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Prairie Operating Co. (PROP+1.67%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in the Denver-Julesburg Basin, Colorado, where it focuses on the acquisition and development of crude oil, natural gas, and natural gas liquids. As of December 31, 2024, Prairie Operating Co.'s assets included the Central Weld Assets, Genesis and Genesis Bolt-on Assets, and the Exok Option Purchase assets.
The company reported total revenues of $7.9 million for the year ended December 31, 2024, derived from oil, natural gas, and NGL production. This revenue was generated following the acquisition of the Central Weld Assets in October 2024.
Operating expenses for the year totaled $34.5 million, with significant costs attributed to lease operating expenses, gathering, transportation, and processing expenses, and general and administrative expenses.
Prairie Operating Co. reported a net loss of $40.9 million for the year. The loss was influenced by factors such as interest expenses, losses on derivatives, and adjustments to the fair value of certain financial instruments.
The company completed the sale of its cryptocurrency mining assets in January 2024, resulting in a net loss from discontinued operations of $1.0 million for the year.
Prairie Operating Co. entered into a reserve-based credit agreement with Citibank, N.A. in December 2024, providing a borrowing base of $44.0 million, of which $28.0 million was drawn as of year-end.
The filing also discusses the company's liquidity and capital resources, noting a working capital deficit of $44.7 million as of December 31, 2024, and outlines plans to fund future operations through cash flow from operations, credit facilities, and potential equity offerings.
The company continues to focus on the development of its oil and gas properties in the DJ Basin and anticipates further growth through strategic acquisitions and drilling programs.
Prairie Operating Co. acknowledges various risks, including commodity price volatility, regulatory changes, and operational challenges, which could impact its financial performance and ability to meet capital expenditure obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Prairie Operating Co. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.