Prairie Operating Co. (NASDAQ: PROP) is an independent oil and natural gas exploration and production company focused on the acquisition and development of crude oil, natural gas, and natural gas liquids (NGLs). Revenue comes from the sale of oil, natural gas, and NGLs produced from its operated acreage. The company's assets and operations are concentrated in Weld County, Colorado, within the Denver-Julesburg Basin (DJ Basin), a region that produced 83% of Colorado's oil output as of December 2025. The company pursues growth through both organic drilling and acquisitions, targeting assets with producing reserves, high-rate-of-return drilling inventory, and liquids-rich characteristics. As of March 3, 2026, the company is operating under interim leadership after the voluntary resignation of CEO Edward Kovalik and retirement of President Gary C. Hanna, with Richard N. Frommer serving as Interim President and CEO while a permanent replacement is sought.

Revenue model

Transactional revenue from the sale of crude oil, natural gas, and NGLs produced from company-operated acreage in the DJ Basin. Production is marketed through access to midstream infrastructure including pipelines, gathering systems, and processing facilities.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from operated acreage in Weld County, Colorado within the Denver-Julesburg Basin.

Customers and end markets

Oil and natural gas commodity markets. The company is dependent on midstream infrastructure access to market production; specific customer concentration data is not disclosed in the filing excerpts.

Value-chain role

Upstream exploration and production (E&P) operator. Acquires acreage, drills and develops wells, and sells commodity output to market through third-party midstream infrastructure.

Geographic exposure

Operations concentrated in Weld County, Colorado within the Denver-Julesburg Basin (DJ Basin), as disclosed in the 10-K filed 2026-03-31.

Source: SEC 10-K, filed 2026-03-31

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