Prairie Operating (PROP) investor relations material

Q1 2026 operational and financial highlights

• Completed multiple acquisitions in the DJ Basin, expanding to over 550 productive wells and 600+ future locations, supporting a decade of low-breakeven inventory.

• Drilled and completed 17 wells in Q1 2026, maintaining a pace of 60 wells per year with a focus on capital efficiency and returns.

• Achieved total revenue of $83.4 million and adjusted EBITDA of $37.2 million, both increasing over 500% and 600% quarter-over-quarter, respectively.

• Quarterly production reached 23,200 Boe/d (48% oil, 72% liquids), with 2026 guidance targeting 25,500–27,500 Boe/d and EBITDA of $240–$260 million.

• Maintained a favorable hedge portfolio, supporting cash flow and near-term development at $60–$64 per barrel.

Asset base and inventory

• Holds ~68,662 net acres in Weld County, with oil-rich production and over 600 technically validated locations.

• Proved reserves total 118.1 MMboe (73% liquids), with a PV-10 value of $1.2 billion as of March 31, 2026.

• Inventory includes 427 legacy, 186 acquired, and 40–60 organic leasing locations, providing 10+ years of drilling runway.

• Two years of permits in hand and an additional year in process, ensuring uninterrupted development.

Strategic focus and growth initiatives

• Pursues a balanced strategy of organic growth, accretive acquisitions, and disciplined capital allocation to maximize returns.

• Funds drilling with free cash flow, prioritizing balance sheet strength and keeping leverage below peers.

• Proactively manages regulatory, environmental, and community matters, emphasizing safety and sustainability.

• Actively reviews bolt-on acquisition opportunities to expand future drilling inventory.