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    Prairie Operating (PROP)

    Market Price (10/20/2026): $0.354 | Market Cap: $37.9 MilSector: Energy | Industry: Oil & Gas Exploration & Production

    Prairie Operating (PROP)

    Market Price (10/20/2026): $0.354
    Market Cap: $37.9 Mil
    Sector: Energy
    Industry: Oil & Gas Exploration & Production

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

    0

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 283%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -79%

    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 -126%, 3Y Excs Rtn is -105%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.26, 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 10%

    Penny stock
    Mkt Price is 0.4

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1142%

    Not cash flow generative
    FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -120%

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

    0 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 283%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%
    2 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -79%
    3 Megatrend and thematic drivers
    Megatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, and Resource Efficiency Solutions.
    4 Weak multi-year price returns
    2Y Excs Rtn is -126%, 3Y Excs Rtn is -105%
    5 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.26, 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 10%
    6 Penny stock
    Mkt Price is 0.4
    7 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1142%
    8 Not cash flow generative
    FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14%
    9 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -120%
    10 Key risks
    PROP key risks include [1] a precarious financial position characterized by high debt, Show more.

    PROP in ETFs

    Weight = PROP's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31PROP [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$343.0 Mil—
    FY 2026 Sales$347.8 Mil—
    FY 2027 Sales$424.2 Mil—
    FY 2026 Sales Growth1.4%—
    FY 2027 Sales Growth21.9%13.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$-44.7 Mil—
    FY 2026 Net Income (Non-GAAP)$14.4 Bil—
    FY 2027 Net Income (Non-GAAP)$21.7 Bil—
    FY 2027 Net Income Growth50.3%19.0%
    FY 2026 EPS (Non-GAAP)$0.32—
    FY 2027 EPS (Non-GAAP)$0.48—
    FY 2027 EPS Growth51.7%—
    VALUATION
    FY 2026 P/S0.11.7
    FY 2027 P/S0.1—
    FY 2026 P/E0.07.9
    FY 2027 P/E0.0—

    [1] PROP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    PROPS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.3
    Rev Chg Q45.2%9.3%
    Rev Chg LTM282.7%8.3%
    Rev Chg 3Y Avg191.3%5.9%
    PROFITABILITYFAIR
    Op Inc LTM ($ Bil)0.1
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM35.0%18.5%
    CFO/Rev LTM69.5%21.9%
    Net Inc Mgn-13.0%13.3%
    VALUATIONVERY LOW
    P/S0.13.1
    P/CFO0.215.0
    P/FCF-0.819.6
    P/E-0.922.9
    STABILITYVERY POOR
    Debt/Equity11.540.20
    Cash/Assets0.000.07

    AI Analysis | Feedback

    MetricValueDateSource
    Average Daily Production21,052 barrels of oil equivalent per day8122025Link
    Total Proved Reserves100,000,000 barrels of oil equivalent8122025Link
    Proved Developed Producing (PDP) Reserves55,000,000 barrels of oil equivalent8122025Link
    Proved Undeveloped (PUD) Reserves45,000,000 barrels of oil equivalent8122025Link
    Gross Drilling Locations600+8122025Link
    Net Acreage in DJ Basinapproximately 76,000 net acres11082025Link
    Drilled and Completed Wells (Annual)25-28 wells (guidance)1152025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/15/2026

    Prairie Operating (PROP) stock has lost about 50% since 6/30/2026 because of the following key factors:

    1. Mounting Liquidity and Debt Concerns.

    Prairie Operating faced significant financial distress, highlighted by a working capital deficit of approximately $125.5 million as of fiscal Q2 2026 (ended June 30, 2026). The company had limited availability of $39.0 million under its $475.0 million credit facility, with $436.0 million already drawn. Further indicating financial strain, in August 2026, Prairie Operating amended its credit agreement to reduce its minimum Current Ratio requirements for upcoming fiscal quarters, including setting it at 0.50 to 1.00 for Q2 2026 and 0.40 to 1.00 for Q3 2026, significantly down from the original 1.00 to 1.00 covenant. This amendment was necessitated as the company's current ratio stood at 0.25 through Q2 2026. An InvestingPro analysis noted the company operates with a significant debt burden, with total debt representing 73% of total capital.

    2. Disappointing Q2 2026 Revenue and Negative Market Reaction.

    Despite reporting a net income attributable to common stockholders of $193.8 million, Prairie Operating's revenue for fiscal Q2 2026 (announced August 17, 2026) of $98.86 million missed the consensus estimate of $118.40 million. Although the company beat earnings per share (EPS) estimates for the quarter ($0.23 actual vs. $0.02 estimate), the market reacted negatively, with the stock experiencing a -29% end-of-day impact on August 17, 2026, according to StockTitan. Additionally, the company reported a year-to-date net loss of $43.7 million for 2026, compared to a net income of $33.1 million in the prior-year period, largely due to realized and unrealized losses on derivatives.

    Show more
    Updated on 10/15/2026

    Prairie Operating (PROP) stock has lost about 50% since 6/30/2026 because of the following key factors:

    1. Mounting Liquidity and Debt Concerns.

    Prairie Operating faced significant financial distress, highlighted by a working capital deficit of approximately $125.5 million as of fiscal Q2 2026 (ended June 30, 2026). The company had limited availability of $39.0 million under its $475.0 million credit facility, with $436.0 million already drawn. Further indicating financial strain, in August 2026, Prairie Operating amended its credit agreement to reduce its minimum Current Ratio requirements for upcoming fiscal quarters, including setting it at 0.50 to 1.00 for Q2 2026 and 0.40 to 1.00 for Q3 2026, significantly down from the original 1.00 to 1.00 covenant. This amendment was necessitated as the company's current ratio stood at 0.25 through Q2 2026. An InvestingPro analysis noted the company operates with a significant debt burden, with total debt representing 73% of total capital.

    2. Disappointing Q2 2026 Revenue and Negative Market Reaction.

    Despite reporting a net income attributable to common stockholders of $193.8 million, Prairie Operating's revenue for fiscal Q2 2026 (announced August 17, 2026) of $98.86 million missed the consensus estimate of $118.40 million. Although the company beat earnings per share (EPS) estimates for the quarter ($0.23 actual vs. $0.02 estimate), the market reacted negatively, with the stock experiencing a -29% end-of-day impact on August 17, 2026, according to StockTitan. Additionally, the company reported a year-to-date net loss of $43.7 million for 2026, compared to a net income of $33.1 million in the prior-year period, largely due to realized and unrealized losses on derivatives.

    3. Worsening Analyst Sentiment and Price Target Revisions.

    The consensus analyst price target for Prairie Operating experienced a substantial decline, with a -41.46% change over the three months leading up to October 2026. While some analysts maintain a "Buy" rating, the consensus rating from 4 Wall Street analysts has shifted to "Reduce." This reflects a loss of confidence in the company's future performance from a segment of the analyst community, contributing to downward pressure on the stock price.

    4. Deteriorating Global Oil Demand Outlook.

    Despite some increases in crude oil prices during fiscal Q3 2026 due to geopolitical events in the Middle East, broader macroeconomic forecasts pointed to a weakening demand outlook. The IEA Oil Market Report, released in October 2026, forecast world oil demand to fall by 2.5 million barrels per day (mb/d) year-over-year in fiscal Q4 2026 and by 2.6 mb/d on average for 2026. This anticipated decline was attributed to the ongoing Iran war, restricted product availability, rising fuel prices, and a deteriorating economic outlook. Similarly, J.P. Morgan Global Research in July 2026 lowered its Brent crude price forecast for late 2026, projecting an average of $80 per barrel (bbl) for Q4 2026 and $78 at year-end, down from a previous forecast of $95, citing larger-than-expected demand losses. These negative revisions to global oil demand forecasts likely impacted investor sentiment for oil and gas companies like Prairie Operating.

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    Stock Movement Drivers

    Fundamental Drivers

    The -50.4% change in PROP stock from 6/30/2026 to 10/19/2026 was primarily driven by a -40.0% change in the company's P/S Multiple.
    (LTM values as of)630202610192026Change
    Stock Price ($)0.720.36-50.4%
    Change Contribution By: 
    Total Revenues ($ Mil)3123439.9%
    P/S Multiple0.20.1-40.0%
    Shares Outstanding (Mil)81107-24.8%
    Cumulative Contribution-50.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/19/2026
    ReturnCorrelation
    PROP-50.4% 
    Market (SPY)2.6%15.7%
    Sector (XLE)27.7%2.2%

    Fundamental Drivers

    The -82.4% change in PROP stock from 3/31/2026 to 10/19/2026 was primarily driven by a -77.4% change in the company's P/S Multiple.
    (LTM values as of)331202610192026Change
    Stock Price ($)2.030.36-82.4%
    Change Contribution By: 
    Total Revenues ($ Mil)24234341.5%
    P/S Multiple0.50.1-77.4%
    Shares Outstanding (Mil)59107-44.8%
    Cumulative Contribution-82.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/19/2026
    ReturnCorrelation
    PROP-82.4% 
    Market (SPY)18.2%-1.7%
    Sector (XLE)11.5%17.9%

    Fundamental Drivers

    The -82.0% change in PROP stock from 9/30/2025 to 10/19/2026 was primarily driven by a -88.5% change in the company's P/S Multiple.
    (LTM values as of)930202510192026Change
    Stock Price ($)1.990.36-82.0%
    Change Contribution By: 
    Total Revenues ($ Mil)90343282.7%
    P/S Multiple1.00.1-88.5%
    Shares Outstanding (Mil)44107-58.9%
    Cumulative Contribution-82.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/19/2026
    ReturnCorrelation
    PROP-82.0% 
    Market (SPY)16.0%3.1%
    Sector (XLE)55.2%25.6%

    Fundamental Drivers

    The -13.8% change in PROP stock from 9/30/2023 to 10/19/2026 was primarily driven by a -66368.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202310192026Change
    Stock Price ($)0.410.36-13.8%
    Change Contribution By: 
    Total Revenues ($ Mil)-1343-66368.5%
    P/S Multiple-3.10.1-103.6%
    Shares Outstanding (Mil)4107-96.3%
    Cumulative Contribution-13.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/19/2026
    ReturnCorrelation
    PROP-13.8% 
    Market (SPY)85.5%4.5%
    Sector (XLE)63.9%2.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    PROP Return392%-98%17446%-27%-76%-80%-44%
    Peers Return253%45%-2%-2%-7%66%659%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    PROP Win Rate50%25%83%33%25%20% 
    Peers Win Rate69%67%42%44%50%60% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    PROP Max Drawdown-72%-98%-68%-56%-83%-86% 
    Peers Max Drawdown-37%-43%-30%-30%-39%-23% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [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 10/19/2026 (YTD)

    How Low Can It Go

    EventPROPS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-94.9%-24.5%
      % Gain to Breakeven1880.0%32.4%
      Time to Breakeven363 days427 days
    2020 COVID-19 Crash
      % Loss-30.0%-33.7%
      % Gain to Breakeven42.9%50.9%
      Time to Breakeven2 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-68.8%-19.2%
      % Gain to Breakeven220.0%23.8%
      Time to Breakeven4 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-53.7%-3.7%
      % Gain to Breakeven115.9%3.9%
      Time to Breakeven1185 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-46.5%-12.2%
      % Gain to Breakeven87.1%13.9%
      Time to Breakeven1491 days62 days
    2014-2016 Oil Price Collapse
      % Loss-67.2%-6.8%
      % Gain to Breakeven204.6%7.3%
      Time to Breakeven1491 days15 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.

    EventPROPS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-94.9%-24.5%
      % Gain to Breakeven1880.0%32.4%
      Time to Breakeven363 days427 days
    2020 COVID-19 Crash
      % Loss-30.0%-33.7%
      % Gain to Breakeven42.9%50.9%
      Time to Breakeven2 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-68.8%-19.2%
      % Gain to Breakeven220.0%23.8%
      Time to Breakeven4 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-53.7%-3.7%
      % Gain to Breakeven115.9%3.9%
      Time to Breakeven1185 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-46.5%-12.2%
      % Gain to Breakeven87.1%13.9%
      Time to Breakeven1491 days62 days
    2014-2016 Oil Price Collapse
      % Loss-67.2%-6.8%
      % Gain to Breakeven204.6%7.3%
      Time to Breakeven1491 days15 days
    2013 Taper Tantrum
      % Loss-50.0%-0.2%
      % Gain to Breakeven100.0%0.2%
      Time to Breakeven18 days1 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-85.0%-15.4%
      % Gain to Breakeven566.7%18.2%
      Time to Breakeven167 days125 days
    2008-2009 Global Financial Crisis
      % Loss-93.9%-53.4%
      % Gain to Breakeven1542.9%114.4%
      Time to Breakeven2150 days1085 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)

    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.

    AI Analysis | Feedback

    Analogies for Prairie Operating (PROP):
    • A digital gold mine.
    • A factory for Bitcoin and other cryptocurrencies.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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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.

    AI Analysis | Feedback

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

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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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    AI Analysis | Feedback

    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.

    Peer Outperformance in Oil & Gas Exploration & Production

    PROP has trailed 98% of its 50 Oil & Gas Exploration & Production peers over 5Y. Oil & Gas Exploration & Production ranks 4th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Oil & Gas Exploration & Production constituents that PROP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    0%
    of 60 industry peers · -79.7% return
    3Y
    0%
    of 56 industry peers · -97.9% return
    5Y
    2%
    of 50 industry peers · -76.1% return
    No Oil & Gas Exploration & Production peer with a comparable growth profile has beaten PROP by more than 20pp over 5Y.
    Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Exploration & Production is PROP's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Oil & Gas Refining & Marketing 11 131.4%150.0%320.9% MPC 692% · VLO 531% · PBF 483%
    Integrated Oil & Gas 7 57.3%76.7%226.7% IMO 345% · SU 320% · XOM 235%
    Oil & Gas Storage & Transportation 18 38.5%117.2%165.6% INSW 849% · LPG 788% · TRGP 479%
    Oil & Gas Exploration & Production ← 51 37.7%12.4%60.0% BTE 1010% · PR 324% · CNQ 225%
    Oil & Gas Equipment & Services 33 31.7%11.6%56.2% SEI 850% · FTI 817% · EFXT 542%
    Oil & Gas Drilling 7 70.1%5.5%51.8% VAL 148% · NE 95% · PTEN 52%
    Coal & Consumable Fuels 14 -25.5%4.0%29.9% CNR 219% · CCJ 207% · UEC 122%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Prairie Operating Earnings Notes12/16/2025
    Title
    0ARTICLES

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    Peer Comparisons

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    Financials

    PROPSMOVVSDMedian
    NamePrairie .SM EnergyOvintiv SandRidg. 
    Mkt Price0.3538.8970.0014.3626.62
    Mkt Cap0.09.319.60.54.9
    Rev LTM3435,1469,7581802,745
    Op Inc LTM1201,6732,69070897
    FCF LTM-487432,26642393
    FCF 3Y Avg-52-871,735531
    CFO LTM2382,7004,4541191,469
    CFO 3Y Avg772,1324,110961,114

    Growth & Margins

    PROPSMOVVSDMedian
    NamePrairie .SM EnergyOvintiv SandRidg. 
    Rev Chg LTM282.7%65.9%6.0%23.2%44.5%
    Rev Chg 3Y Avg-28.8%-5.9%0.1%0.1%
    Rev Chg Q45.2%174.6%30.0%48.0%46.6%
    QoQ Delta Rev Chg LTM9.9%36.3%7.7%10.1%10.0%
    Op Inc Chg LTM1,013.2%57.3%23.7%52.5%54.9%
    Op Inc Chg 3Y Avg-15.7%15.1%-8.4%-2.1%-5.2%
    Op Mgn LTM35.0%32.5%27.6%38.8%33.8%
    Op Mgn 3Y Avg-35.6%25.4%34.8%34.8%
    QoQ Delta Op Mgn LTM5.1%7.9%3.7%1.5%4.4%
    CFO/Rev LTM69.5%52.5%45.6%66.2%59.3%
    CFO/Rev 3Y Avg-61.9%42.0%63.1%61.9%
    FCF/Rev LTM-13.9%14.4%23.2%23.6%18.8%
    FCF/Rev 3Y Avg--4.5%17.8%37.1%17.8%

    Valuation

    PROPSMOVVSDMedian
    NamePrairie .SM EnergyOvintiv SandRidg. 
    Mkt Cap0.09.319.60.54.9
    P/S0.11.82.02.91.9
    P/Op Inc0.35.67.37.66.4
    P/EBIT-7.15.729.56.66.1
    P/E-0.99.321.36.47.8
    P/CFO0.23.44.44.43.9
    Total Yield-115.8%12.7%6.3%19.9%9.5%
    Dividend Yield0.0%1.9%1.6%4.2%1.8%
    FCF Yield 3Y Avg-48.3%-10.3%14.2%11.6%0.7%
    D/E11.50.80.30.00.5
    Net D/E11.50.70.2-0.20.5

    Returns

    PROPSMOVVSDMedian
    NamePrairie .SM EnergyOvintiv SandRidg. 
    1M Rtn-17.3%5.2%12.2%1.4%3.3%
    3M Rtn-55.8%25.1%21.7%6.0%13.8%
    6M Rtn-69.2%46.3%32.3%2.3%17.3%
    12M Rtn-79.9%88.8%99.1%33.6%61.2%
    3Y Rtn-97.9%-1.4%51.9%10.7%4.7%
    1M Excs Rtn-17.4%5.1%12.1%1.3%3.2%
    3M Excs Rtn-59.9%19.4%16.4%2.8%9.6%
    6M Excs Rtn-76.9%38.5%24.5%-5.4%9.5%
    12M Excs Rtn-94.2%70.4%81.0%16.4%43.4%
    3Y Excs Rtn-104.8%-70.7%-19.8%-61.5%-66.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/14/20265/14/20263/31/202611/14/20258/12/20255/15/20253/6/202511/8/20248/9/20245/13/20243/19/202411/14/2023
    Key Financials Quarterly            
    Total Revenue998383786814800000
    Ebitda156-1674726571-10-11-9-8-23-34
    Operating Income46262127192-1-9-9-8-7-6
    Net Income109-153-2136-3-12-11-9-9-23-34
    EPS1.75-2.160.31-0.441.04-3.49-0.41-0.68-3.49-0.90-2.39-5.24
    Key Financials TTM            
    Total Revenue TTM343312242167902280000-1
    Ebitda TTM62-371317436-29-38-51-74-70-62-33
    Operating Income TTM12093694711-17-27-33-30-25-17-3
    Net Income TTM-45-118322210-34-41-52-75-88-79-49
    Growth Rates Quarterly            
    Total Revenue Growth45.2%513.8%945.6%-------100.0%-
    EBITDA Growth173.2%-18994.3%552.3%330.2%770.3%111.1%55.7%66.6%-99.8%-12313.0%-524.6%-12245.4%
    Operating Income Growth140.6%1398.0%2060.3%406.8%321.0%121.8%85.1%-39.6%-199.9%-12393.8%-222.5%-2181.5%
    Net Income Growth205.5%-5733.9%80.7%111.3%519.1%71.0%49.1%66.8%59.7%-13934.4%-462.5%-12334.0%
    Margins Quarterly            
    EBITDA Margin157.7%-200.2%56.5%33.8%83.8%6.5%-130.6%-----
    Operating Income Margin46.1%31.5%25.6%34.8%27.8%12.9%-13.7%-----
    Net Income Margin110.3%-183.0%-2.8%1.7%52.4%-19.3%-150.4%-----
    Cash & Debt            
    Total Cash00011111554024137
    Total Debt44136637142039038047210005
    Net Debt / (Cash)44136637141038036541-19-2-4-13-2
    Cash Flows Quarterly            
    FCF from Operations52428758-717-43-5-3-4-3
    Cash Flows TTM            
    FCF from Operations TTM23817915464911-9-10-15-15-12-6
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases1910000-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC18.4%11.5%14.5%18.1%13.5%1.0%-2.0%-23.6%-26.4%-26.4%-27.5%-
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM14.4%11.3%7.0%7.8%1.9%-2.4%-12.4%-21.9%-23.2%-20.1%-15.6%-

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Acquisition, development, and production of crude oil, natural gas, and natural gas liquids (NGLs)24280  
    Cryptocurrency mining   00
    Exploration and Production (E&P)   0 
    Total2428000


    Operating Income by Segment
    $ Mil20232022201820172016
    Exploration and Production (E&P)-13-0   
    Cryptocurrency mining-200   
    Conventions  -1-5-1
    ConBox   -0-0
    Total-34-0-1-5-1


    Assets by Segment
    $ Mil20232022201820172016
    Exploration and Production (E&P)292   
    Cash and cash equivalents130   
    Cryptocurrency mining40   
    Prepaid expenses00   
    Conventions  236
    ConBox    0
    Total462236


    Price Behavior

    Price Behavior
    Market Price$0.36 
    Market Cap ($ Bil)0.0 
    Distance from 52W High-85.7% 
       50 Days200 Days
    DMA Price$0.49$1.11
    DMA Trenddowndown
    Distance from DMA-27.7%-67.8%
     3M1YR
    Volatility101.2%99.9%
    Downside Capture498.58156.47
    Upside Capture-59.93-57.28
    Correlation (S&P 500)22.0%0.5%
    PROP Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.962.181.08-0.380.154.54
    Up Beta2.402.244.63-2.71-1.055.55
    Down Beta2.0811.460.961.340.901.48
    Up Capture-77%-43%-98%-96%-32%149%
    Bmk +ve Days6162766132424
    Stock +ve Days9193054113339
    Down Capture369%417%193%201%121%108%
    Bmk -ve Days16263760120328
    Stock -ve Days13233470128394

    [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-78.7%99.9%-1.06-
    Sector ETF (XLE)62.9%22.1%2.1124.4%
    Equity (SPY)17.1%12.7%0.950.9%
    Gold (GLD)-4.2%29.3%-0.15-0.6%
    Commodities (DBC)52.6%20.7%1.9316.4%
    Real Estate (VNQ)3.9%13.7%0.031.1%
    Bitcoin (BTCUSD)-24.8%43.7%-0.532.6%

    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-16.6%1,210.9%0.48-
    Sector ETF (XLE)23.3%25.5%0.802.3%
    Equity (SPY)13.5%17.1%0.603.9%
    Gold (GLD)18.3%18.9%0.78-0.9%
    Commodities (DBC)9.8%19.5%0.380.3%
    Real Estate (VNQ)1.3%18.8%-0.043.5%
    Bitcoin (BTCUSD)7.2%51.8%0.326.5%

    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-27.5%953.5%0.44-
    Sector ETF (XLE)11.1%29.6%0.412.1%
    Equity (SPY)15.3%17.9%0.723.5%
    Gold (GLD)12.2%16.4%0.61-0.8%
    Commodities (DBC)8.3%18.1%0.370.6%
    Real Estate (VNQ)5.1%20.7%0.212.6%
    Bitcoin (BTCUSD)63.0%66.2%1.034.0%

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

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity10.7 Mil
    Short Interest: % Change Since 9152026-8.6%
    Average Daily Volume0.8 Mil
    Days-to-Cover Short Interest14.3 days
    Basic Shares Quantity107.1 Mil
    Short % of Basic Shares10.0%

    Earnings Returns History

    Updated 9/18/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/17/2026-29.0%-47.1%-59.5%
    5/14/2026-15.3%-13.6%-30.0%
    11/14/20250.6%0.6%-2.9%
    8/12/2025-19.1%-36.1%-32.5%
    SUMMARY STATS   
    # Positive110
    # Negative334
    Median Positive0.6%0.6% 
    Median Negative-19.1%-36.1%-31.3%
    Max Positive0.6%0.6% 
    Max Negative-29.0%-47.1%-59.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/17/2026-29.0%-47.1%-59.5%
    5/14/2026-15.3%-13.6%-30.0%
    11/14/20250.6%0.6%-2.9%
    8/12/2025-19.1%-36.1%-32.5%
    SUMMARY STATS   
    # Positive110
    # Negative334
    Median Positive0.6%0.6% 
    Median Negative-19.1%-36.1%-31.3%
    Max Positive0.6%0.6% 
    Max Negative-29.0%-47.1%-59.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/14/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/31/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/19/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/14/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/31/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/19/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
    03/31/202205/16/202210-Q
    12/31/202103/31/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/13/202110-Q
    03/31/202105/17/202110-Q
    12/31/202003/29/202110-K
    09/30/202011/16/202010-Q
    06/30/202008/14/202010-Q
    03/31/202005/15/202010-Q
    12/31/201903/30/202010-K
    09/30/201911/14/201910-Q

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 8/17/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Average Daily ProductionReported230002400025000-9.4% LoweredGuidance: 26500 for 2026
    2026 Adjusted EBITDAReported180.00 Mil185.00 Mil190.00 Mil-26.0% LoweredGuidance: 250.00 Mil for 2026
    2026 Capital ExpendituresReported185.00 Mil190.00 Mil195.00 Mil-9.5% LoweredGuidance: 210.00 Mil for 2026


    Prior: Q1 2026 Earnings Reported 5/14/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Average Daily ProductionReported2550026500275006.0% Higher NewActual: 25000 for 2025
    2026 Adjusted EBITDAReported240.00 Mil250.00 Mil260.00 Mil0 Same NewActual: 250.00 Mil for 2025
    2026 Capital ExpendituresReported200.00 Mil210.00 Mil220.00 Mil-22.2% Lower NewActual: 270.00 Mil for 2025

    Q3 2025 Earnings Reported 11/14/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Average Daily ProductionReported2400025000260000 AffirmedGuidance: 25000 for 2025
    2025 Adjusted EBITDAReported240.00 Mil250.00 Mil260.00 Mil0 AffirmedGuidance: 250.00 Mil for 2025
    2025 Capital ExpendituresReported260.00 Mil270.00 Mil280.00 Mil0 AffirmedGuidance: 270.00 Mil for 2025

    Insider Activity

    Updated 10/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Frommer, Richard N DirectBuy100220260.4528,00012,600150,017Form
    2Frommer, Richard N DirectBuy52020260.8775,50065,685178,674Form
    3Sweeney, Daniel TEVP, GC and Corp. Sec.DirectBuy52020260.8915,92514,173504,215Form
    4Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy10220261.61210,981339,80624,934,670Form
    5Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy122920251.6850,00084,00025,654,645Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Frommer, Richard N DirectBuy100220260.4528,00012,600150,017Form
    2Frommer, Richard N DirectBuy52020260.8775,50065,685178,674Form
    3Sweeney, Daniel TEVP, GC and Corp. Sec.DirectBuy52020260.8915,92514,173504,215Form
    4Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy10220261.61210,981339,80624,934,670Form
    5Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy122920251.6850,00084,00025,654,645Form
    6Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy122920251.6833,82556,82625,570,645Form
    7Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy121820251.6836,70161,65825,513,819Form
    8Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy121820251.6870,795118,90925,446,376Form
    9Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy121820251.6886,022144,48125,326,911Form
    10Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy121520251.69850,0001,433,74025,289,957Form
    11Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy121520251.71270,431462,21724,173,479Form
    12Narrogal, Nominees Pty Ltd Atf Gregory K O'Neill Family TrustDirectBuy121520251.7142,78173,15623,722,570Form
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