Prairie Operating (PROP) investor relations material

Executive summary

• Closed major acquisitions: Bayswater (March 2025), Edge (July 2025), and NRO (October 2024), significantly expanding asset base in the DJ Basin, Colorado.

• Achieved record production of 23,029 Boe/d in Q3 2025, up 10% quarter-over-quarter, with current rates at 27,000 Boe/d due to successful development and acquisitions.

• Completed transition of Bayswater assets, closed two bolt-on acquisitions, and expanded hedging program through 2028.

• Launched new drilling programs and brought multiple wells online, with further production expected in Q4 2025.

• Sold all cryptocurrency mining operations in January 2024, fully exiting that business line.

Financial highlights

• Total revenues for the nine months ended September 30, 2025, were $158.6 million, up from $0 in the prior year due to acquisitions.

• Q3 2025 revenue was $77.7 million, with $64.9 million from oil sales; net loss attributable to common stockholders was $22.5 million ($0.44 per share).

• Net loss attributable to common stockholders was $67.5 million for the nine months, compared to a $29.0 million loss in the prior year.

• Adjusted EBITDA for the nine months was $99.5 million, with Q3 Adjusted EBITDA at $56.3 million, up over 45% quarter-over-quarter.

• Cash and cash equivalents at September 30, 2025, were $10.6 million, with a working capital deficit of $24.0 million.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: average daily production of 24,000–26,000 Boe/d, capital expenditures of $260–$280 million, and Adjusted EBITDA of $240–$260 million.

• Management expects current cash, revenues from producing wells, and available credit to be sufficient to fund operations and development over the next 12 months.

• Ongoing drilling and completion activities are expected to drive further production growth in Q4 2025.