[Form 4] Prairie Operating Co. Insider Trading Activity

Rhea-AI Filing Summary

Jonathan H. Gray, a director of Prairie Operating Co. (PROP), reported purchasing 89,000 shares of the company on 09/05/2025 at a weighted average price of $2.11 per share. After the transaction, Mr. Gray directly beneficially owned 675,817 shares. He also reports indirect holdings of 159,999 shares held by First Idea International, Ltd. and 230,159 shares held by First Idea Ventures, LLC. The Form 4 discloses the purchase price range was $2.09 to $2.15 and notes the reporting person will provide a breakdown of shares by price upon request.

Positive

• Director purchase of 89,000 shares at a disclosed weighted average price of $2.11 signals insider buying
• Clear disclosure of direct and indirect holdings: direct 675,817 shares; indirect 159,999 and 230,159 shares held by related entities
• Price range transparency provided ($2.09 to $2.15) with an offer to supply a full breakdown upon request

Negative

• No information on percentage ownership or market capitalization provided, so material impact on control cannot be assessed
• Filing does not state intent behind the purchase (e.g., long-term investment vs. trading), limiting interpretability

Insights

Financial Analyst

TL;DR: Director bought 89,000 shares at ~$2.11, increasing direct stake to 675,817 — a modestly positive insider purchase signal.

The reported open-market purchases by a director are generally seen as a confidence signal because the insider used personal capital to buy shares at a weighted average price of $2.11 on 09/05/2025. The transaction size relative to the director's total direct holdings increases their direct exposure, though the filing does not state the company’s market capitalization or the percentage change in ownership. No derivative transactions or dispositions were reported, and indirect holdings via related entities remain disclosed separately.

Corporate Governance Expert

TL;DR: Filing is routine, properly discloses direct and indirect holdings and provides price range disclosure as required.

The Form 4 contains the required elements: reporter identity, relationship to the issuer, transaction date, transaction code, amount acquired, and post-transaction beneficial ownership, plus an explanatory footnote on price range. It indicates transparency about related-party holdings through First Idea entities. The filing does not indicate any plan-based trades or amendments beyond the single purchase report.

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)
09/05/2025

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	09/05/2025		P		89,000	A	$2.11(1)	675,817	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 $2.09 to $2.15, 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	09/08/2025
	** 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 PROP director Jonathan H. Gray report on Form 4?

He reported purchasing 89,000 shares of Prairie Operating Co. on 09/05/2025 at a weighted average price of $2.11 per share.

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

He directly beneficially owns 675,817 shares after the reported purchase; he also has indirect holdings of 159,999 and 230,159 shares via related entities.

What price range did the director pay for PROP shares?

The reported purchase prices ranged from $2.09 to $2.15, with a weighted average of $2.11.

Was the Form 4 filed jointly or by one reporting person?

The Form 4 indicates it was filed by one reporting person.

Does the filing disclose any derivative transactions or sales?

No. The filing reports only a non-derivative acquisition of common stock; no derivative transactions or dispositions are shown.