HOUSTON, TX, June 25, 2026 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) – an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced the promotion of Gregory S. Patton to Chief Executive Officer and member of the Board of Directors, effective immediately, and the appointment of Michael J. Shelly as Chief Financial Officer. In connection with these leadership changes, Rich Frommer will transition from Interim President and Chief Executive Officer back to Director. Erik Thoresen, Chairman of the Board of Directors, commented, “Greg has played a critical role in Prairie’s transformation and growth, helping guide the Company through a period of significant operational and financial expansion. His leadership, deep understanding of our asset base, and strategic vision make him well-suited to lead Prairie through its next phase of growth.” Erik continued, “We are also pleased to welcome Michael Shelly as Chief Financial Officer. Michael brings more than two decades of financial and strategic advisory experience as an investment banker, most recently serving as a Managing Director in Citigroup’s Natural Resources Group. His background in capital markets, M&A, and strategic transactions will further strengthen Prairie’s financial leadership.” “On behalf of the Board, I also want to thank Rich for his leadership and steady guidance during his tenure as Interim CEO,” added Thoresen. “Rich helped provide continuity during an important period for Prairie and we are pleased he will continue supporting the Company as a member of our Board of Directors. As Prairie enters its next phase, we remain focused on optimizing our capital structure, pursuing disciplined growth opportunities, and driving long-term shareholder value. We believe Greg and Michael are the right leaders to help execute that vision and continue building a premier DJ Basin-focused energy company.” Gregory S. Patton commented, “I appreciate the Board’s confidence and am honored to serve as Prairie’s Chief Executive Officer. Over the past year, we have built meaningful scale, strengthened our asset base, and established a strong platform for long-term value creation. I look forward to working with Michael, the board, and the entire team as we continue to grow, while continuing to focus on our operational execution, disciplined capital allocation, balance sheet improvement, and delivering sustainable shareholder returns.” Michael Shelly added, “I am excited to join Prairie at an important point in the Company’s development. Prairie has assembled a compelling DJ Basin asset base with significant growth opportunities. I look forward to working with Greg and the entire Prairie team to support the Company’s future growth, financial strategy and driving shareholder value.” About Gregory S. Patton Gregory S. Patton, age 40, has served as the Executive Vice President and Chief Financial Officer of the Company since April 2025. Prior to that, Mr. Patton served as the Company’s Executive Vice President, Commercial Development from November 2024 through March 2025, and he began his employment with the Company in March 2024. Prior to joining the Company, Mr. Patton served as CFO of Trigger Energy, LLC, an oil field service company, from November 2022 until March 2024. Prior to that, Mr. Patton served as Senior Vice President, Corporate Development and Finance of Great Western Petroleum, LLC, a private oil and gas company, from May 2015 until its sale to PDC Energy Inc. in May 2022, and afterward, pursued personal ventures until he began serving as CFO for Trigger Energy in November 2022. Prior to that, Mr. Patton served as Manager at Opportune, LLP., a consulting firm, from May 2011 to May 2015, and Ernst and Young, prior to May 2011. Mr. Patton received his Bachelor’s and Master’s Degree in Accounting from the University of Denver. About Michael Shelly Michael Shelly most recently served as a Managing Director within Citigroup’s Natural Resources Group, focused largely on North American upstream oil and gas, and was the head of the Investment Bank’s Denver and Calgary offices. Mr. Shelly joined Citigroup in 2005 and has over twenty years of experience advising clients on a variety of M&A and capital markets transactions. Mr. Shelly spent his first ten years at Citigroup within its Global M&A Group before joining the Natural Resources Group in 2015 in Houston, Texas. Prior to joining Citigroup, Mr. Shelly spent over five years as a Senior Financial Analyst for Intel Corporation. Mr. Shelly holds a Master of Business Administration with Concentrations in Finance and Accounting from the University of Chicago Booth School of Business, and a Bachelor of Science in Business Administration with a Minor in Economics from California State University, Chico. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly trade