Slide 1: Corporate Presentation
Corporate Presentation May 2026 NASDAQ: PROP
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “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. All statements, other than statements of historical fact, inc
Slide 3: Q1 2026 Achievements and Results
Prairie Operating Co. Q1 2026 Achievements and Results Successfully completed multiple acquisitions in the heart of the DJ Basin in rural Weld County Drilled and completed 17 wells during Q1 2026 and now have over 550 productive wells j Over 600 future locations generating approximately 10 Yea
Slide 4: Established Foothold in the Core DJ Basin with Tangible Growth Opportunity
Prairie Operating Co. Established Foothold in the Core DJ Basin with Tangible Growth Opportunity Asset Profile Acreage Position(2) • Oil-rich production concentrated in rural Weld County, providing a de-risked, Jubilee high-quality development footprint • Conservatively undeveloped booked locations,
Slide 5: Focused Growth Strategy
Prairie Operating Co. Focused Growth Strategy Showcasing an equilibrium between growth through the drill bit, future expansion opportunities and balance sheet discipline. Continued Execution of Accretive Organic Growth Based on Acquisitions Focused on Core of Maximizing Returns and Capital DJ Basin
Slide 6: Attractive Financial Profile and Policies
Prairie Operating Co. Attractive Financial Profile and Policies Q1 2026 Highlights Total Revenue of $83.4 million, increase of over 500% quarter-over-quarter Quarterly production of 23,200 net Boe/d (48% oil / 72% liquids) Protection of Cash Flows and Economics via Hedging Policy Adjusted EBITDA of
Slide 7: Continued Focus on Organic Growth and Continued Consolidation
Prairie Operating Co. Continued Focus on Organic Growth and Continued Consolidation Providing Financial Expertise and Leadership • Laser focus on generating free cash flow, managing leverage, and maintaining a clean balance sheet Focus on Leadership and Organizational Growth • Strong focus on implem
Slide 8: Cash Flow Certainty Through Strategic Hedging
Prairie Operating Co. Cash Flow Certainty Through Strategic Hedging* 2,000,000 OIL $63.50 1,800,000 $63.00 1,600,000 1,400,000 $62.50 Volumes (Bbls) 1,200,000 1,000,000 $62.00 800,000 $61.50 600,000 400,000 $61.00 200,000 - $60.50 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 20
Slide 9: DJ Basin: A Premier U.S. Resource
Prairie Operating Co. DJ Basin: A Premier U.S. Resource DJ Basin(1) DJ Basin Development Cube Hereford Oil Target Reservoirs Approx. 1 mile section Pierre Shale Development Cube North Oil Niobrara A Niobrara B Northeast Extension Oil Niobrara C Fort Hayes Limestone Codell Sandstone Greater Wattenber
Slide 10: Access to Midstream Takeaway
Prairie Operating Co. Access to Midstream Takeaway Advantageous gathering contracts and increasing volume commitments result in operational flexibility and economic uplift via strong commodity price realizations. Commodity Midstream Agreement NGL Oil Transport and Sales Agreement Oil Taproot Ene
Slide 11: Quality Inventory with Long-Dated Duration
Prairie Operating Co. Quality Inventory with Long-Dated Duration 2 years(1) of permits-in-hand with additional ~1 year(1) of permits in process; rolling permitting program ensures adequate development running room while avoiding permit expiration. 100 753-773 40-60 186 427 Legacy Acquired Organic Le
Slide 12: Colorado Regulatory Environment is Stable
Prairie Operating Co. Colorado Regulatory Environment is Stable Regulatory Highlights Permitting Track Record in Colorado Colorado Permit Approvals Weld County support for oil and gas industry is well established – Rural assets subject to 814 significantly less risk vs more urban areas Senate Bill
Slide 13: Environmental Excellence – Producing the Cleanest Molecule
Prairie Operating Co. Environmental Excellence – Producing the Cleanest Molecule Pre-Production • Drilling rig powered by the grid or natural gas generators with battery assist eFleet for completions • Green completions - employing specially designed equipment to capture gas produced following hydra
Slide 14: Responsibly Delivering Energy to the Community
Prairie Operating Co. Responsibly Delivering Energy to the Community Responsible Development Starts at the Leadership That Prioritizes Safety and Wellhead Communication Laying the foundation for producing the Safety starts at the top; has implemented cleanest molecule while protecting the measured a
Slide 15: Management Team
Prairie Operating Co. Management Team Rich Frommer Over 45 years of industry experience Former President and CEO of Great Western Petroleum for over 8 years Interim President Served as director at Prairie since November 2024 & CEO Board member and chairman of numerous E&P companies in past d
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains Adjusted EBITDA and PV-10, which are financial measures not calculated or presented in accordance with GAAP. These supplemental non- GAAP financial measures are used by management and external users of our financial statements, such as investors
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation For the three months ended March 31, 2026 and 2025 The following table reconciles Adjusted EBITDA to net income, which is the most directly comparable financial measure prepared in accordance with GAAP: Three Months Ended March 31, 2026 2025 (In thousands) Net income (
Slide 18: Full-year 2026 Guidance Range
Adjusted EBITDA Reconciliation Full-year 2026 Guidance Range The following table reconciles Adjusted EBITDA to net income, which is the most directly comparable financial measure prepared in accordance with GAAP: (In millions) Full-year 2026 Guidance Range Net income reconciliation to Adjusted EBITD
Slide 19: Investor Relations Contact
Prairie Operating Co. Investor Relations Contact: Wobbe Ploegsma info@prairieopco.com 720.716.5415 19