Prairie Operating Co. Year-End Proved Reserves Evaluation Results
Prairie Operating Co. reported the results of its independent year-end proved reserves evaluation for all of its oil and natural gas properties. The Company's proved reserves were evaluated by Cawley, Gillespie & Associates in a report completed on February 12, 2026, with an effective date of December 31, 2025. The evaluation was prepared in accordance with SEC guidelines, including Item 1202(a)(8) of Regulation S-K. The estimates reflect proved reserves only and do not include probable or possible reserves. At year-end 2025, Prairie's total proved reserves were 60 million barrels of oil, 195 billion cubic feet of natural gas, and 29 MMBbl of natural gas liquids, for a combined total of approximately 121 million barrels of oil equivalent. Of the total proved reserves, approximately 68 MMBoe were classified as proved developed and 53 MMBoe were classified as proved undeveloped. At year-end 2025, Prairie's operated and non-operated production was approximately 28,000 barrels of oil equivalent per day, reflecting the strength of the Company's producing asset base and the impact of development activity during the year. SEC pricing as of December 31, 2025, was $65.34 per barrel of oil and $3.387 per MMBtu of natural gas, calculated in accordance with SEC guidelines. These prices were adjusted for applicable differentials, including transportation, local basis differentials, crude quality and gravity corrections, gas shrinkage, and gas heating value, resulting in net realized prices of $62.99 per barrel of oil, $0.797 per Mcf of natural gas and $18.56 per barrel of NGLs over the life of the proved properties. Estimated future net cash flows before federal income taxes attributable to total proved reserves were approximately $2,414 million. The present value of these future net cash flows discounted at an annual rate of 10% was approximately $1,220 million, of which approximately $860 million, or 71%, is attributable to proved developed reserves.
