HOUSTON, TX, June 11, 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 a series of actions that further strengthen the Company’s financial position, enhance liquidity, and continue to reduce potential shareholder dilution associated with the Company’s Series F Convertible Preferred Stock. Prairie has entered into a Second Amendment to its Amended and Restated Credit Agreement with Citibank, N.A., as administrative agent, and its lending syndicate, reaffirming the Company’s borrowing base at $475 million. The reaffirmation reflects the continued support of Prairie’s banking group and underscores the quality of the Company’s asset base, operational performance, and long-term development outlook. In conjunction with the credit facility amendment, Prairie also entered into an agreement with Hudson Bay PH XIX LLC and its affiliates regarding the Company’s remaining Series F Convertible Preferred Stock held by those investors. The agreement provides additional flexibility as the Company continues to execute on its objective of addressing the remaining Series F balance and simplifying its capital structure. Among the key provisions of the agreement: The Anniversary Warrant Issuance Date has been extended from July 8, 2026 to August 7, 2026, providing additional time for the Company to complete accretive alternatives related to the remaining Series F Preferred balance. The warrant issuance formula has been improved, reducing the potential warrant issuance from 75% to 65% of the stated value of the remaining Series F Preferred Stock outstanding on the applicable anniversary date, further reducing potential dilution to common shareholders. With respect to 78,000 shares of the remaining Series F Preferred Stock, the parties agreed to permit conversion into a maximum of 98 million shares of Prairie common stock, providing further certainty regarding future potential share issuance and enhancing the Company’s ability to continue addressing the remaining preferred balance. Gregory S. Patton, Executive Vice President and Chief Financial Officer, commented, “The reaffirmation of our borrowing base reflects the confidence of our lending group in the quality of our asset base, operational performance, and long-term development plan. Coupled with the Series F agreement, these actions represent meaningful progress in our ongoing efforts to simplify our capital structure and reduce potential shareholder dilution. The additional flexibility provided under this agreement gives us more time to continue working toward a comprehensive solution for the remaining Series F balance, including further reducing or eliminating the potential anniversary warrant. We remain focused on creating long-term value for our shareholders and believe these actions position the Company favorably as we continue to execute our strategy.” Additional details regarding the credit facility amendment and Series F agreement are available in the Form 8-K filed by the Company on June 11, 2026. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com . Investor Relations Contact: Wobbe Ploegsma info@prairieopco.com 720-716-5415 Cautionary Statement about Forward-Looking Statements The information included in this press release and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “a