Prairie Operating Co. Announces Proceeds of $12 Million from Warrant Exercise

HOUSTON, TX, Nov. 15, 2023 (GLOBE NEWSWIRE) — Prairie Operating Co. (OTCQB: PROP; the “Company” or “Prairie”) announced today that it has received $12 million in proceeds from the exercise of warrants to purchase 2 million shares of common stock (the “Warrants”). 

These in-the-money Warrants were strategically exercised by Watermill Capital Partners and its affiliates, a sophisticated long-term focused capital investor based in Australia.  Watermill Capital Partners and its affiliates have an extensive and successful track record of investing in growth-oriented businesses.

Mr. Greg O’Neill, Managing Director of Watermill Capital Partners and its affiliates, commented, “The Company’s outsized accomplishments, in such a short period of time, provides Watermill Capital Partners with the ability to accelerate and optimize our long-term value. We are very excited to support Prairie by exercising these Warrants now. This not only underscores our confidence in the team and its strategy, but also reflects our investment commitment to the Company’s vision and anticipated growth trajectory.”

Ed Kovalik, Chairman and Chief Executive Officer of the Company reacted by saying, “We truly appreciate Mr. O’Neill’s continued endorsement and support of our growth strategy through the proactive exercise of these Warrants. This calculated action strengthens our balance sheet and increases our financial flexibility as we continue to execute our plan.”

The exercise of Warrants provides Prairie with additional funds, at an attractive cost of capital, for continued growth and expansion. The Company intends to use the proceeds from the warrant exercise for general working capital purposes, which may include drilling activity and or opportunistic acquisitions.

The Warrants were originally issued in connection with a private offering of units completed by Prairie in May 2023 (see Press Release). The Warrants featured a one (1) year duration with a $6.00 per share exercise price. The shares of common stock issued upon exercise of the Warrants has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or applicable state securities laws. Accordingly, the shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Prairie Operating Co.

Prairie Operating Co. (f/k/a Creek Road Miners, Inc.) is a publicly-traded company engaged in the development, exploration, and production of oil, natural gas, and natural gas liquids with operations focused on unconventional oil and natural gas reservoirs located in Colorado focused on the Niobrara and Codell formations. The company also owns crypto miner computer assets, complementary to its energy assets. The Company is dedicated to developing affordable, reliable energy to meet the world’s growing demand while continuing to protect the environment. To learn more, visit www.prairieopco.com.

Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. These risks include, but are not limited to, general economic, financial, legal, political, and business conditions and changes in domestic and foreign markets; the risks related to the growth of the Company’s business; and the effects of competition on the Company’s future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks not currently known by the Company or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2023, and any subsequently filed Quarterly Report and Current Report on Form 8-K. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Investor Relations Contact:
Wobbe Ploegsma
wp@prairieopco.com