Prairie Operating

What Prairie Operating does

Prairie Operating Co. is a U.S. independent upstream energy company (NASDAQ: PROP) headquartered in Houston, Texas, with a regional operations office in Denver, Colorado. Founded in 2022, the company is focused on the acquisition, development, production, and exploration of oil and natural gas properties in the Denver-Julesburg (DJ) Basin of Colorado, with concentrated activity targeting the Niobrara B and C formations and the Codell formation in Weld County. Its primary product is upstream hydrocarbons — crude oil, natural gas, and natural gas liquids (NGLs) — sold to refineries, midstream operators, and commodity traders at prevailing market prices through pipeline infrastructure.

The company's technology stack is conventional for a modern shale operator: multi-well pad drilling and completion programs (an eight-well pad model at Shelduck South), with disclosed average well cost savings exceeding $100,000 per well across 17 wells drilled in Q1 2026. The portfolio was built primarily through acquisition rather than grassroots exploration, with two transformational deals — the $84.5 million Nickel Road Operating asset acquisition (October 2024) and the $602.75 million Bayswater Exploration & Production asset acquisition (March 2025) — scaling production to approximately 28,000 net Boe/d exit rate and 121 MMBoe of proved reserves (PV-10 of ~$1.22 billion at SEC pricing).

Prairie Operating generates revenue through commodity sales at market rates, supplemented by a hedging program that secures weighted-average oil and gas prices through 2029. Its go-to-market is enterprise-focused: participation in major institutional investor conferences (ROTH, Piper Sandler, Louisiana Energy Conference), earnings calls, and direct one-on-one meetings with capital markets participants. The FY2025 financial profile showed revenue of $241.6M and record Adjusted EBITDA of $155.5M (versus negative $17.7M in 2024), with FY2026 EBITDA guidance of $240–260M on $200–220M CapEx. Capital structure includes a reaffirmed $475M credit facility (Citibank-led syndicate) and recent leadership transitions in 2026, with Gregory Patton as CEO and Michael Shelly as CFO replacing co-founder leadership.

Name

Prairie Operating

Legal name

Prairie Operating Co., LLC

Website

https://prairieopco.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Prairie Operating Co. is a U.S. independent upstream energy company (NASDAQ: PROP) focused on acquiring, developing, and producing oil, natural gas, and NGLs from concentrated acreage in the DJ Basin's Niobrara and Codell formations, selling to refineries and midstream buyers at market prices.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

akta.pro secondary industry

Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

Keywords

• Oil and gas production
• Upstream exploration
• Crude oil development
• Natural gas extraction
• DJ Basin operations

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Oil and Gas Production Sales: Prairie Operating generates revenue primarily through the sale of crude oil, natural gas, and natural gas liquids produced from its DJ Basin assets. FY2025 revenue was $241.6M, driven by the $602.75M acquisition of Bayswater Exploration & Production assets. Q1 2026 revenue was $83.4M with Adjusted EBITDA of $37.2M.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Prairie Operating Co. is an independent upstream energy company focused on the acquisition, development, production, and exploration of oil and natural gas properties in the Denver-Julesburg (DJ) Basin of Colorado. The company develops oil-weighted assets in the Niobrara B and C formations and Codell formations using multi-well pad drilling and completion programs, producing crude oil, natural gas, and natural gas liquids (NGLs) for sale to downstream buyers. Prairie also runs an active investor relations and capital markets program to fund acquisitions and development.

Product overview

Prairie Operating Co. is a U.S. energy company focused on the acquisition, development, production, and exploration of oil and gas properties in the Denver-Julesburg (DJ) Basin of Colorado. The company operates a unified oil and gas development business, primarily targeting the Niobrara and Codell formations. Prairie's portfolio consists of operated wells, leasehold acres, and approved well permits acquired through transactions such as the Nickel Road Operating acquisition and the Bayswater Exploration & Production asset acquisition. The company's growth strategy centers on expanding production through multi-well pad development programs like the Shelduck South project targeting Niobrara B and C formations.

Differentiator

Problem solved

Functional benefit

Products and services

• Denver-Julesburg Basin Oil and Gas Operations Core upstream business producing crude oil, natural gas, and natural gas liquids (NGLs) from concentrated acreage in the DJ Basin. Operations include asset acquisition (e.g., Bayswater, Nickel Road) and multi-well pad development targeting the Niobrara B and C and Codell formations for sale to refineries, midstream companies, and commodity traders.

Quantifiable outcome

• Record FY2025 Adjusted EBITDA of $155.5M vs. negative $17.7M in 2024
• +4 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Louisiana Energy ConferenceminorGTM or Marketing Partner · 1 May 2026Prairie Operating's CFO Gregory S. Patton participated as a panelist on 'Onshore E&Ps – How do Higher Prices Affect their Strategy' at the 26th Annual Louisiana Energy Conference (May 26-28, 2026) in New Orleans, alongside meetings with institutional investors to discuss operational momentum and DJ Basin strategy.
• ROTH Capital PartnersminorGTM or Marketing Partner · 1 March 2026Prairie Operating participated in the 38th Annual ROTH Conference (March 22-24, 2026) in Dana Point, California, where senior executives conducted one-on-one meetings with institutional investors as part of the company's investor relations and capital markets engagement strategy.
• Piper SandlerminorGTM or Marketing Partner · 1 March 2026Prairie Operating participated in Piper Sandler's 26th Annual Energy Conference (March 16, 2026), meeting with investors in one-on-one settings to discuss the company's vision, capital allocation strategy, and commitment to shareholder value.
• Cawley, Gillespie & AssociatesminorImplementation/ SI/ Consulting Partner · 1 March 2026Cawley, Gillespie & Associates conducted an independent year-end proved reserves evaluation for Prairie Operating effective December 31, 2025, determining total proved reserves of approximately 121 million barrels of oil equivalent with a PV-10 valuation of approximately $1.22 billion at SEC pricing.
• Bayswater Exploration & ProductioncoreStrategic or Co-development Partner · 1 March 2025Prairie Operating completed the $602.75 million acquisition of assets from Bayswater Exploration & Production in March 2025. This transformative acquisition integrated Bayswater's DJ Basin assets, ramping production to approximately 28,000 BOE/day at year-end and contributing to FY2025 revenue of approximately $242M and record Adjusted EBITDA of $156M.
• Nickel Road OperatingcoreStrategic or Co-development Partner · 1 October 2024Prairie Operating completed the $84.5 million acquisition of oil-weighted assets from Nickel Road Operating in Weld County, Colorado. The assets include leasehold acres, approved well permits, and operated wells, contributing to Prairie's growth strategy in the DJ Basin. The acquisition was funded through private placements and cash.

Scale indicators19 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Civitas Resources: Civitas Resources is the largest pure-play DJ Basin exploration and production company, formed through the mergers of Bonanza Creek, Extraction Oil & Gas, and SRC Energy. It targets the same Niobrara and Codell formations as Prairie Operating with multi-well pad development, making it the most direct operational and strategic comparable.
• SM Energy: SM Energy is an independent upstream oil and gas operator with a meaningful position in the DJ Basin (Weld County, Colorado), targeting the Niobrara and other unconventional formations. It is highly comparable to Prairie in basin focus, asset type, and multi-well pad development methodology.
• Crescent Energy: Crescent Energy is an independent upstream oil and gas company pursuing acquisition-and-development growth, similar to Prairie's strategy. Its exposure to producing basins and emphasis on operational consolidation make it a relevant peer despite differing basin mix.
• HighPoint Resources: HighPoint Resources (formerly Bill Barrett Corporation) was a DJ Basin-focused E&P operator targeting the Niobrara formation. Its single-basin, Niobrara-focused strategy and asset base in Weld County closely mirrored Prairie's operational model before it merged with Bonanza Creek/Civitas.
• Bonanza Creek Energy: Bonanza Creek Energy was a pure-play DJ Basin operator focused on horizontal Niobrara development before merging into Civitas Resources. Its concentrated Niobrara strategy makes it a historical template for the playbook Prairie Operating is currently executing.
• Rosehill Resources: Rosehill Resources (acquired by and into KLR Holdings/formerly Bonanza Creek predecessor activity) was an independent E&P operator in the DJ Basin targeting the Codell formation. Its core Weld County acreage and operational focus on DJ Basin unconventional development made it a basin-peer comparable.

Broad incumbents

• Devon Energy: Devon Energy is a large publicly traded independent E&P with a significant DJ Basin asset base alongside its Delaware Basin (Permian) operations. As a much larger, multi-basin operator targeting overlapping formations including the Niobrara and Codell, it serves as a useful scale and capital-allocation comparable.
• EOG Resources: EOG Resources is one of the largest U.S. independents with operations across multiple basins including the DJ Basin/Niobrara play. As an established scale operator in the same Colorado unconventional formations, it is comparable on basin exposure and oil-weighted development strategy.
• Permian Resources: Permian Resources is a large independent E&P focused on oil-weighted production in the Permian Basin. While operating in a different basin, its acquisition-driven growth model, multi-well pad development approach, and capital discipline focus make it a useful strategic comparable for Prairie's scale-up story.

Emerging players

• Grizzly Energy: Grizzly Energy (formerly Laramie Energy) is a smaller independent operator in the DJ Basin focused on the Niobrara and Codell formations. Its similar basin focus and operational scale make it a comparable emerging player, though it has a gas-weighted rather than oil-weighted mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/prairie-operating-co

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prairie Operating