Welcome to our dedicated page for Prairie Operating Co. SEC filings (Ticker: PROP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Prairie Operating Co. reported a transformational 2025, driven by its Bayswater acquisition and ramped DJ Basin development. Total revenues reached $241.6 million, largely from crude oil sales of $204.0 million, on production of 6,748 MBoe, about half oil and roughly 73% liquids.
The company generated net income from continuing operations of $32.1 million but recorded a net loss attributable to common stockholders of $60.9 million, or $(1.35) per share, mainly due to Series F preferred stock dividends and remeasurement. Adjusted EBITDA was $155.5 million, up from a negative figure in 2024, while capital expenditures totaled $183.4 million.
Prairie paid $459.6 million in cash for the Bayswater asset purchase and ended 2025 with a PV-10 of $1.22 billion on total proved reserves of 121.1 MMBoe, all in the DJ Basin. The balance sheet showed $366.0 million outstanding under its Credit Facility and about $109.0 million of liquidity. For 2026, the company guides to net income of $55–65 million and Adjusted EBITDA of $240–260 million, supported by extensive crude oil, gas, and NGL hedges at fixed prices through 2029.
Prairie Operating Co. amended its existing securities purchase agreement with investors who bought its Series F Preferred Stock. The original deal included future warrants for common stock based on the preferred shares’ $1,000 stated value per share and a stock price formula.
The amendment moves the warrant "Anniversary Warrant Issuance Date" from the first anniversary of the closing to April 7, 2026 and updates related warrant footnotes. It also requires Prairie Operating to pay the buyers an aggregate $3 million on April 6, 2026, unless the buyers waive this fee in their sole discretion.
Prairie Operating Co. executive vice president of operations Bryan Freeman reported a tax-related share disposition. On the vesting of restricted stock, 1,223 shares of common stock were withheld to cover tax withholding obligations at $1.60 per share. After this non‑market, tax-withholding transaction, Freeman directly owned 711,638 shares of Prairie Operating Co. common stock.
Prairie Operating Co. EVP and CFO Gregory Scott Patton reported a small share disposition related to tax withholding. On the vesting of restricted stock, 733 shares of common stock were withheld at $1.60 per share to satisfy tax obligations, rather than sold in the open market. After this tax-withholding disposition, he directly holds 788,203 shares of Prairie Operating Co. common stock.
Prairie Operating Co. executive Daniel T. Sweeney reported a tax-related share disposition. On March 5, 2026, 1,223 shares of common stock were withheld at $1.60 per share to satisfy tax obligations upon vesting of restricted stock, a non-open-market transaction. Sweeney beneficially owned 639,566 common shares directly after this withholding.
Prairie Operating Co. announced significant leadership changes, with CEO and Chairman Edward Kovalik voluntarily resigning and President/director Gary C. Hanna retiring. Board member Richard N. Frommer was appointed Interim President and CEO, and director Erik Thoresen was named Chairman of the Board while a search for a permanent chief executive is conducted.
The company’s subsidiary entered into separation agreements with both former executives. Kovalik will receive a lump-sum severance of $2,531,250, equal to 1.5 times his base salary plus target bonus, his 2025 bonus of $750,000, unused vacation payout and immediate vesting of all time-based RSUs, while his performance-based RSUs are forfeited. Hanna will receive his 2025 bonus of $675,000, unused vacation payout, immediate vesting of time-based RSUs and will retain unvested performance-based RSUs through the performance period.
Both Kovalik and Hanna retain fully vested non-compensatory stock options but will assign overriding royalty interests in certain Genesis/Exok assets and have agreed for three years to vote their shares in line with Board recommendations, with existing lockups remaining in force. The company highlighted Frommer’s deep DJ Basin experience and Thoresen’s financial and transaction background as it focuses on its next phase of development in the Denver-Julesburg Basin.
Prairie Operating Co. reported an insider share purchase by a director and 10% owner affiliated with the Narrogal Nominees Pty Ltd ATF Gregory K O'Neill Family Trust. On 12/29/2025, the reporting person acquired 210,981 shares of common stock in an open-market purchase at a price of $1.6106 per share. Following this transaction, the reporting person beneficially owned 15,481,603 shares of Prairie Operating common stock in direct ownership form.
Prairie Operating Co. (PROP) director and 10% owner affiliate reports stock purchases. Narrogal Nominees Pty Ltd ATF Gregory K O'Neill Family Trust reported several open-market purchases of Prairie Operating Co. common stock between 12/16/2025 and 12/18/2025, at prices around $1.68 per share. After these transactions, the reporting persons beneficially owned 15,186,797 shares held in the Family Trust, reported as directly owned. The filing explains that the Family Trust is the record holder, with Gregory K. O'Neill as sole director of the trustee and a beneficiary, and that each related party may be deemed to share beneficial ownership but disclaims it except to the extent of their pecuniary interest.
Prairie Operating Co. reported that a director-related reporting person bought additional common stock in multiple open-market transactions in late 2025. On 11/20/2025 it purchased 50,000 shares at $1.7197 per share, followed by trades including 42,781 shares at $1.71 on 12/10/2025 and 220,431 shares at $1.709 on 12/12/2025. The largest single transaction was a purchase of 800,000 shares at $1.6853 on 12/15/2025, resulting in beneficial ownership of 14,993,279 shares of common stock held directly after the reported transactions.
The shares are held of record by Narrogal Nominees Pty Ltd ATF Gregory K O'Neill Family Trust. Gregory K. O'Neill, as sole director of Narrogal Nominees Pty Ltd and a beneficiary of the trust, may be deemed to share beneficial ownership of these securities, and each related party disclaims beneficial ownership except to the extent of its pecuniary interest.
Prairie Operating Co. (PROP) reported insider share purchases by Narrogal Nominees Pty Ltd ATF Gregory K O'Neill Family Trust, a director and 10% owner. The filing shows multiple open-market purchases of common stock between 11/14/2025 and 11/21/2025, coded as "P" for purchases. Individual trades include, for example, 199,463 shares at $1.7329 on 11/14/2025 and 800,000 shares at $1.7063 on 11/20/2025. Following these transactions, the reporting person beneficially owns 13,776,036 shares of Prairie Operating common stock in direct form.