Prairie Operating Co. Files Q3 2024 10-Q
Ticker: PROP · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1162896
Sentiment: neutral
Topics: 10-Q, oil-and-gas, financials
TL;DR
Prairie Operating Co. 10-Q filed. Q3 2024 financials out. Oil & Gas.
AI Summary
Prairie Operating Co. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Creek Road Miners, Inc., is involved in crude petroleum and natural gas extraction. The filing details financial information for the third quarter and the first nine months of 2024, comparing it to the same periods in 2023.
Why It Matters
This filing provides investors with an update on Prairie Operating Co.'s financial performance and operational status in the oil and gas sector for the third quarter of 2024.
Risk Assessment
Risk Level: medium — As a company in the volatile oil and gas industry, Prairie Operating Co. faces inherent market and operational risks.
Key Players & Entities
- Prairie Operating Co. (company) — Filer of the 10-Q
- Creek Road Miners, Inc. (company) — Former name of Prairie Operating Co.
- 20240930 (date) — End of reporting period
- 20241108 (date) — Filing date
FAQ
What were the key financial results for Prairie Operating Co. in Q3 2024?
The provided text is a header and does not contain specific financial results for Q3 2024, only the reporting period dates.
How does Prairie Operating Co.'s performance in the first nine months of 2024 compare to the same period in 2023?
The filing indicates that data for the first nine months of 2024 and 2023 is included, but specific comparative financial figures are not detailed in this header information.
What is the primary business of Prairie Operating Co.?
Prairie Operating Co. is engaged in Crude Petroleum & Natural Gas extraction, as indicated by its Standard Industrial Classification code [1311].
When was Prairie Operating Co. formerly known as Creek Road Miners, Inc.?
The company changed its name from Creek Road Miners, Inc. on 20210715.
Where is Prairie Operating Co. headquartered?
Prairie Operating Co. is headquartered in Houston, Texas, with its business address at 55 Waugh Drive, Suite 400, Houston, TX 77007.
Filing Stats: 4,696 words · 19 min read · ~16 pages · Grade level 17.8 · Accepted 2024-11-08 09:13:56
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value PROP The Nasdaq Stock Mar
Filing Documents
- form10-q.htm (10-Q) — 1357KB
- ex10-12.htm (EX-10.12) — 49KB
- ex31-1.htm (EX-31.1) — 10KB
- ex31-2.htm (EX-31.2) — 10KB
- ex32-1.htm (EX-32.1) — 5KB
- ex32-2.htm (EX-32.2) — 5KB
- 0001493152-24-044178.txt ( ) — 7677KB
- prop-20240930.xsd (EX-101.SCH) — 61KB
- prop-20240930_cal.xml (EX-101.CAL) — 91KB
- prop-20240930_def.xml (EX-101.DEF) — 292KB
- prop-20240930_lab.xml (EX-101.LAB) — 519KB
- prop-20240930_pre.xml (EX-101.PRE) — 425KB
- form10-q_htm.xml (XML) — 1136KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 34 PART II OTHER INFORMATION 35 Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36
SIGNATURES
SIGNATURES 37 2 PART I — FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Table of Contents Page Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity/Members' Deficit for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Note 1 – Organization, Description of Business, and Basis of Presentation 9 Note 2 – Summary of Significant Accounting Policies 10 Note 3 – Discontinued Operations 12 Note 4 – Acquisitions and Merger 13 Note 5 – Fair Value Measurements 15 Note 6 – Property and Equipment, net 17 Note 7 – Accounts Payable and Accrued Expenses 18 Note 8 – Debt 18 Note 9 – Leases 20 Note 10 – Commitments and Contingencies 21 Note 11 – Preferred Stock 21 Note 12 – Common Stock 22 Note 13 – Common Stock Options and Warrants 23 Note 14 – Long–Term Incentive Compensation 25 Note 15 – Related Party Transactions 26 Note 16 – Subsequent Events 27 3 Prairie Operating Co. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 40,052,362 $ 13,036,950 Note receivable 507,651 — Prepaid expenses and other current assets 267,365 171,486 Financing receivable 16,250,000 — Current assets – discontinued operations — 322,655 Total current assets 57,077,378 13,531,091 Property and equipment: Oil and natural gas properties, successful efforts method of accounting including $ 42,061,414 and $ 28,705,404 excluded from amortization as of September 30, 2024 and Decem