Thu, Mar 6, 10:23 PM (52 days ago)
**Prairie Operating Co. (PROP) 2024 10-K Summary** Prairie Operating Co. reported a net loss of $40.9 million for 2024, a decrease from a loss of $79.1 million in 2023, driven by the acquisition of Central Weld Assets and the commencement of production from newly drilled wells. Total revenues reached $7.9 million, primarily from oil production of 96 MBbls at an average price of $68.60 per barrel. Operating expenses surged to $34.5 million, largely due to increased lease operating costs and general administrative expenses. The company is strategically positioned in the DJ Basin, focusing on accretive acquisitions and efficient production. Key developments included the NRO Acquisition for $55.5 million and a planned Bayswater Acquisition valued at $602.8 million, enhancing operational scale. However, significant risks remain, including reliance on commodity prices, regulatory changes, and integration challenges post-acquisition. Liquidity concerns were evident with a working capital deficit of $44.7 million. The company secured a $28 million credit facility and a standby equity purchase agreement to bolster funding. Despite these challenges, management anticipates sufficient liquidity to meet obligations, driven by revenues from recent acquisitions. The company's future outlook hinges on successful integration of acquired assets and market conditions affecting oil and gas prices.