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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies [Abstract]

The following table presents the Company’s oil, natural gas, and NGL revenues disaggregated by revenue stream:

	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026		2025⁽¹⁾
	(In thousands)
Crude oil sales	$	93,458		$	57,941	$	161,296	$	68,729
Natural gas sales^{(2) (3)}		(4,292	)		1,981		4,664		2,545
NGL sales ⁽³⁾		9,693			8,178		16,316		9,641
Total revenues	$	98,859		$	68,100	$	182,276	$	80,915

⁽¹⁾	Total revenues for the six months ended June 30, 2025, include revenue from the assets acquired from Bayswater beginning on March 26, 2025, the closing date of the Bayswater Acquisition (as defined below), through June 30, 2025.

⁽²⁾	For the three months ended June 30, 2026, the Company realized negative natural gas sales revenue due to lower gross sales, driven by decreased pricing during the quarter, compared to gathering and processing fees.

⁽³⁾

The Company has reclassified certain gathering and processing fees presented net within natural gas and NGL sales for the three and six months ended June 30, 2025 to conform with the allocation used during the three and six months ended June 30, 2026. This reallocation has no impact on the Company’s total revenues or net income (loss) attributable to Prairie Operating Co. as reported on the condensed consolidated statements of operations.

Non-cash Investing and Financing Activities and Supplemental Cash Flow Disclosures

The following table presents non–cash investing and financing activities and supplemental cash flow disclosures relating to the cash paid for interest for the periods presented:

	Six Months Ended June 30,
	2026		2025
	(In thousands)
Non–cash investing activities:
Increase in capital expenditure accrued liabilities and accounts payable	$	12,441	$	15,692

Non–cash financing activities:
Common Stock issued upon conversion of Series F Preferred Stock	$	45,858	$	4,772
Common Stock issued for Series F Preferred Stock dividends ⁽¹⁾	$	6,014	$	3,289
Common Stock issued to Bayswater as part of Bayswater Acquisition purchase price ⁽²⁾	$	—	$	16,000
Common Stock issuance costs included in accrued liabilities	$	—	$	292
Bayswater transaction costs included in accrued liabilities	$	—	$	6,035
Series F Preferred Stock agreement amendment fees and issuance costs included in accrued liabilities and accounts payable	$	381	$	1,113
Common Stock issued upon conversion of Series D Preferred Stock	$	33	$	8,475
Common Stock issued upon option exercise	$	42	$	—
Common Stock issued upon conversion of Senior Convertible Note ⁽³⁾	$	—	$	18,164

Supplemental disclosure:
Cash paid for interest	$	9,798	$	6,971

⁽¹⁾	The Company elected to issue shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) for the Series F Preferred Stock dividends payable on June 1, 2025, March 1, 2026, and June 1, 2026. Refer to Note 12 – Mezzanine Equity for a discussion of the Series F Preferred Stock.

⁽²⁾	The Company issued approximately 3.7 million shares of Common Stock to Bayswater (as defined herein) as part of the Bayswater Purchase Price (as defined herein). Refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition (as defined herein).

⁽³⁾

During the six months ended June 30, 2025, YA II PN, LTD. (“Yorkville”), converted the remaining $11.3 million of the initial $15.0 million convertible promissory note (the “Senior Convertible Note”) in exchange for 2.1 million shares of Common Stock. Refer to Note 9 – Debt for a discussion of the Senior Convertible Note.