Water Tower Research Publishes Initiation of Coverage Report on Prairie Operating Company, “Series F Resolution Could Return Focus to DJ Basin Growth Platform”

June 16, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Prairie Operating Company (NASDAQ: PROP) titled, “Series F Resolution Could Return Focus to DJ Basin Growth Platform”. The report can be accessed here.

Prairie Operating Company is a Wattenberg Field-focused E&P company that completed its transformative $603-million asset acquisition from Bayswater in March 2025, transitioning from a startup into a company with a consistent DJ Basin development program. The company is positioned for organic growth and to opportunistically consolidate in the DJ Basin, which ranks as a top 10 onshore producing field in the Lower 48. Prairie owns large contiguous acreage blocks with stacked-pay potential in the core area of Central Weld County, Colorado. The acreage is positioned within the liquids-rich portions of the field in rural Weld County with up to four potential reservoir targets in the Niobrara and Codell formations.

Prairie’s deep inventory of undeveloped drilling locations provides a runway stretching beyond 10 years at the current pace. Management counts more than 600 gross drilling locations across the current acreage base, with an expanded opportunity set greater than 750 locations when accounting for organic leasing and bolt-on M&A opportunities.

Prairie trades at a steep discount to its PV-10 based asset value. Proved reserves totaled 118 MMBoe as of March 31, 2026, (49% oil, 73% liquids) with a PV-10 of ~$1.2 billion. The company’s current enterprise value of ~$538 million represents a 55% discount to enterprise value. Management is evaluating refinancing alternatives for the Series F Preferred Stock to simply Prairie’s capital structure and strengthen the balance sheet. A successful outcome could resolve the related equity dilution overhang and refocus attention on execution of the company’s operating plans.

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