Prairie Operating Co. entered into a Third Amendment to its Amended & Restated Credit Agreement on August 14, 2026, effective June 30, 2026. The amendment relaxes the Current Ratio covenant for fiscal quarters ending June 30, September 30, and December 31, 2026, to 0.50:1.00, 0.40:1.00, and 0.60:1.00, respectively, while introducing a new minimum hydrocarbon production threshold tested on August 31, 2026. Additionally, the company executed a letter agreement with Hudson Bay PH XIX LLC to extend warrant issuance dates from August 14 to August 31, 2026, and granted a limited waiver of certain Current Ratio maintenance obligations for Series F Convertible Preferred Stock through December 31, 2026. Prairie Operating Co. operates in the oil and gas exploration and production industry.

Prairie Operating Co. reported second quarter 2026 financial results, posting revenue of $98.9 million and net income attributable to common stockholders of $193.8 million, or $1.75 basic earnings per share. The company produced 2.0 MMBoe at a rate of approximately 21,866 Boe/d with 72% liquids content. Adjusted EBITDA was $34.0 million against capital expenditures of $98.5 million and net cash provided by operating activities of $52.0 million. Prairie also announced an amendment to its Credit Facility agreement on August 14, 2026, modifying Current Ratio covenant requirements through December 31, 2026, while maintaining compliance with all covenants. The company adjusted its full-year 2026 guidance for average daily production to 23,000–25,000 Boe/d and capital expenditures to $185.0 million–$195.0 million. Prairie Operating Co. is an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids resources in the Denver-Julesburg Basin.

Prairie Operating Co. received a Minimum Bid Price Notice from Nasdaq regarding its common stock's closing bid price falling below the $1.00 minimum requirement for 30 consecutive business days. The company has an initial 180-day compliance period ending December 29, 2026, to regain compliance. Prairie Operating Co. is an oil and gas exploration and production company.