[SCHEDULE 13G/A] Prairie Operating Co. SEC Filing

Prairie Operating Co. Schedule 13G/A amends an earlier filing to update ownership information for Bayswater-related reporting persons.

Rhea-AI Filing Summary

Prairie Operating Co. Schedule 13G/A amends an earlier filing to update ownership information for Bayswater-related reporting persons. As of June 30, 2025, Bayswater Exploration & Production, LLC held 2,958,965 shares of Prairie Operating Co. common stock, representing 6.9% of the class based on 42,942,127 outstanding shares reported in the issuer's prospectus supplement. The shares were issued on March 26, 2025 under a Purchase and Sale Agreement dated February 6, 2025, and Bayswater E&P is the sole record holder and has sole voting and dispositive power over the shares. The filing notes it is not an admission that Bayswater is a beneficial owner.

Insights

Financial Analyst

TL;DR: Bayswater holds a meaningful 6.9% stake with sole voting and dispositive power, a material disclosure but not control.

The amendment updates the April 2 Schedule 13G to reflect that Bayswater E&P holds 2,958,965 shares (6.9%), with sole voting and dispositive authority. For investors, a >5% stake requires disclosure and signals a significant minority position that can influence shareholder votes, though the filing expressly disclaims admission of beneficial ownership. The percentage is calculated using 42,942,127 shares outstanding from the issuer's April 11, 2024 count cited in a June 20, 2025 prospectus supplement. This is materially relevant for ownership tables and proxy considerations.

Corporate Governance Expert

TL;DR: Filing clarifies record ownership and role as Sellers' Representative while disclaiming beneficial ownership.

The filing details that shares were issued to Bayswater E&P under a Purchase and Sale Agreement and that Bayswater Management, as manager/general partner of sellers, may be deemed to indirectly own the shares but also disclaims such admission. The combination of sole voting/dispositive power with public disclosure is material for governance: it establishes who can vote these shares and confirms transparency around the transaction dates (PSA dated February 6, 2025; issuance March 26, 2025). Impact on corporate control appears limited based on this filing alone.

FAQ

How many Prairie Operating (PROP) shares does Bayswater report owning?

The filing reports 2,958,965 shares held by Bayswater Exploration & Production, LLC.

What percentage of PROP does Bayswater's holding represent?

The reported holding represents 6.9% of Prairie Operating Co.'s common stock based on 42,942,127 shares outstanding cited in the filing.

When were the shares issued to Bayswater according to the filing?

The shares were issued on March 26, 2025 pursuant to a Purchase and Sale Agreement dated February 6, 2025.

Does the filing state Bayswater is a beneficial owner of PROP shares?

The filing notes that it shall not constitute an admission that Bayswater E&P or Bayswater Management is a beneficial owner of the shares.

Who signed the Schedule 13G/A for Bayswater?

The filing was signed by Victor Wind, Senior Vice President and Chief Financial Officer, on 08/13/2025.

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Accepted by SEC EDGAR 08/13/2025 - 04:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Prairie Operating Co.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

739650109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 739650109

1

Names of Reporting Persons

Bayswater Exploration & Production, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,958,965.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,958,965.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,958,965.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Percentage of class calculated based on 42,942,127 outstanding shares of common stock ("Common Stock") of Prairie Operating Co., a Delaware corporation (the "Issuer"), as of April 11, 2024, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission on June 20, 2025.

SCHEDULE 13G

CUSIP No. 739650109

1

Names of Reporting Persons

Bayswater Management Company LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,958,965.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,958,965.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,958,965.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Percentage of class calculated based on 42,942,127 outstanding shares of Common Stock as of April 11, 2024, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission on June 20, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Prairie Operating Co.
(b)	Address of issuer's principal executive offices: 55 Waugh Drive, Suite 400, Houston, TX, 77007
Item 2.
(a)	Name of person filing: (i) Bayswater Exploration & Production, LLC (ii) Bayswater Management Company LP
(b)	Address or principal business office or, if none, residence: (i) 730 17th Street, Suite 500, Denver, Colorado 80202 (ii) 730 17th Street, Suite 500, Denver, Colorado 80202
(c)	Citizenship: (i) Colorado limited liability company (ii) Delaware limited partnership
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 739650109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: This Amendment No. 1 to Schedule 13G (this "Schedule 13G/A") amends and supplements the Schedule 13G filed by Bayswater Exploration & Production, LLC ("Bayswater E&P") and Bayswater Management Company LP ("Bayswater Management") with the Securities and Exchange Commission on April 2, 2025 (the "Schedule 13G"). The purpose of this Schedule 13G/A is to update the beneficial ownership information on the cover pages and in Item 4 in the Schedule 13G. As of June 30, 2025, Bayswater E&P held 2,958,965 shares (the "Shares") of Common Stock. As the sole record holder of the Shares, Bayswater E&P may be deemed to beneficially own the Shares. Pursuant to that certain Purchase and Sale Agreement, dated as of February 6, 2025, by and among the Issuer, Otter Holdings, LLC, Prairie SWD Co., LLC, Prairie Gathering I, LLC, Bayswater Resources LLC, Bayswater Fund III-A, LLC, Bayswater Fund III-B, LLC, Bayswater Fund IV-A, LP, Bayswater Fund IV-B, LP, Bayswater Fund IV-Annex, LP and Bayswater E&P (the "PSA"), Bayswater E&P was designated by the Sellers as the Sellers' Representative (in each case, as defined in the PSA) to whom shares of Common Stock were issued on March 26, 2025. The filing of this Schedule 13G/A shall not constitute an admission that Bayswater E&P is a beneficial owner of the Shares. Because Bayswater Management is the manager or general partner of, or that controls, each entity that sold assets to the Issuer pursuant to the PSA, Bayswater Management may be deemed to indirectly beneficially own the Shares that are held by Bayswater E&P. The filing of this Schedule 13G/A shall not constitute an admission that Bayswater Management is a beneficial owner of the Shares.
(b)	Percent of class: (i) Bayswater E&P: 6.9% (ii) Bayswater Management: 6.9% Percentage of class calculated based on 42,942,127 outstanding shares of Common Stock as of April 11, 2024, as reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission on June 20, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (A) Bayswater E&P: 2,958,965 (B) Bayswater Management: 2,958,965
	(ii) Shared power to vote or to direct the vote: (A) Bayswater E&P: 0 (B) Bayswater Management: 0
	(iii) Sole power to dispose or to direct the disposition of: (A) Bayswater E&P: 2,958,965 (B) Bayswater Management: 2,958,965
	(iv) Shared power to dispose or to direct the disposition of: (A) Bayswater E&P: 0 (B) Bayswater Management: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Bayswater Exploration & Production, LLC

Signature:	/s/ Victor Wind
Name/Title:	Victor Wind/Senior Vice President and Chief Financial Officer, Bayswater Management Company LP, its manager
Date:	08/13/2025

Bayswater Management Company LP

Signature:	/s/ Victor Wind
Name/Title:	Victor Wind/Senior Vice President and Chief Financial Officer
Date:	08/13/2025

Exhibit Information

Exhibit 1: Joint Filing Agreement, dated as of April 2, 2025, by and between Bayswater Exploration & Production, LLC and Bayswater Management Company LP (incorporated by reference to Exhibit 1 to the Schedule 13G filed by Bayswater Exploration & Production, LLC and Bayswater Management Company LP with the Securities and Exchange Commission on April 2, 2025)