Prairie Operating (PROP) Receives $24M from Warrant Exercise

Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announced that Watermill Capital Partners and its affiliates exercised Series E B Warrants (the “Warrants”) to purchase 4,000,000 shares of common stock of the Company, generating $24 million in proceeds.

This exercise follows Watermill Capital Partners’ $12 million warrant exercise in November 2023, highlighting their continued confidence and support for Prairie’s growth strategy. With the exercise of these Warrants, all Series E B Warrants have now been fully exercised. Additionally, all of the Company’s Series E preferred stock was converted into common stock of the Company. This conversion of the Company’s Series E preferred stock and the exercise of the Company’s Series E B Warrants simplifies its capital structure, further enhancing Prairie’s position for long-term growth.

“We appreciate the confidence and support of Watermill Capital Partners as we continue to execute our strategy. The warrant exercise and associated cash proceeds provide additional fuel to our growth plans, particularly as we embark on our new project at Shelduck South.” stated Ed Kovalik, Chairman and CEO of the Company.

The Shelduck South development (part of the Genesis Bolt-on Assets) involves an eight-well pad targeting the Niobrara B and C formations across 1,260 mineral acres, with production expected to begin in the fourth quarter of 2024.

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