PROP

EX-99.1

2 ef20079578_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Prairie Operating Co. Announces Second Quarter 2026 Results

Houston, Texas, August 17, 2026 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company,” “Prairie,” “we,” “our,” or “us”) – an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids (“NGL”) resources in the Denver-Julesburg (DJ) Basin – today announced its financial and operational results for the quarter ended June 30, 2026.

Second Quarter 2026 Results Summary

•

Produced 2.0 MMBoe, or approximately 21,866 Boe/d, with 72% liquids (50% oil).

•

Revenue of $98.9 million, an increase of approximately 45% year-over-year.

•

Reported net income attributable to Prairie Operating Co. common stockholders of $193.8 million, or $1.75 basic earnings per share and $0.23 diluted earnings per share.

•

Generated Adjusted EBITDA(1) of $34.0 million.

•

Capital expenditures of $98.5 million.

•

Net cash provided by operating activities of $52.0 million.

Key Highlights for Year-to-Date 2026

•

Total production of 4.1 MMBoe, or approximately 22,500 Boe/d, with 72% liquids (49% oil).

•

Daily production of approximately 27,000 Boe/d throughout the month of August.

•

Total revenue of $182.3 million, an increase of 125% year-over-year.

•

Adjusted EBITDA(1) of $71.1 million, an increase of 65% year-over-year.

•

Continued execution with recently drilled wells coming in below AFE.

•

Active hedging program, securing commodity price protection through the second quarter of 2029.

•

Executed partial refinancing of the Series F Preferred Stock in April, reducing outstanding balance and significantly lowering warrant-related dilution, while extending the Anniversary warrant date to August 31, 2026.

(1) Adjusted EBITDA is a Non-GAAP measure, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this press release.

Greg Patton, Chief Executive Officer, commented:

“Prairie delivered strong operational progress during the second quarter and throughout the first half of 2026. Our team continued to improve drilling performance, execute within budget and advance our development program across multiple pads in the DJ Basin, despite a planned pause in activity related to seasonal operating restrictions. We also achieved several important technical milestones, including successfully drilling our first three-mile lateral and testing a new wellbore design that demonstrated meaningful cost savings without changing the completion or production configuration.”

“These achievements reflect the continued improvement of our operating capabilities. As we move into the second half of the year, we remain focused on safe and consistent execution, applying proven efficiencies across our development program and allocating capital to the opportunities that generate the strongest returns. We believe this disciplined approach will support sustainable production growth, improved capital efficiency and long-term value creation for our shareholders.”

Michael Shelly, Executive Vice President and Chief Financial Officer, added:

“Prairie continued to strengthen its financial position and generated meaningful operating cash flow while continuing to fund an active capital program, expanded our commodity hedge portfolio to provide greater visibility and coverage of our future cash flows and made important progress simplifying our capital structure and reducing potential shareholder dilution.”

“As we move through the remainder of the year, our financial priorities remain centered on disciplined capital allocation, building liquidity and strengthening the balance sheet. We will continue to align capital spending with operating performance, pursue opportunities to enhance financial flexibility and support the Company’s development program in a manner designed to generate sustainable free cash flow through a range of commodity-price environments.”

Erik Thoresen, Chairman of the Board, concluded:

“During the second quarter, Prairie took several important steps to strengthen its leadership, governance and financial position. We added key members to the management team and reinvigorated the Board by welcoming a new director whose experience and perspectives will enhance our oversight and strategic decision-making.”

“These actions reflect the Board’s commitment to a strong alignment with management and shareholders. Together, we remain focused on disciplined execution, prudent capital allocation and continued cost improvement, all with the objective of creating sustainable, long-term shareholder value.”

Operations Update

Prairie maintained strong drilling execution during the second quarter of 2026, drilling 12 wells, including two Codell and ten Niobrara wells. Eight of the 12 wells were drilled in a single run, and all wells were completed below AFE. The wells consisted of two-and three-mile lat

EX-99.1

2 ef20072808_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Houston, Texas, May 14, 2026 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company,” “Prairie,” “we,” “our,” or “us”) – an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids (“NGL”) resources in the Denver-Julesburg (DJ) Basin – today announced its financial and operational results for the first quarter ended March 31, 2026.

Recent Key Highlights

•

Total production of 2.1 MMBoe, or approximately 23,200 Boe/d, with 72% liquids (48% oil).

•

Total revenue of $83.4 million, an increase of over 500% quarter-over-quarter

•

Adjusted EBITDA(1) of $37.2 million, an increase of over 600% quarter-over-quarter.

•

Delivered strong operational execution, with recently drilled wells coming in below AFE.

•

Expanded hedging program, securing commodity price protection through the second quarter of 2029.

•

Executed partial refinancing of the Series F Preferred Stock in April, reducing outstanding balance and significantly lowering warrant-related dilution.

(1) Adjusted EBITDA is a Non-GAAP measure, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this Current Report on Form 8-K.

Richard Frommer Interim Chief Executive Officer, commented:

“Prairie delivered a strong start to 2026, with meaningful production growth, solid financial performance, and continued operational execution across our DJ Basin assets. Importantly, we made significant progress on our capital structure during the quarter through the partial refinancing of the Series F Preferred, which reduced both the outstanding balance and potential dilution. This marks an important step forward, and we remain focused on fully addressing the remaining Series F Preferred to simplify our capital structure and remove this overhang entirely. With a high-quality asset base, improving financial profile, and clear strategic priorities, we believe Prairie is well positioned to deliver sustainable long-term value for our shareholders.”

First Quarter 2026 Highlights

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Revenue of $83.4 million, driven by realized prices (excluding hedges) of $67.91 per barrel for oil, $13.33 per barrel for NGLs, and $2.53 per Mcf for natural gas.

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Net loss attributable to Prairie Operating Co. common stockholders of $174.4 million, or $2.16 basic loss per share.

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Adjusted EBITDA(1) of $37.2 million compared to $5.2 million for the quarter ended March 31, 2025.

•

Capital expenditures incurred of $34.1 million.

•

Net cash provided by operating activities of $42.3 million.

(1) Adjusted EBITDA is a Non-GAAP measure, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this Current Report on Form 8-K.

Operational Update

Operationally, the first quarter of 2026 reflected continued strong execution across Prairie’s DJ Basin position, with a clear focus on efficiency, cost control, and consistent well performance.

Since January 1, the Company has drilled a total of 17 wells across two of its key development pads. At the Elder pad, Prairie drilled nine wells with an average spud-to-rig release time of 6.2 days and an average measured depth of approximately 18,435 feet. At the Opal Coalbank pad, the Company drilled 8 wells with an average spud-to-rig release time of 5.5 days and an average measured depth of approximately 18,373 feet.

Operational performance remained strong across both pads. Notably, 13 of the 17 wells were drilled in a single run, and all wells were delivered below AFE, with average cost savings exceeding $100,000 per well. These results highlight the Company’s continued improvements in drilling efficiency, execution consistency, and capital discipline. From a geological standpoint, the program included 13 Niobrara wells and four Codell wells, further enhancing the depth and quality of Prairie’s development inventory.

In addition to drilling activity, the Company continued to advance completion and turn-in-line operations, with early well performance meeting or exceeding expectations.

Overall, Prairie continues to execute at a high level, delivering strong operational results while maintaining disciplined capital allocation and positioning the Company for sustained, efficient growth.

First Quarter Results

Key Financial Highlights

(In thousands, except per share amounts)

Three Months Ended March 31, 2026

Total revenues

$

83,417

Net loss attributable to Prairie Operating Co. common stockholders

$

(174,397

)

Loss per share – basic & diluted

$

(2.16

)

Adjusted EBITDA

$

37,203

Capital expenditures (1)

$

34,074

(1)

Excludes $47.3 million of capital costs included in accounts payable and accrued expenses as of March 31, 2026.

Revenue And Production

Revenue for the quarter ended March 31, 2026 was $83.4 million, $67.8 million related to oil. Production for the quarter ended Marc

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

Prairie Operating Co. Announces Year End 2025 Results

•

2025 total revenue of $241.6 million (approximately $315.0 million including Bayswater), an increase of approximately 3,000% year-over-year

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Record Adjusted EBITDA(1) of $155.5 million (approximately $220.0 million including Bayswater), an increase of over 975% year-over-year

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Approximately 3,900% increase in yearly production to an average of 18,500 Boe/d (approximately 24,000 Boe/d including Bayswater) (50% oil / 73% liquids)

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Current production rate of approximately 28,000 net Boe/d

•

Reached agreement to extend grant of Series F Preferred equity anniversary warrants

Houston, Texas, March 30, 2026 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company,” “Prairie,” “we,” “our,” or “us”), an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids (“NGL”) resources in the Denver-Julesburg (DJ) Basin – today announced its financial and operational results for the year ended December 31, 2025.

Recent Key Highlights

•

Record total production of 6.75 million of barrels of oil equivalent (“MMBoe”) (approximately 73% liquids).

•

Proved reserves of 121,119 MBoe, 43% of which are proved undeveloped with a discounted future net cash flows of $851.7 million, PV-10(1) of $1,219.8 million.

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Expanded hedging program, securing favorable commodity pricing through 2029.

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Closed and completed transition services period for $602.75 million acquisition of assets from Bayswater Exploration & Production.

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Completed six additional complementary acquisitions, adding approximately 44,000 net acres at attractive metrics.

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Exited 2025 with a current production rate of approximately 28,000 net Boe/d, reflecting the strength of the Company’s asset base and the impact of development activity during the year.

(1) EBITDA and PV-10 are Non-GAAP measures, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this Current Report on Form 8-K.

Richard Frommer Interim Chief Executive Officer, commented:

“2025 marked a transformational year for Prairie. We materially scaled production, expanded margins, fully integrated the Bayswater assets, and strengthened our balance sheet while maintaining capital discipline and operational excellence.”

“Our team delivered record production and Adjusted EBITDA (1), giving us strong momentum entering 2026. With a deep inventory of high-quality drilling locations, expanded hedge protection, and growing scale in the DJ Basin, we believe Prairie is well positioned to execute on its strategy and create long-term shareholder value.”

Year End 2025 Results Summary

•

Revenue of $241.6 million (approximately $315.0 million including Bayswater), driven by realized prices (excluding hedges) of $59.91 per barrel for oil, $18.16 per barrel for NGLs, and $0.88 per Mcf for natural gas.

•

Net loss attributable to common stockholders of $60.9 million, or $1.35 basic loss per share.

•

Adjusted EBITDA(1) of $155.5 million (approximately $220.0 million including Bayswater) compared to $(17.7) million for the year ended December 31, 2024.

•

Capital expenditures incurred of $183.4 million, approximately 35% below midpoint of guidance.

•

Net cash provided by operating activities of $153.9 million.

•

Proved reserves of 121,119 MBoe, 43% of which are proved undeveloped.

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Standardized measure of discounted future net cash flows of $851.7 million, PV-10(1) of $1,219.8 million.

(1) Adjusted EBITDA and PV-10 are Non-GAAP measures, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this Current Report on Form 8-K.

2025 Operational Summary

Operationally, 2025 marked a significant step forward for Prairie as the Company completed the transition period following the Bayswater acquisition and assumed full operational control of those assets.

On April 1, 2025, we launched the development program at our Rusch pad development in Weld County, which consists of 11 two-mile lateral wells. The Rusch wells came online late in September 2025 with initial average oil and natural gas production measured before any deductions for fuel, flare, or vented volumes (“Two-stream”) gross production of 475 Boe/d.

On April 28, 2025, we announced our plan to begin completions on nine previously drilled but uncompleted wells acquired in the Bayswater Acquisition. Completion activities at the Opal/Coalbank pad began in May 2025, and the wells came online mid-July 2025 with initial average Two-stream gross production of 725 Boe/d.

On June 1, 2025, we moved the drilling rig to our Noble pad development in Weld County, which consists of seven wells. The Noble wells came online in November 2025 with initial average Two-stream gross production of 550 Boe/d.

In September 2025, we moved the drilling rig to o