PROP

Total revenue of $98.9 million, an increase of approximately 45% year-over-year Net income attributable to Prairie Operating Co. common stockholders of $193.8 million Quarterly production of 21,866 Boe/d, an increase of approximately 4% year-over-year (50% oil) Adjusted EBITDA of $34.0 million HOUSTON, Aug. 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 laterals and averaged approximately 19,100 feet in measured depth, with an average rate of penetration of 390 feet per hour and an average spud-to-rig-release time of 6.65 days. During the quarter, Prairie successfully drilled its first three-mile lateral, a Niobrara B well, in a single run and completed drilling operations at the Burnett Pad. Drilling operations at the Castor pad were subsequently completed during the first month of the third quarter. Second-quarter drilling activity included a planned pause between the Opal Coalbank and Burnett pads to accommodate seasonal restrictions associated with Colorado Parks and Wildlife. On the Castor pad, Prairie completed two successful trials utilizing a 7-7/8-inch hole design, compared with the Company’s standard 8-1/2-inch design. The trials generated realized savings and utilized the same 5-1/2-inch production casing. As such, it does not alter the delivered well configuration for completion or production purposes. Based on these results, Prairie plans to deploy the smaller hole design across a significant portion of its upcoming Niobrara development program. Year to date, Prairie has drilled 27 wells, including six Codell and 21 Niobrara wells, with 19 wells drilled in a single run. On average, the wells were delivered below AFE. Year-to-date wells averaged approximately 18,700 feet in measured depth, an average rate of penetration of 377 feet per hour and an average spud-to-rig-release time of 6.2 days. Prairie has completed drilling operations at the Elder, Opal Coalbank, Burnett and Castor pads during 2026. (1)   Excludes $12.4 million of capital costs included in accounts payable and accrued expenses as of June 30, 2026. Revenue and Production Revenue for the second quarter of 2026 was $98.9 million, including $93.5 million related to oil. Production for the second quarter of 2026 totaled 1,990 MBoe, or 21,866 Boe/d, and was comprised of approximately 50% oil and 72% liquids. Operating Costs For the second quarter of 2026, lease operating expenses were $13.6 million, or $6.85 per Boe; transportation and processing expenses were $2.4 million, or $1.22 per Boe; ad valorem and production taxes were $8.0 million, or $4.01 per Boe; and general and administrative expenses were $12.0 million, or $6.01 per Boe. Liquidity and Capital Resources As of June 30, 2026, we had a working capital deficit of approximately $125.5 million and availability of $39.0 million under the reserve based credit agreement with Citibank, N.A. (the “Credit Facility”). As of June 30, 2026, the Credit Facility had a borrowing base of $475.0 million and aggregate elected commitments of $475.0 million. During the six months ended June 30, 2026, our cash expenditures for the development of oil and natural gas properties totaled $132.6 million, with an additional $12.4 million incurred in accounts payable and accrued expenses. On August 14, 2026, we entered into an amendment to our Credit Facility agreement which, among other things, modifies the Current Ratio covenant requirement for the quarters ended June 30, 2026, through December 31, 2026. Additionally, the amendment includes a new covenant which requires our net monthly production to not fall below an average number specified in the agreement, which will be measured on a rolling three-month average, beginning September 30, 2026. After giving effect to the amendment, we are in compliance with all covenants under the Credit Facility as of June 30, 2026. Adjusting 2026 Guidance Prairie adjusts full-year guidance for 2026 as follows: Average Daily Production: 23,000 – 25,000 Boe/d. Capital Expenditures: $185.0 million – $195.0 million. Adjusted EBITDA(1): $180.0 million – $190.0 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 press release. Commodity Hedges As of June 30, 2026, we had the following outstanding crude oil and natural gas derivative contracts in place, which settle monthly and are indexed to NYMEX West Texas Intermediate, NYMEX Henry Hub, and Mont Belvieu OPIS, respectively: Non-GAAP Financial Measures This press release contains Adjusted EBITDA which is a financial measure not presented in accordance with U.S. GAAP. Adjusted EBITDA is used by management to evaluate the performance of our business, make operational decisions, and assess our ability to generate cashflows. Management believes Adjusted EBITDA provides investors with helpful information to better understand the underlying performance trends of our business, facilitate period-to-period comparisons, and assess the company’s operating results. Adjusted EBITDA is derived from net income (loss) attributable to Prairie Operating Co. and is adjusted for depreciation, depletion, and amortization, abandonment and impairment of unproved properties, non-cash stock-based compensation, interest expense, net, unrealized (gain) loss on derivatives, non-cash (gain) loss on adjustment to fair value – financial instrument liabilities, litigation and severance settlement expense, and income tax expense (benefit), all as applicable. We adjust net income (loss) attributable to Prairie Operating Co. for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially between periods and companies within our industry depending upon accounting methods, book values of assets, capital structures, and the method by which assets were acquired. Adjusted EBITDA has limitations as an analytical tool, including that it excludes certain items that affect our reported financial results. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income calculated in accordance with GAAP or as an indicator of our operating performance or liquidity. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The following table presents the reconciliation of Net income (loss) attributable to Prairie Operating Co. to Adjusted EBITDA for the periods indicated: The following table presents the reconciliation of expected full-year 2026 Net income attributable to Prairie Operating Co. to expected full-year 2026 Adjusted EBITDA: Cautionary Statement about Forward-Looking Statements The information included in this press release and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our Securities and Exchange Commission (the “SEC”), filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this press release should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Regulation FD Disclosure The Company announces material information to the public through a variety of means, including filings with the SEC, press releases, public conference calls, and the investor relations section of its website at www.prairieopco.com. In addition to these traditional channels, the Company also uses its official social media accounts as a means of disclosing information about Prairie and its business, and to comply with its disclosure obligations under Regulation FD. The Company’s official social media accounts currently include @PrairieOpCo on X (formerly Twitter) and linkedin.com/company/prairie-operating-co on LinkedIn. Information the Company posts through these social media channels may be deemed material. Accordingly, investors, the media, and others interested in the Company should monitor these accounts in addition to following the Company’s press releases, SEC filings, and public conference calls and webcasts. The Company may update the list of official social media accounts from time to time, and any such updates will be posted on the investor relations section of its website. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquid resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil natural gas, and natural gas liquid resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com. Investor Relations Contact: Wobbe [email protected] 720-716-5415 Supplemental Disclosures of Cash Flow Information The following table presents non–cash investing and financing activities for the periods presented:

HOUSTON, TX, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced the Company will host a conference call and webcast Monday, August 17, 2026, at 8:30 AM Eastern Time (7:30 AM Central Time) to review second quarter 2026 results and provide an update on recent developments. Analysts and investors are invited to participate. Webcast Access:Date: August 17, 2026Time: 8:30am Eastern Time (7:30am Central Time)Participant Listening: 877-407-9219 / +1 412-652-1274 The webcast may be accessed from the "Events & Presentations" page of Prairie’s website at: https://www.prairieopco.com/events-presentations. Register for Investor Update Call: To participate via telephone, please register in advance here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=wzBYrHik. Participants can use Guest dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event: https://hd.choruscall.com/InComm/?callme=true&passcode=13751732&h=true&info=company&r=true&B=6. The Call me™ link will be made active 15 minutes prior to scheduled start time. Upon registration, all telephone participants will be joined to the conference call in listen only.  A replay of the webcast will be archived on the Company's website for two (2) weeks following the call. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com. Investor Relations Contact: Wobbe [email protected] Cautionary Statement about Forward-Looking Statements The information included in this press release and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our SEC filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this press release should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements expressed or implied, included in this Press release are expressly qualified in their entirety by this cautionary statement.

This article first appeared on GuruFocus. Total Revenue: $98.9 million, up approximately 45% year-over-year. Oil Revenue: $93.5 million. Production: Averaged 21,866 BOE per day, with liquids representing approximately 72% (including 50% oil). Average Realized Prices (ex-derivatives): $94.21 per barrel for oil, $21.64 per barrel for NGLs, and negative $1.30 per MCF for natural gas. GAAP Net Income: $109 million attributable to Prairie; $193.8 million or $1.75 per basic share and $0.23 per diluted share attributable to common stockholders. Adjusted EBITDA: $34 million for the quarter. Operating Cash Flow: Net cash provided by operating activities of approximately $52 million. Capital Expenditures: Cash capital expenditures of approximately $98.5 million. Per BOE Costs: Lease operating expense of $6.85, transportation and processing of $1.22, ad valorem and production taxes of $4.01, and G&A expense of $6.01. First-Half 2026 Revenue: $182.3 million, up approximately 125% year-over-year. First-Half 2026 Adjusted EBITDA: $71.1 million, up approximately 65%. First-Half 2026 Operating Cash Flow: Net cash provided by operating activities of $94.3 million. First-Half 2026 Capital Expenditures: Cash capital expenditures of $132.6 million. Liquidity: $39 million availability under the reserve-based credit facility at quarter end. Warning! GuruFocus has detected 7 Warning Signs with PROP. Is PROP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 17, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Production increased 4% year-over-year to 21,866 BOE per day in Q2 2026, with August month-to-date production rising to approximately 27,000 BOE per day. Drilling efficiency improved, with 8 of 12 wells drilled in a single run, all completed below AFE, and a successful three-mile lateral drilled in a single run. Implemented a smaller 7-7/8-inch hole design that saved over $40,000 per well without compromising well design, planned for broader application. Revenue grew 45% year-over-year to $98.9 million in Q2, and adjusted EBITDA increased 65% in the first half of 2026. Reduced Series F preferred stock balance from $148.5 million to $78 million and lowered warrant coverage, improving capital structure and reducing dilution. Natural gas realizations were negative at -$1.30 per MCF due to weak CIG pricing, impacting overall revenue. Q2 production was limited by the timing of new well completions and a planned pause due to Colorado Parks and Wildlife seasonal restrictions. Cash capital expenditures of $98.5 million in Q2 exceeded operating cash flow of $52 million, increasing reliance on credit facility. Liquidity remains tight with only $39 million available under the credit facility as of June 30, 2026. Full-year 2026 guidance was revised downward for production and adjusted EBITDA, reflecting CIG pricing impacts and TIL timing. Q: Can you provide an update on the Burnett and Castor pads, and how should we expect production to trend for the rest of the quarter and into Q4? A: Greg Patton (CEO): The Burnett pad is in the flowback stage and interconnected to infrastructure, but we have not cut hydrocarbons as of this morning. The Castor pad is in the middle of completion stages. Neither is factored into our approximate 27,000 net BOE per day August rate. We expect production to fluctuate around the 26,000-28,000 BOE per day range through Q3, with a small decline expected as we exit the year in early Q4. Q: Can you elaborate on the progress and strategy regarding the Series F preferred stock refinancing and the recent extension of the anniversary warrant date? A: Greg Patton (CEO): We have made significant progress, reducing the outstanding preferred balance from $148.5 million at inception to $78 million as of the end of Q2. We have also decreased the anniversary warrant coverage from 1.25x to 0.65x. We are actively pursuing multiple avenues to refinance the remaining balance and are working with the preferred holder. While extending to year-end is an option, we are focused on redeeming the preferred as soon as possible and will continue to evaluate all solutions. Q: What are the current well costs for two-mile laterals, and how are the new operational efficiencies impacting these costs? A: Greg Patton (CEO): For standalone pads, two-mile laterals are in the $5.2 to $5.5 million range, depending on formation and frac design. For step-outs using existing permits to develop offset DSUs, costs are in the $5.4 to $5.6 million range, reflecting an extra $100,000 to $200,000 for additional pipe. The single-trip drilling and smaller wellbore designs have helped offset these costs and improve overall capital efficiency. Q: Can you provide more detail on the new production threshold requirement in the credit facility and its implications? A: Greg Patton (CEO): The production hurdle in the modified credit facility is designed to balance our development growth with maintaining liquidity. It ensures we don't over-grow too quickly or shut down to a blowdown case. The modification allows us to keep liquidity available to continue developing and producing our wells while progressing our development plan. Q: What would success look like for the Burnett Pad in the Hereford and eastern extension areas, given the recent activity by offset operators like Bison? A: Greg Patton (CEO): Bison has done an excellent job de-risking areas immediately offset to our acreage. The type curves for the Burnett pad are direct correlations from the Critter Creek pad and other offset Bison pads like JAWS. While we are not 100% sure of initial IPs yet, we expect the Burnett Pad's performance to be similar in representation to those correlating offset type curves. Q: Can you explain the rationale behind the revised full-year 2026 guidance? A: Greg Patton (CEO): We are adjusting guidance to preserve and increase liquidity while maintaining a disciplined approach to development. The revision accounts for first-half 2026 results, including the impact of CIG pricing from April to June and TIL timings. The revised plan emphasizes capital efficiency, incorporates additional planning around Colorado Parks and Wildlife seasonal restrictions, and allows us to better align the pace of investment with operating performance and available capital. Q: What were the key drivers behind the strong financial performance in Q2 2026? A: Michael Shelly (CFO): Total revenue increased approximately 45% year-over-year to $98.9 million, driven by higher production and strong oil prices. Adjusted EBITDA totaled $34 million, and net cash provided by operating activities was approximately $52 million. The improvement in G&A per BOE reflects increased scale and continued cost discipline. Q: Can you provide details on the company's hedging program and its impact on cash flow visibility? A: Michael Shelly (CFO): Our commodity hedge portfolio extends to Q2 2029 and provides meaningful downside protection. For the second half of 2026, oil swaps cover approximately 2.7 million barrels at a weighted average price of $63.09 per barrel, and natural gas swaps cover approximately 7.6 million MMBtu at a weighted average price of $4.08 per MMBtu. This provides improved visibility into future cash flows. Q: What were the key operational milestones achieved during Q2 2026? A: Greg Patton (CEO): We drilled 12 wells during the quarter, all completed below AFE, with 8 drilled in a single run. We successfully drilled our first three-mile lateral, a Niobrara B well, in a single run. We also completed trials using a smaller 7-7/8-inch hole design, generating savings of more than $40,000 per well. We plan to apply this design across a significant portion of our upcoming Niobrara development program. Q: How is the company positioned for the remainder of 2026 and into 2027? A: Greg Patton (CEO): We are focused on safe and consistent execution, disciplined capital allocation, strengthening the balance sheet, and converting our high-quality DJ Basin inventory into sustainable production and cash flow. The investments made during the first half of the year position us to benefit from the contribution of recently completed wells during the remainder of 2026, providing a solid foundation for durable growth and long-term shareholder value. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Transitioned management and refreshed the Board to enhance strategic oversight during the company's next growth phase. Achieved a 4% year-over-year production increase despite seasonal Colorado Parks and Wildlife restrictions that caused a planned pause in activity. Realized significant drilling efficiencies, with 8 of 12 quarterly wells drilled in a single run and all 12 delivered below AFE. Successfully piloted a 7 7/8-inch hole design on the Castor pad, yielding $40,000 in savings per well without impacting production configuration. Increased August month-to-date production to approximately 27,000 net BOE per day as the Opal Coalbank wells reached full contribution. Improved G&A per BOE metrics by leveraging increased operational scale and maintaining strict cost discipline. Adjusted full-year 2026 guidance to 23,000-25,000 BOE per day to align investment pace with operating performance and liquidity goals. Expects production to fluctuate between 26,000 and 28,000 BOE per day in the near term before a projected small decline exiting the year. Plans to apply the proven smaller hole wellbore design across a significant portion of the upcoming Niobrara development program. Guidance revisions incorporate additional planning for seasonal operating restrictions and recent CIG natural gas pricing volatility. Strategy remains focused on converting high-quality DJ Basin inventory into sustainable cash flow while strengthening the balance sheet. Completed a partial refinancing of Series F Preferred stock, reducing the outstanding balance from $121 million to $78 million. Reduced potential warrant-related dilution by lowering anniversary warrant coverage from 1.25:1 to 0.65:1. Reported negative natural gas realizations of $1.30 per Mcf due to weaker CIG pricing and lower gross sales during the quarter. Extended the anniversary warrant date to August 31, 2026, to provide additional time for comprehensive refinancing efforts. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the Burnett pad is in flowback stages and has not yet contributed to the 27,000 BOE per day August production figure. Expects production to average between 26,000 and 28,000 BOE per day through Q3 and early Q4 before a slight year-end decline. The credit facility was modified to include a production hurdle that balances growth with liquidity availability. The threshold is designed to prevent a 'blowdown case' while ensuring the company does not over-extend capital during development. Management is pursuing multiple avenues for redemption rather than a single long-term extension to maintain pressure on refinancing goals. The refreshed Board has introduced new methodologies for addressing the remaining $78 million preferred balance. Standard 2-mile laterals currently cost between $5.2 million and $5.5 million depending on the specific formation and frac design. Step-out wells utilizing existing permits for offset DSUs cost slightly more ($5.4M-$5.6M) but save significant time and permitting costs.

Prairie Operating Co. (PROP) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +500.00%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced a loss of $0.11, delivering a surprise of -173.33%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Prairie Operating Co., which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $98.86 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 8.65%. This compares to year-ago revenues of $68.1 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Prairie Operating Co. shares have lost about 50.3% since the beginning of the year versus the S&P 500's gain of 13.9%. While Prairie Operating Co. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Prairie Operating Co. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $119.9 million in revenues for the coming quarter and $0.69 on $432.14 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Integrated - United States is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Canadian Solar (CSIQ), another stock in the broader Zacks Oils-Energy sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 27. This solar wafers manufacturer is expected to post quarterly loss of $1.01 per share in its upcoming report, which represents a year-over-year change of -90.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Canadian Solar's revenues are expected to be $1.17 billion, down 31.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Prairie Operating Co. (PROP) : Free Stock Analysis Report Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects Prairie Operating Co. (PROP) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -88.9%. Revenues are expected to be $108.22 million, up 58.9% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 3.03% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Prairie Operating Co., the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +33.33%. On the other hand, the stock currently carries a Zacks Rank of #5. So, this combination makes it difficult to conclusively predict that Prairie Operating Co. will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Prairie Operating Co. would post earnings of $0.15 per share when it actually produced a loss of -$0.11, delivering a surprise of -173.33%. Over the last four quarters, the company has beaten consensus EPS estimates just once. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Prairie Operating Co. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Another stock from the Zacks Oil and Gas - Integrated - United States industry, ConocoPhillips (COP), is soon expected to post earnings of $2.96 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +108.5%. Revenues for the quarter are expected to be $17.54 billion, up 19% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for ConocoPhillips has been revised 9.7% down to the current level. Nevertheless, the company now has an Earnings ESP of -1.33%, reflecting a lower Most Accurate Estimate. When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that ConocoPhillips will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Prairie Operating Co. (PROP) : Free Stock Analysis Report ConocoPhillips (COP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: May 15, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Prairie Operating Co (NASDAQ:PROP) reported significant production growth with approximately 2.1 million BOE produced in Q1 2026. The company achieved operational efficiency by bringing new wells online and optimizing existing assets, with early well performance meeting or exceeding expectations. Significant progress was made in addressing the capital structure, including partial refinancing of the Series F Preferred, reducing potential dilution to common shareholders. Adjusted EBITDA for the quarter totaled $37.2 million, demonstrating the earnings power of the asset base. The company maintained a strong emphasis on safety, achieving a 0.0 safety record, reflecting commitment and professionalism. Prairie Operating Co (NASDAQ:PROP) reported a net loss attributable to common stockholders of approximately $174.4 million, primarily due to non-cash impacts related to derivative market-to-market adjustments. The oil cut decreased in Q1, partly due to production shut-ins, affecting overall production metrics. Lease operating expenses were relatively high at $7.11 per BOE, impacting cost efficiency. The company faces challenges in simplifying its capital structure, with ongoing efforts required to address the remaining Series F Preferred. Capital expenditures were lower than expected in Q1, indicating potential variability in spending patterns throughout the year. Warning! GuruFocus has detected 7 Warning Signs with PROP. Is PROP fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on current production levels and the impact of previous shut-ins? A: As of today, our production is approximately 23,200 barrels per day, similar to our first-quarter average. We are in the process of bringing wells back online, which were previously shut in for safety during development activities. This includes 10 Blem wells and 10 elder wells. We expect production to increase as these wells return to full strength and additional pads come online in the second quarter. - Greg Patton, Executive Vice President and CFO Q: Could you elaborate on the status of the wells drilled in the first quarter and plans for the second quarter? A: The Blem pad wells are fully online, and the elder pad wells are in the process of flowback. The Opal Coalbank pad is currently undergoing fracking, expected to complete by the end of the second quarter. We are also drilling the Burnett pad with a new precision rig, which is performing well. - Greg Patton, Executive Vice President and CFO Q: What are the actual well costs compared to the AFE for the two-mile laterals? A: The average AFE for these laterals ranges from $5.2 million to $5.6 million, depending on the step-out required. The actual costs incurred for the Blem and elder wells were between $5.4 million and $5.5 million, slightly below the targeted $5.6 million AFE. - Greg Patton, Executive Vice President and CFO Q: Can you provide more detail on the Series F preferred refinancing efforts? A: We are actively engaged in discussions and evaluating multiple avenues, including equity, structured equity, and debt options. Our goal is to find the best solution for our shareholders, and we expect to provide more updates as we progress through the second quarter. - Greg Patton, Executive Vice President and CFO Q: How does the current capital market environment affect your borrowing and hedging strategies? A: We completed a borrowing base redetermination in January and will enter another soon. The bank's price decks have not significantly changed, but we expect potential adjustments in the fall. Our hedging strategy remains opportunistic, with a requirement to hedge roughly 85% of production over the next 24 months. - Greg Patton, Executive Vice President and CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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 Approximate quarterly production of 23,200 net Boe/d (48% oil / 72% liquids) Reached agreement to extend grant of Series F Preferred equity anniversary warrants HOUSTON, 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 the outstanding balance and significantly lowering potential 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 press release. 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 have made significant progress on our capital structure 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 further addressing the remaining Series F Preferred to simplify our capital structure. 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 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. Net loss attributable to Prairie Operating Co. common stockholders of $174.4 million, or $2.16 basic loss per share. 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 press release. 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 4 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 (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 March 31, 2026, was 2.1 MMBoe and was comprised of approximately 48% oil (approximately 72% liquids). (1) MBoe is calculated using six MMcf of natural gas equivalent to one MBbl of oil. Operating Costs (1) Ad valorem and production taxes payable for the three months ended March 31, 2026 includes the quarterly Colorado production fee of $0.6 million or $0.27 per Boe. (2) General and administrative expenses for the three months ended March 31, 2026, includes non-cash stock-based compensation of $5.8 million or $2.78 per Boe, and non-recurring litigation and severance settlement expenses of $3.3 million or $1.60 per Boe. Liquidity and Capital Resources As of March 31, 2026, we had approximately $113.5 million of liquidity, primarily consisting of borrowings available under our Credit Facility. As of March 31, 2026, the Credit Facility had a borrowing base of $475.0 million and aggregate elected commitments of $475.0 million. 2026 Guidance Reaffirmed Prairie reaffirms full-year guidance for 2026 as follows: Average Daily Production: 25,500 – 27,500 Boe/d. Capital Expenditures: $200.0 million – $220.0 million. Adjusted EBITDA(1): $240.0 million – $260.0 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 press release. Commodity Hedges As of March 31, 2026, the Company had the following outstanding crude oil and natural gas derivative contracts in place, which settle monthly and are indexed to NYMEX West Texas Intermediate, NYMEX Henry Hub, and Mount Belvieu OPIS, respectively: Non-GAAP Financial Measures This press release contains Adjusted EBITDA which is a financial measure not presented in accordance with U.S. GAAP. Adjusted EBITDA is used by management to evaluate the performance of our business, make operational decisions, and assess our ability to generate cashflows. Management believes Adjusted EBITDA provides investors with helpful information to better understand the underlying performance trends of our business, facilitate period-to-period comparisons, and assess the company’s operating results. Adjusted EBITDA is derived from net loss attributable to Prairie Operating Co. and is adjusted for income tax benefit, depreciation, depletion, and amortization, abandonment and impairment of unproved properties, non-cash stock-based compensation, interest expense, net, non-cash loss on adjustment to fair value – embedded derivatives, debt, and warrants, unrealized loss on derivatives, and litigation and severance settlement expense, all as applicable. We adjust net loss attributable to Prairie Operating Co. for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially between periods and companies within our industry depending upon accounting methods, book values of assets, capital structures, and the method by which assets were acquired. Adjusted EBITDA has limitations as an analytical tool, including that it excludes certain items that affect our reported financial results. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income calculated in accordance with GAAP or as an indicator of our operating performance or liquidity. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The following table presents the reconciliation of Net loss attributable to Prairie Operating Co. to Adjusted EBITDA for the periods indicated: (1) Reflects the abandonment of unproved locations which we have deemed non–core and allowed to expire. (2) Reflects the changes in the fair values of the financial instruments measured at fair value on a recurring basis. (3) Reflects deferred income taxes recognized for the three months ended March 31, 2026. The following table presents the reconciliation of expected full-year 2026 Net income attributable to Prairie Operating Co. to expected full-year 2026 Adjusted EBITDA: (1) Reflects the abandonment of unproved locations which we have deemed non–core and allowed to expire. (2) Reflects the changes in the fair values of the financial instruments measured at fair value on a recurring basis. (3) Reflects deferred income taxes. Cautionary Statement about Forward-Looking Statements The information included in this Current Report on Form 8-K and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Current Report on Form 8-K, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks are not exhaustive. Other sections of this Current Report on Form 8-K could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our Securities and Exchange Commission (the “SEC”), filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this Current Report on Form 8-K should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements expressed or implied, included in this Current Report on Form 8-K are expressly qualified in their entirety by this cautionary statement. Regulation FD Disclosure The Company announces material information to the public through a variety of means, including filings with the SEC, press releases, public conference calls, and the investor relations section of its website at www.prairieopco.com. In addition to these traditional channels, the Company also uses its official social media accounts as a means of disclosing information about Prairie and its business, and to comply with its disclosure obligations under Regulation FD. The Company’s official social media accounts currently include @PrairieOpCo on X (formerly Twitter) and linkedin.com/company/prairie-operating-co on LinkedIn. Information the Company posts through these social media channels may be deemed material. Accordingly, investors, the media, and others interested in the Company should monitor these accounts in addition to following the Company’s press releases, SEC filings, and public conference calls and webcasts. The Company may update the list of official social media accounts from time to time, and any such updates will be posted on the investor relations section of its website. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquid resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil natural gas, and natural gas liquid resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com. Investor Relations Contact: Wobbe Ploegsma [email protected] 832-274-3449 Supplemental Disclosures of Cash Flow Information The following table presents non–cash investing and financing activities for the periods presented: (1) The Company elected to issue shares of Common Stock for the Series F Preferred Stock dividends payable on March 1, 2026. (2) The Company issued approximately 3.7 million shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) to Bayswater (as defined herein) as part of the Bayswater Purchase Price (as defined herein). (3) During the three months ended March 31, 2025, YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”), converted the remaining $11.3 million of the initial $15.0 million convertible promissory note (the “Senior Convertible Note”) in exchange for 2.1 million shares of Common Stock.

Prairie Operating Co. PROP is set to release first-quarter 2026 results on May 14, after market close. The Zacks Consensus Estimate for earnings is 15 cents per share on revenues of $87.2 million. Let’s delve into the factors that might have influenced the oil and gas operator’s results for the March quarter. But it’s worth taking a look at PROP’s previous-quarter performance first. In the last reported quarter, the company, dedicated to acquiring and developing assets in the DJ Basin, beat the consensus mark on operational scale-up. Prairie Operating Co. had reported adjusted EPS of 32 cents, topping the Zacks Consensus Estimate by a penny. However, revenues of $83 million missed the Zacks Consensus Estimate by some 26.5% due to weak natural gas pricing. PROP’s earnings missed the Zacks Consensus Estimate in three of the trailing four quarters and beat in the other, with the average negative surprise being 171.1%. Prairie Operating Co. price-eps-surprise | Prairie Operating Co. Quote The Zacks Consensus Estimate for the first-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates an 104.3% increase year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests a 541.5% surge from the year-ago period. Prairie entered the first quarter of 2026 with much stronger operating momentum after a major 2025 scale-up. Production exited 2025 at about 28,000 barrels of oil equivalent per day (Boe/d), above its 2026 average production guidance of 25,500-27,500 Boe/d, supported by newly added wells, including three wells in the Simpson pad in Weld County that came online in January 2026. The Bayswater assets were fully integrated, while 2025 revenues reached $241.6 million, or about $315 million including Bayswater. This larger production base, 73% liquids mix, and hedge protection near $60-$64 per barrel oil likely supported March quarter earnings visibility. On a bearish note, higher financing and non-cash charges may have pressured first-quarter earnings, even if operations improved. PROP ended 2025 with only $20,000 of cash and $366 million drawn on its credit facility, after funding the $602.75 million Bayswater acquisition and other deals. For 2026, management guided $33-$35 million of net interest expense and a $65 million non-cash loss tied to fair-value adjustments. These costs could limit the benefit of stronger production and EBITDA when first-quarter earnings are announced. The proven Zacks model does not conclusively show that Prairie Operating Co. is likely to beat estimates in the first quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Earnings ESP: PROP has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 15 cents per share each. Zacks Rank: Prairie Operating Co. currently carries a Zacks Rank #5 (Strong Sell). While an earnings beat looks uncertain for Prairie Operating Co., here are some firms that you may want to consider on the basis of our model: Keysight Technologies KEYS has an Earnings ESP of +0.86% and a Zacks Rank #1. The firm is scheduled to release earnings on May 19. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for fiscal 2026 earnings of Keysight Technologies indicates 25.1% growth. Valued at nearly $62 billion, Keysight Technologies is up 121.6% in a year. Hasbro HAS has an Earnings ESP of +5.81% and a Zacks Rank #2. The firm is scheduled to release earnings on May 20. The Zacks Consensus Estimate for 2026 earnings of Hasbro indicates 3.6% growth. Valued at around $13.8 billion, Hasbro is up 49.2% in a year. Advance Auto Parts AAP has an Earnings ESP of +11.18% and a Zacks Rank #2. The firm is scheduled to release earnings on May 21. Advance Auto Parts beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 56%. Valued at around $3.4 billion, Advance Auto Parts has surged 68.2% in a year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hasbro, Inc. (HAS) : Free Stock Analysis Report Advance Auto Parts, Inc. (AAP) : Free Stock Analysis Report Keysight Technologies Inc. (KEYS) : Free Stock Analysis Report Prairie Operating Co. (PROP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

HOUSTON, TX, May 07, 2026 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced it will release its first quarter 2026 financial and operating results after market close on May 14, 2026. The Company will host a conference call and webcast the following day at 8:30 AM Eastern Time (7:30 AM Central Time) to review the results and provide an update on recent developments. Analysts and investors are invited to participate. Webcast Access: Date: May 15, 2026 Time: 8:30am Eastern Time (7:30am Central Time) Participant Listening: 877-407-9219 / +1 412-652-1274 The webcast may be accessed from the "Events & Presentations" page of Prairie’s website at: https://www.prairieopco.com/events-presentations. Register for Investor Update Call: To participate via telephone, please register in advance here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=X7H5Z4Qc. Participants can use Guest dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event: https://hd.choruscall.com/InComm/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9MTM3NTE3MzImaD10cnVlJmluZm89Y29tcGFueS1lbWFpbCZyPXRydWUmQj02. The Call me™ link will be made active 15 minutes prior to scheduled start time. Upon registration, all telephone participants will be joined to the conference call in listen only. A replay of the webcast will be archived on the Company's website for two (2) weeks following the call. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com. Investor Relations Contact: Wobbe Ploegsma [email protected] 832.274.3449 Cautionary Statement about Forward-Looking Statements The information included in this press release and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our SEC filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this press release should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements expressed or implied, included in this Press release are expressly qualified in their entirety by this cautionary statement.

This article first appeared on GuruFocus. Total Revenue: $242 million; $315 million including Bayswater assets. Adjusted EBITDA: $156 million; $220 million including Bayswater assets. Net Loss: $60.9 million or $1.35 per share. Production: 6.75 million BOE; 18,500 BOE per day average; 28,000 BOE per day exit rate. Capital Expenditures: $183.4 million, approximately $90 million below guidance midpoint. Lease Operating Expense: $6.14 per BOE. Transportation and Processing: $1.32 per BOE. Production and Ad Valorem Taxes: $3.15 per BOE. General and Administrative Expenses: $7.50 per BOE; $5.29 attributable to cash G&A. Liquidity: $109 million with a borrowing base of $475 million. Proved Reserves: 121.1 million BOE with a PV10 value of approximately $1.2 billion. Warning! GuruFocus has detected 9 Warning Signs with PROP. Is PROP fairly valued? Test your thesis with our free DCF calculator. Release Date: March 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Prairie Operating Co (NASDAQ:PROP) successfully completed the full integration of assets acquired from Bayswater Exploration and Production, enhancing their operational capabilities. The company achieved significant production growth, exiting 2025 at a production rate of approximately 28,000 net BOE per day, which is a substantial increase from the previous year. Prairie Operating Co (NASDAQ:PROP) executed a series of bolt-on acquisitions, adding approximately 44,000 net acres and expanding their portfolio with high-quality proved inventory. The company generated approximately $242 million in revenue and $156 million in adjusted EBITDA, highlighting strong financial performance. Prairie Operating Co (NASDAQ:PROP) maintained a perfect safety record for the year, reflecting operational excellence and dedication to safety. The reported revenue and EBITDA figures did not meet the company's guidance, with full-year adjusted EBITDA modestly below the target of $240 million. Net loss attributable to common stockholders was $60.9 million, primarily due to non-cash expenses associated with financial instruments. The company faced production challenges in the first quarter of 2026 due to necessary shut-ins for operational reasons, leading to lower production levels. Some wells, such as the Noble and Simpson wells, experienced performance issues due to external factors like offset fracks and equipment delays. The share count has increased due to conversions of preferred shares, which could lead to potential dilution for existing shareholders. Q: Could you provide more details on the production guidance for 2026, given the 28,000 BOE per day exit rate in 2025? A: Gregory Patton, CFO, explained that the first quarter production is expected to average around 23,000 BOE per day due to shut-in production for maintenance and development activities. Production is anticipated to ramp up gradually throughout the year, with a continuous increase expected as new wells come online. Q: Can you discuss the performance of recent wells, particularly the Opal Cobank, Noble, and Simpson wells? A: Gregory Patton noted that the Opal Cobank wells performed above expectations. The Noble wells were impacted by offset fracking activities, while the Simpson wells faced delays due to equipment issues but are now performing in line with expectations. Q: What is the current share count, and can you provide an update on the preferred refinancing restructuring? A: Gregory Patton stated that the share count has increased from the low 60 million range at the end of 2025 due to conversions of preferred shares. The company is in good communication with the preferred holder and has secured an extension for the refinancing discussions. Q: What are the cash flow priorities for 2026, and how do you plan to use any free cash flow? A: Gregory Patton emphasized the focus on building a robust financial balance sheet, increasing liquidity, and deleveraging. The company will consider accretive acquisitions but will maintain a disciplined approach to capital allocation. Q: Are there any anticipated constraints from midstream or gathering systems? A: Gregory Patton assured that the company does not anticipate any constraints through 2026 or 2027, thanks to strategic partnerships and contracts with midstream operators like Williams and DCP, which align with Prairie's development plans. For the complete transcript of the earnings call, please refer to the full earnings call transcript.