Prairie Operating Co. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated total revenues of $13.6 million, primarily from crude oil sales of $10.8 million, natural gas sales of $1.2 million, and NGL sales of $1.6 million. This marks a substantial increase compared to the same period in 2024, when the company reported no revenues, reflecting the impact of its recent acquisitions. Despite the revenue growth, Prairie Operating Co. recorded a net loss of $2.6 million for the quarter, an improvement from a net loss of $8.0 million in the prior year.
The company’s financial position has changed markedly due to its recent acquisitions, particularly the Bayswater Acquisition, which closed on March 26, 2025, for a total consideration of approximately $602.8 million. This acquisition was funded through a combination of cash, the issuance of common stock, and borrowings under its credit facility. As of March 31, 2025, Prairie Operating Co. had total assets of $775.4 million, a significant increase from $156.6 million at the end of 2024, largely due to the addition of oil and natural gas properties valued at $658.0 million.
Operationally, the company has expanded its production capabilities, reporting a total production of 295,000 barrels of oil equivalent (Boe) for the quarter, with an average sales volume of 3,278 Boe per day. The increase in production is attributed to the assets acquired from both the NRO Acquisition in October 2024 and the Bayswater Acquisition. The company also reported a working capital deficit of $54.7 million as of March 31, 2025, compared to a deficit of $44.7 million at the end of 2024, indicating ongoing liquidity challenges despite the recent influx of capital.
In terms of strategic developments, Prairie Operating Co. has implemented a hedging program to mitigate the risks associated with commodity price volatility, covering approximately 85% of its current daily production. The company has also initiated a development program at its Rusch Pad in Weld County, Colorado, which includes plans for 11 new wells expected to come online in the third quarter of 2025. Looking ahead, management expressed confidence that the company’s cash balance, expected revenues from its producing wells, and liquidity available under its credit facility will be sufficient to meet its operational needs over the next 12 months.
About Prairie Operating Co.
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