16/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/30/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Average Daily Production	25,500	26,500	27,500	6.0%		Raised	Guidance: 25,000 for 2025
2026 Capital Expenditures	200.00 Mil	210.00 Mil	220.00 Mil	-22.2%		Lowered	Guidance: 270.00 Mil for 2025
2026 Adjusted EBITDA	240.00 Mil	250.00 Mil	260.00 Mil	0		Affirmed	Guidance: 250.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 11/14/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Average Daily Production	24,000	25,000	26,000	0		Affirmed	Guidance: 25,000 for 2025
2025 Capital Expenditures	260.00 Mil	270.00 Mil	280.00 Mil	0		Affirmed	Guidance: 270.00 Mil for 2025
2025 Adjusted EBITDA	240.00 Mil	250.00 Mil	260.00 Mil	0		Affirmed	Guidance: 250.00 Mil for 2025

Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust	Direct	Buy	1022026	1.61	210,981	339,806	24,934,670	Form
2	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust	Direct	Buy	12292025	1.68	50,000	84,000	25,654,645	Form
3	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust	Direct	Buy	12292025	1.68	33,825	56,826	25,570,645	Form
4	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust	Direct	Buy	12182025	1.68	36,701	61,658	25,513,819	Form
5	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust	Direct	Buy	12182025	1.68	70,795	118,909	25,446,376	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	1022026	1.61	210,981	339,806	24,934,670	Form
2	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12292025	1.68	50,000	84,000	25,654,645	Form
3	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12292025	1.68	33,825	56,826	25,570,645	Form
4	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12182025	1.68	36,701	61,658	25,513,819	Form
5	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12182025	1.68	70,795	118,909	25,446,376	Form
6	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12182025	1.68	86,022	144,481	25,326,911	Form
7	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12152025	1.69	850,000	1,433,740	25,289,957	Form
8	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12152025	1.71	270,431	462,217	24,173,479	Form
9	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12152025	1.71	42,781	73,156	23,722,570	Form
10	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12152025	1.71	200	342	23,649,415	Form
11	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	12152025	1.72	50,000	85,985	23,783,222	Form
12	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11262025	1.70	3,831	6,513	23,425,774	Form
13	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11242025	1.69	236,977	399,967	23,251,048	Form
14	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11242025	1.71	800,000	1,365,040	23,101,696	Form
15	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11242025	1.72	199,271	342,567	21,899,726	Form
16	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11242025	1.75	131,814	230,121	21,891,962	Form
17	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11242025	1.75	168,897	295,080	21,677,971	Form
18	Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family Trust		Direct	Buy	11242025	1.73	199,463	345,649	21,209,097	Form
19	Gray, Jonathan H		Direct	Buy	9082025	2.11	89,000	187,790	1,425,974	Form
20	Lee, Stephen		Direct	Buy	9032025	2.51	2,500	6,275	282,915	Form
21	Frommer, Richard N		Direct	Buy	8292025	2.49	1,500	3,735	323,381	Form
22	Patton, Gregory Scott	EVP and CFO	Direct	Buy	8282025	2.51	3,000	7,530	2,004,283	Form
23	Frommer, Richard N		Direct	Buy	8272025	2.44	3,000	7,326	313,484	Form
24	Kovalik, Edward	Chief Executive Officer	Direct	Buy	8252025	2.17	10,000	21,750	4,430,551	Form
25	Gray, Jonathan H		Direct	Buy	8252025	2.16	120,563	260,416	1,267,525	Form
26	Gray, Jonathan H		Direct	Buy	8212025	2.09	218,917	457,537	974,471	Form
27	Thoresen, Erik		Direct	Buy	8212025	2.37	2,500	5,925	286,201	Form
28	Frommer, Richard N		Direct	Buy	6182025	3.99	5,000	19,950	95,808	Form
29	Freeman, Bryan	EVP of Operations	Direct	Buy	6112025	3.99	5,000	19,950	510,165	Form
30	Frommer, Richard N		Direct	Buy	6092025	3.94	2,500	9,850	74,907	Form
31	Frommer, Richard N		Direct	Buy	6092025	3.97	1,000	3,970	65,553	Form
32	Patton, Gregory Scott	EVP and CFO	Direct	Buy	6062025	3.89	5,050	19,664	508,215	Form
33	Hanna, Gary C	President	Direct	Buy	5292025	3.83	25,000	95,775	5,172,716	Form
34	Kovalik, Edward	Chief Executive Officer	Direct	Buy	5272025	3.74	6,700	25,058	5,008,066	Form
35	Kovalik, Edward	Chief Executive Officer	Direct	Buy	5272025	3.51	7,140	25,061	4,676,566	Form
36	Thoresen, Erik		Direct	Buy	5232025	3.75	1,500	5,625	34,822	Form
37	Thoresen, Erik		Direct	Buy	5232025	3.47	1,900	6,593	27,017	Form
38	Thoresen, Erik		Direct	Buy	5232025	3.60	1,600	5,760	21,190	Form
39	Gray, Jonathan H		Direct	Buy	5222025	3.75	131,500	493,112	518,847	Form

PROP Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing PROP?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What PROP Makes & Who Pays

TTM figures based on

PROP Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Prairie Operating (PROP)

Market Price (5/11/2026): $0.95 | Market Cap: $56.2 MilSector: Energy | Industry: Oil & Gas Exploration & Production

Prairie Operating (PROP)

Market Price (5/11/2026): $0.95Market Cap: $56.2 MilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Prairie Operating (PROP)

Interactive Breakdown

Better Bets vs. Prairie Operating (PROP)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

PROP Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Market Price (5/11/2026): $0.95 | Market Cap: $56.2 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (5/11/2026): $0.95
Market Cap: $56.2 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production