Prairie Operating Co. achieved first-quarter revenue of $83.4 million, a greater than 500% increase quarter-over-quarter, and delivered adjusted EBITDA of $37.2 million, up more than 600% from the prior quarter, despite reporting a net loss of $174.4 million, or $2.16 per share. Production totaled 2.1 MMBoe, or 23,200 Boe/d, with a liquids weighting of 72% (48% oil).

Operational efficiency remained strong with 17 wells drilled across two DJ Basin pads, including nine at Elder (6.2 days average spud-to-rig release) and eight at Opal Coalbank (5.5 days), all delivered below approved budgets, generating average cost savings exceeding $100,000 per well. This drilling program comprised 13 Niobrara and four Codell wells, underscoring consistent well performance and capital discipline.

In April, the company executed a partial refinancing of its Series F Preferred Stock, lowering the outstanding balance and mitigating potential dilution from anniversary warrants. Additionally, the hedging program was expanded to secure commodity price protection through the second quarter of 2029, fortifying cash flow visibility.