Prairie Operating Co. Files 10-K/A Amendment

TL;DR

<b>Prairie Operating Co. has filed an amendment to its 10-K for the fiscal year ending December 31, 2023.</b>

AI Summary

Prairie Operating Co. (PROP) filed a Amended Annual Report (10-K/A) with the SEC on March 20, 2024. Prairie Operating Co. filed a 10-K/A amendment on March 20, 2024. The filing pertains to the fiscal year ending December 31, 2023. The company was formerly known as Creek Road Miners, Inc. and Wizard Brands, Inc. The business address is 602 Sawyer Street, Suite 710, Houston, TX 77007. The SIC code is 1311 for Crude Petroleum & Natural Gas.

Why It Matters

For investors and stakeholders tracking Prairie Operating Co., this filing contains several important signals. This amendment provides updated financial and operational information for the fiscal year 2023. The filing includes historical company name changes, indicating potential restructuring or strategic shifts.

Risk Assessment

Risk Level: low — Prairie Operating Co. shows low risk based on this filing. The filing is an amendment to a 10-K, suggesting it's a correction or update rather than new material information, thus posing a low risk.

Analyst Insight

Review the specific amendments in the 10-K/A filing to understand any changes in Prairie Operating Co.'s financial position or disclosures.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-20 — Filing Date (Date of filing)
• 1311 — SIC Code (Industry classification)

Key Players & Entities

• Prairie Operating Co. (company) — Filer name
• Creek Road Miners, Inc. (company) — Former company name
• Wizard Brands, Inc. (company) — Former company name
• Wizard Entertainment, Inc. (company) — Former company name
• 602 Sawyer Street, Suite 710, Houston, TX 77007 (company) — Business address

FAQ

Industry Context

Prairie Operating Co. operates in the Crude Petroleum & Natural Gas industry.

Regulatory Implications

The filing is a 10-K/A under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the specific changes and additions made in the 10-K/A filing.
2. Verify the accuracy of financial data and disclosures for the fiscal year 2023.
3. Note any historical company name changes and their potential implications.

Key Dates

• 2024-03-20: 10-K/A Filing — Amendment filed for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — The reporting period for the 10-K/A filing.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to a previously submitted 10-K.

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value PROP The Nasdaq Stock Mar
• $1,000,000 — ures"), each in the principal amount of $1,000,000, in substantially the same form as thei
• $110,250 — irectors (the "Board") in the amount of $110,250 were converted into shares of common st
• $318,750 — ng fees of the Company in the amount of $318,750 payable to Bristol Capital, LLC ("Brist
• $7.14 — ck (the "Non-Compensatory Options") for $7.14 per share, which are only exercisable i
• $3.0 million — imately 4,494 gross acres from Exok for $3.0 million pursuant to the Amended and Restated Pu
• $17.4 million — pany sold an aggregate of approximately $17.4 million of Series D Preferred Stock with a stat
• $1,000 — Preferred Stock with a stated value of $1,000 per share and convertible into shares o
• $5.00 — to shares of common stock at a price of $5.00 per share, Series A warrants to purchas
• $6.00 — of common stock at an exercise price of $6.00 per share ("Series D A Warrants") and S
• $18.0 million — itial Genesis Assets." The Company paid $18.0 million in cash to Exok and issued equity consi
• $7.43 — chase 670,499 shares of common stock at $7.43 per share. To fund the Exok Option Pu
• $20.0 m — es E PIPE Investor, for an aggregate of $20.0 million, securities consisting of (i) 39,
• $12 million — re for total proceeds to the Company of $12 million (the "Warrant Exercise"). The Company i

Filing Documents

• form10-ka.htm (10-K/A) — 2470KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-010692.txt (&nbsp;) — 9100KB
• prop-20231231.xsd (EX-101.SCH) — 67KB
• prop-20231231_cal.xml (EX-101.CAL) — 81KB
• prop-20231231_def.xml (EX-101.DEF) — 280KB
• prop-20231231_lab.xml (EX-101.LAB) — 489KB
• prop-20231231_pre.xml (EX-101.PRE) — 402KB
• form10-ka_htm.xml (XML) — 1266KB

(b)(31)(i) of Regulation S-K

Item 601(b)(31)(i) of Regulation S-K. Except as described above, this Amendment No. 1 does not modify or update in any way the financial statements or disclosures made, or any exhibits included or incorporated by reference, in the Original Form 10-K and does not reflect events occurring after the filing of the Original Form 10-K. TABLE OF CONTENTS PART I Item 1.

Business

Business 2 Item 1B. Unresolved Staff Comments 51 Item 1C. Cybersecurity 51 Item 2.

Properties

Properties 52 Item 3. Legal Proceedings 52 Item 4. Mine Safety Disclosures 52 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 6 [Reserved] 53 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 8. Financial 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94 Item 9A. Controls and Procedures 94 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III Item 10. Directors, Executive Officers and Corporate Governance 96 Item 11. Executive Compensation 101 Item 12. Security 105 Item 13. Certain Relationships and Related Transactions, and Director Independence 107 Item 14. Principal Accounting Fees and Services 116 PART IV Item 15. Exhibits and Financial Statement Schedules 117 Item 16. Summary 117 i Definitions of Certain Terms and Conventions Used Herein " Boe/d " means barrel of oil equivalent, using the ratio of six Mcf of natural gas to one barrel of crude oil or condensate, per day. " developed acres " or " developed acreage " means the number of acres that are allocated or assignable to producing wells or wells capable of production. " developed reserves " means reserves that can be expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well. " development well " means a well drilled within the proved area of an oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive. " exploratory well " means a well drilled to find a new field or to find a new reservoir

Forward-looking statements in this Annual Report include, but are not limited to, statements about

Forward-looking statements in this Annual Report include, but are not limited to, statements about: our ability to successfully finance and consummate the NRO Acquisition (as defined herein); estimates of oil and natural gas reserves; estimates of our future oil and natural gas production, including estimates of any increases or decreases in our production; the receipt of the deferred purchase price pursuant to the Crypto Sale (as defined herein); the availability and adequacy of cash flow to meet our requirements; the availability of additional capital for our operations; changes in our business and growth strategy, including our ability to successfully operate and expand our business; changes or developments in applicable laws or regulations, including with respect to taxes; actions taken or not taken by third-parties, including our contractors and competitors; and our future financial performance following the NRO Acquisition and Crypto Sale. The forward-looking statements contained in this Annual Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are not exhaustive. Other sections of this Annual Report include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which

View Full Filing

View this 10-K/A filing on SEC EDGAR