Prairie Operating Co. Reports Year-End 2025 Proved Reserves & Exit Rate Production

Rhea-AI Summary

Prairie Operating Co. (Nasdaq: PROP) reported year-end 2025 proved reserves of approximately 121 MMBoe with a PV-10 of $1,220 million (SEC pricing) and estimated future net cash flows before federal taxes of $2,414 million.

The company reported exit rate production of ~28,000 Boe/d, 60 MMBbl oil, 195 Bcf gas, 29 MMBbl NGLs, with 68 MMBoe proved developed and 53 MMBoe proved undeveloped (effective date Dec 31, 2025).

Positive

• Total proved reserves of 121 MMBoe at year-end 2025
• PV-10 of $1,220 million based on SEC pricing
• Estimated future net cash flows before federal taxes of $2,414 million
• Exit rate production of approximately 28,000 Boe/d
• 71% of PV-10 ($860 million) attributable to proved developed reserves

Negative

• 53 MMBoe classified as proved undeveloped, implying material development capital and execution risk
• Low net realized natural gas price of $0.797 per Mcf over the life of proved properties

Total Proved Reserves of 121 MMBoe with PV-10 of $1,220 Million at SEC Pricing as of Year-End 2025

Exit Rate Production of Approximately 28,000 Boe/d

HOUSTON, TX, March 05, 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 reported the results of its independent year-end proved reserves evaluation for all of its oil and natural gas properties.

“This independent reserve evaluation highlights the scale, quality and durability of Prairie’s asset base,” said Richard N. Frommer, Interim Chief Executive Officer and President. “With a substantial proved- developed foundation, a clearly defined multi-year inventory, and an exit rate production number of approximately 28,000 Boe/d, we believe Prairie has built an asset base that supports continued development and is positioned to optimize its capital structure to deliver long-term value to our shareholders.”

The Company’s proved reserves were evaluated by Cawley, Gillespie & Associates, Inc. (“CG&A”), an independent petroleum engineering firm, in a report completed on February 12, 2026, with an effective date of December 31, 2025. The evaluation was prepared in accordance with SEC guidelines, including Item 1202(a)(8) of Regulation S-K. The estimates reflect proved reserves only and do not include probable or possible reserves.

At year-end 2025, Prairie’s total proved reserves were 60 million barrels (“MMBbl”) of oil, 195 billion cubic feet (“Bcf”) of natural gas, and 29 MMBbl of natural gas liquids (“NGLs”), for a combined total of approximately 121 million barrels of oil equivalent (“MMBoe”). Of the total proved reserves, approximately 68 MMBoe were classified as proved developed and 53 MMBoe were classified as proved undeveloped.

At year-end 2025, Prairie’s operated and non-operated production was approximately 28,000 barrels of oil equivalent per day, reflecting the strength of the Company’s producing asset base and the impact of development activity during the year.

SEC pricing as of December 31, 2025, was $65.34 per barrel of oil and $3.387 per MMBtu of natural gas, calculated in accordance with SEC guidelines. These prices were adjusted for applicable differentials, including transportation, local basis differentials, crude quality and gravity corrections, gas shrinkage, and gas heating value, resulting in net realized prices of $62.99 per barrel of oil, $0.797 per Mcf of natural gas and $18.56 per barrel of NGLs over the life of the proved properties.

Estimated future net cash flows before federal income taxes attributable to total proved reserves were approximately $2,414 million. The present value of these future net cash flows discounted at an annual rate of 10% (“PV-10”) was approximately $1,220 million, of which approximately $860 million, or 71%, is attributable to proved developed reserves.

PV-10 Value

PV-10 may be considered a non-GAAP financial measure as defined by the SEC. The most directly comparable GAAP measure is the standardized measure of discounted future net cash flows (“Standardized Measure”). PV-10 is computed on a pre-tax basis and is equal to the Standardized Measure before deducting future income taxes, discounted at 10%. The Company believes PV-10 is a useful measure to investors because it presents discounted future net cash flows prior to future corporate income taxes, enabling comparison across companies regardless of tax structure. PV-10 is not a substitute for the Standardized Measure and does not purport to represent the fair market value of the Company’s oil and natural gas reserves. A reconciliation of PV-10 to the Standardized Measure will be included in Prairie’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

These year-end 2025 proved reserves represent the full scope of Prairie’s current asset base and supersede any previously referenced reserve estimates. Investors and analysts should use these year-end 2025 reserves as the Company’s current authoritative baseline and will be included as an exhibit in the Company’s Form 10-K for the fiscal year ended December 31, 2025.

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
info@prairieopco.com
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.

FAQ

What proved reserves did Prairie Operating Co. (PROP) report for year-end 2025?

Prairie reported approximately 121 MMBoe of total proved reserves at year-end 2025. According to the company, that includes 60 MMBbl oil, 195 Bcf gas, and 29 MMBbl NGLs, effective Dec 31, 2025 and evaluated by an independent engineering firm.

How much is PROP’s PV-10 value and what does it represent?

PV-10 is $1,220 million for Prairie’s proved reserves at year-end 2025. According to the company, PV-10 represents pre-tax discounted future net cash flows at a 10% discount using SEC pricing, and is a non-GAAP measure.

What exit rate production did Prairie (PROP) report and how material is it?

Prairie reported an exit rate production of approximately 28,000 Boe/d. According to the company, this figure reflects operated and non-operated production and demonstrates the scale of the producing asset base at year-end 2025.

How much of PROP’s reserves are proved developed vs. proved undeveloped?

Approximately 68 MMBoe proved developed53 MMBoe proved undeveloped

What realized commodity prices did Prairie (PROP) use for its year-end 2025 reserve valuation?

SEC pricing used was $65.34 per barrel oil and $3.387 per MMBtu gas, with net realized prices of $62.99/ barrel oil$0.797/Mcf gas