Prairie Operating Co. Reports $83.4 Million Revenue in Latest Quarter, Driven by Bayswater Acquisition

Prairie Operating Co. reported significant financial growth in its latest quarterly results, with total revenues reaching $83.4 million for the three months ended March 31, 2026, compared to $13.6 million in the same period last year. This increase of $69.8 million was primarily driven by the acquisition of Bayswater Resources, which closed on March 26, 2025, and the subsequent ramp-up in production from new wells. The company produced 2,086 MBoe during the quarter, a substantial increase from 295 MBoe in the prior year, reflecting the successful integration of the acquired assets.

Operating expenses also rose sharply, totaling $57.6 million, up from $11.8 million in the previous year. The increase was largely attributed to higher lease operating expenses, which surged to $14.8 million from $2.0 million, and increased general and administrative costs, which rose to $16.9 million from $5.6 million. The company also recorded a net loss of $174.4 million, compared to a loss of $93.5 million in the prior year, primarily due to significant losses on derivatives and adjustments to the fair value of embedded derivatives and warrants.

In terms of strategic developments, Prairie Operating Co. has been actively expanding its asset base through acquisitions, including the Bayswater Acquisition, which added significant oil and gas properties in the Denver-Julesburg Basin. The company also engaged in various financing activities, including the issuance of Series F Preferred Stock, which raised approximately $148.3 million to support its acquisition strategy. As of March 31, 2026, the company had a working capital deficit of $181 million, with cash and cash equivalents of $0.3 million, indicating a need for careful liquidity management moving forward.

Operationally, Prairie Operating Co. has focused on enhancing production capabilities, with ongoing drilling activities across multiple pads in Weld County, Colorado. The company has approximately 68,700 net leasehold acres and aims to continue its growth trajectory through both organic development and strategic acquisitions. The company’s management remains optimistic about future production increases and revenue growth, supported by its robust asset base and strategic initiatives.

Looking ahead, Prairie Operating Co. anticipates that its cash balance, expected revenues from producing wells, and liquidity available under its credit facility will be sufficient to meet operational needs and financial obligations over the next 12 months. However, the company acknowledges the inherent risks associated with commodity price volatility and the need for ongoing capital management to sustain its growth and operational objectives.