Prairie Operating Changes CEO and Chairman
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 03 2026
0mins
Should l Buy PROP?
Prairie Operating announced several leadership changes, including the voluntary resignation of CEO and Chairman, Edward Kovalik, and the retirement of President and director, Gary Hanna. The Company's Board of Directors has appointed Richard Frommer, a member of the Board, to serve as Interim President and CEO of the Company, while the Company conducts a search for a permanent President and CEO. The Board has also appointed Erik Thoresen to serve as Chairman of the Board. The Company has entered into separation agreements with Mr. Kovalik and Mr. Hanna with respect to the terms of their separation from the Company. The Company has initiated a search process for a permanent President and CEO and intends on retaining a leading executive search firm to support this process, which will include both internal and external candidates. Frommer has served as director of the Company since November 2024. Thoresen has served as a director of the Company since May 2023.
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Analyst Views on PROP
Wall Street analysts forecast PROP stock price to rise
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 1.420
Low
2.00
Averages
4.83
High
7.50
Current: 1.420
Low
2.00
Averages
4.83
High
7.50
About PROP
Prairie Operating Co. is an independent energy company. The Company is focused on the acquisition and development of crude oil, natural gas, and natural gas liquids (NGLs). The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company owns approximately 76, 000 net acres of land package within the DJ Basin, with 47 operated and non-operated proved developed producing (PDP) wells.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Innovation and Technology Showcase: The conference will feature an Energy Transition and Emerging Technology session, inviting start-ups to deliver 15-minute quick-pitch investment presentations, aimed at fostering innovation in alternative energy and environmental sustainability technologies.
- Investor Engagement Opportunities: Attending investors will gain direct access to C-suite executives through one-on-one meetings and Q&A sessions, providing unique investment insights and industry dynamics to aid in decision-making.
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- Strategic Vision Communication: The management team looks forward to discussing the company's future vision with investors, emphasizing their shared commitment to disciplined capital allocation, capital structure optimization, and delivering sustainable long-term value, aiming to enhance investor confidence.
- Financial Strength Enhancement: The leadership team is focused on enhancing financial strength and operational excellence, ensuring stable growth in the competitive energy market through consistent capital discipline and cash flow generation.
- Resource Development Commitment: Prairie Operating is dedicated to the development and acquisition of oil and gas resources in the Denver-Julesburg Basin in the U.S., committed to responsible resource development to maximize returns and achieve sustainable growth.
See More
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- Strong Production Capacity: The company's exit rate production at year-end 2025 is approximately 28,000 Boe/d, reflecting the effectiveness of its asset base and development activities, which are expected to generate long-term value for shareholders.
- Cash Flow Present Value: Estimated future net cash flows before federal income taxes are approximately $2.414 billion, with a present value (PV-10) of about $1.22 billion, of which 71% is attributable to proved developed reserves, indicating the profitability and sustainability of the company's assets.
- Strategic Development Focus: Prairie is committed to developing oil and gas resources in the Denver-Julesburg Basin, emphasizing maximizing returns through consistent growth and capital discipline, which highlights the company's competitiveness and growth potential in a rapidly changing energy market.
See More
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- Leadership Role: Thoresen's new role signifies a leadership change within the organization, potentially impacting its strategic direction.
See More
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