Prairie Operating (PROP) Corporate presentation summary

FY 2025 achievements and operational highlights

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

• Drilled and completed 43 wells in FY 2025, maintaining a focus on capital efficiency and returns.

• Maintained leverage below peers and prioritized shareholder value through disciplined financial management.

• Achieved record revenue of $315 million, a ~3,000% year-over-year increase, and record adjusted EBITDA of $220 million, up 975% year-over-year.

• FY 2025 production averaged 24,000 Boe/d (50% oil, 73% liquids), with an exit rate of ~28,000 Boe/d.

Asset base and growth strategy

• Holds ~68,662 net acres in the DJ Basin, with 121.1 MMboe proved reserves (73% liquids) and over 600 technically validated locations.

• Focuses on organic growth, accretive acquisitions, and maximizing returns through capital efficiency and disciplined balance sheet management.

• Implements best practices, infill leasing, and cost optimization to enhance operational performance.

• Maintains a rolling permitting program, with two years of permits in hand and an additional year in process, ensuring development continuity.

• Actively reviews bolt-on opportunities to expand future drilling inventory, targeting up to 773 locations and over 10 years of inventory.

Financial profile and guidance

• FY 2025 adjusted EBITDA reached $220 million; 2026 guidance projects EBITDA of $240–$260 million and capital expenditures of $200–$220 million.

• Strategic hedging program secures cash flow certainty, with oil hedged at $60–$64 per barrel and gas at $3.70–$4.15 per Mcf through 2028.

• Maintains a clean balance sheet, prioritizing free cash flow generation and strict cost discipline.

• Focuses on high-return projects and optimal investment timing to maximize shareholder value.