PROP Form 4: Jonathan H. Gray Increases Direct Stake to 586,817 Shares

Rhea-AI Filing Summary

Prairie Operating Co. director Jonathan H. Gray reported purchasing 120,563 shares of Prairie Operating Co. (PROP) on 08/21/2025 at a weighted average price of $2.16 per share (individual trades ranged from $2.12 to $2.20). After the purchase the filing shows 586,817 shares beneficially owned directly by Mr. Gray. The filing also discloses 159,999 shares indirectly held by First Idea International, Ltd. and 230,159 shares indirectly held by First Idea Ventures, LLC. The Form 4 is signed by Mr. Gray on 08/25/2025.

Insights

Financial Analyst

TL;DR: Director purchased 120,563 PROP shares at ~$2.16, increasing direct ownership to 586,817 shares.

The insider purchase is a clear, disclosed cash acquisition executed on 08/21/2025 at a reported weighted average price of $2.16, with transaction prices between $2.12 and $2.20. For investors, an insider purchase can signal personal conviction but does not change fundamentals. The filing provides precise quantities and prices and includes indirect holdings through two entities, improving transparency about total beneficial ownership structure.

Corporate Governance Expert

TL;DR: Filing is routine and compliant; it discloses direct and indirect holdings and provides a price range footnote.

The Form 4 appears to follow Section 16 reporting requirements: it identifies the reporting person, relationship to the issuer (Director), transaction date, weighted average price, and includes a footnote offering to provide per-trade price detail. The signature and date are present. The disclosure of indirect holdings via two entities clarifies potential attribution channels for governance analysis.

Insider Trade Summary

Net Buyer: 120,563 shares ($260,416)

Net Buy 3 txns

Insider Gray Jonathan H.

Role Director

Bought 120,563 shs ($260K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	120,563	$2.16	$260K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 586,817 shares (Direct); Common Stock — 159,999 shares (Indirect, Held by First Idea International, Ltd.)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gray Jonathan H.

(Last) (First) (Middle)

55 WAUGH DRIVE

SUITE 400

(Street)

HOUSTON TX 77007

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Prairie Operating Co. [ PROP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/21/2025		P		120,563	A	$2.16(1)	586,817	D
Common Stock								159,999	I	Held by First Idea International, Ltd.
Common Stock								230,159	I	Held by First Idea Ventures, LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in this Column 4 is a weighted average price. These shares were purchased in multiple transaction prices ranging from $2.12 to $2.20, inclusive. The reporting person undertakes to provide to Prairie Operating Co. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each price within the ranges set forth in footnote (1) to this Form 4.

	/s/ Jonathan Gray	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Jonathan H. Gray report buying in the Form 4 for PROP?

The Form 4 reports Mr. Gray purchased 120,563 shares of Prairie Operating Co. (PROP) on 08/21/2025 at a weighted average price of $2.16.

How many PROP shares does Jonathan H. Gray beneficially own after the transaction?

The filing shows Mr. Gray beneficially owns 586,817 shares directly after the reported transaction, plus disclosed indirect holdings of 159,999 and 230,159 shares through named entities.

What price range did the PROP shares trade at in the reported purchase?

The Form 4 footnote states the purchases were made at prices ranging from $2.12 to $2.20, with a weighted average of $2.16.

When was the Form 4 signed and filed for the PROP transaction?

The signature block shows Mr. Gray signed the Form 4 on 08/25/2025, reporting the 08/21/2025 transaction.

Are there any derivative transactions reported by Jonathan H. Gray in this Form 4 for PROP?

No derivative securities are reported in Table II; the Form 4 lists only non-derivative common stock transactions.