Prairie Operating Co. · NASDAQ:PROP
Prairie Operating — Investor Presentation (October 2024)
26 slides from Prairie Operating's investor presentation, Oct 4, 2024
Slide 1: July 2024
July 2024 NASDAQ: PROP prairieopco.com
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements ‘This Presentation contains “forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend Upon or refer to future eve
Slide 3: Disclaimer (Cont.)
Disclaimer (Cont.) Industry and Market Data ‘This Presentation includes market data and other statistical information from third-party sources, including independent industry publications or other published independent sources. Although we believe these third-party sources are reliable as of theie r
Slide 4: Company Overview
Company Overview
Slide 5: Prairie Operating Co. Overview
Prairie Operating Co. Overview Pure-Play DJ Basin Operator with Attractive, High Growth Strategy Asset Overview = Strong DJ Basin Footprint 5 | - ~44,000 gross / ~30,000 net acres in the DJ Basin Albany J cabresources oxy aie - Prominent operators in the area, including Chevron, Civitas, ae 4 EOG, a
Slide 6: Central Weld Acquisition Overview
Central Weld Acquisition Overview = Prairie has signed an asset purchase agreement to acquire the Central Weld Assets from NRO (the “NRO Acquisition”) for $94.5MM = Effective date of February 1, 2024, with expected closing in first half of 2024 Transaction Summa ryt) - The NRO Acquisition is expecte
Slide 7: Investment Highlights
Investment Highlights Key Factors Differentiate Prairie from Peer Group Eight Drill-ready PUD Locations from Genesis Bolt-On Assets, 62 Approved Permitted PUD Locations in Central Weld Assets, and 72 Permits Recently Approved but Pending Issuance from Genesis | OGDP Recent Consolidation in the U.S.
Slide 8: Prairie Commences Initial Steps of Growth Strategy
Prairie Commences Initial Steps of Growth Strategy Since May 2023, Prairie has Completed or Announced Four Acquisitions, Launching its High-Growth Strategy May 2023 ———————_ August 2023 January 2024 February 2024 = Reverse merger with Creek = Second Genesis = Announced Central Weld = Genesis Bolt-On
Slide 9: Prairie Provides Small-Cap Exposure in a Shrinking Universe
Prairie Provides Small-Cap Exposure in a Shrinking Universe Public E&P Consolidation Resulting in Fewer Investible Small Cap Companies ~30% Decrease in Public E&P Operators) E&P Small Cap Represents Less of Overall Universe!) 80 120% 70 100% 60 21% 29% 80% 50 18% 40 60% 25% 16% 30 40% 15% 20 q ui 20
Slide 10: Prairie Offers Competitive Strategy / Profile in Current Market
Prairie Offers Competitive Strategy / Profile in Current MEME ¢ Prairie’s Asset Quality and Strategic Focus Help Distinguish it as an Attractive Opportunity Amongst Peers Universe of 48 Public E&Ps with U.S. Onshore Asset Focus” wm D>TFEO Sub-$2.5BN Market Cap” sepey™ omer @ bry CALLIN Q asm" EMPIRE
Slide 11: Prairie's Focused Growth Strategy
Prairie’s Focused Growth Strategy Showcasing an Equilibrium Between Expansion and Balance Sheet Discipline Deliver Growth Through Development of Extensive Drilling Inventory and Acreage g Program with Free Cash Flow and Retain Low Leverage Maximize Returns and Capital Efficiency Acquisition Strategy
Slide 12: Experienced Management Team
Experienced Management Team Edward Kovalik Co-Founder, Chairman & CEO Gary Hanna Co-Founder, Director & President Craig Owen EVP & CFO Bryan Freeman EVP, Operations Daniel T. Sweeney EVP, General Counsel & || Corporate Secretary Management & reholder Alignment Over 25 years of industry experience Fo
Slide 13: Asset Overview
Asset Overview
Slide 14: Attractive Oil-Rich Position within DJ Basin
Attractive Oil-Rich Position within DJ Basin Prairie Oil and Gas Asset Overview Map™(2) DJ Basin Development Cube Condensate AGRA — Approx. 1 mile section Pra Assets i na en i O O O @ i] Votatite ot 1 Wet Gas Central Weld Assets al Condensate NE Assets are positioned in the liquids-rich region of th
Slide 15: DJ Basin Offers Attractive Value Proposition
DJ Basin Offers Attractive Value Proposition Mostly Trading for Production Value ions Provide Value with Compar. $3.00 $2.50 $2.00 Midland $1.50 Delaware $1.00 Eagle Ford bs O $ / Location ($m)? $0.50 R POV rer*_ OPERATING CON $35.00 $40.00 $45.00 $50.00 Inventory Average Breakeven ($/Bbl WT!) DJ Ba
Slide 16: Strong Offset Performance by Multiple Operators
Strong Offset Performance by Multiple Operators BISON IV OPERATING LLC GREEN TEAL FED 34-27-15HN NRW IP30: 1113 bopd - 73% Liquids Oo—o CIVITAS RESOURCES CRITTER CREEK 512-1510H NRM 1P30: 951 bopd - 73% Liquids CIVITAS RESOURCES CRITTER CREEK 562-1527H INRM 1P30: 1087 bopd ~76% Liquids CIVITAS RESOU
Slide 17: Prairie Proved Reserves Summary
Prairie Proved Reserves Summary Net Reserves Financial oil NGL Gas Total Liquids Capex Pv-10. Reserve Category Well Count (MBbI) __(MBbl) _(MMcf) _(MBoe) (3) (SMM) (SMM) Proved Developed Producing (PDP) 26 2,653 1,347 7,866 5,311 75% $1 $102 Proved Undeveloped (PUD) 70 10,318 4,692 27,419 19,579 17%
Slide 18: Operational Changes Result in Uplift for Key Metrics
Operational Changes Result in Uplift for Key Metrics Conservative 600 400 Oil EUR: 316 MBO 27 5 100 3 60 Gas EUR: 312 MMCF Total EUR: 368 MBOE Standard 3 s=SS5 il EUR: 341 MBO ‘ —s 55% Gas EUR: 1,536 MMCE Increase ., = in Peak Totsteur: so7 mao = § «20 Rate ‘0 o 2 4 6 8 © & w 200,000 ° ay Tyg & 150,
Slide 19: Seasoned Team in Place for Permitting Success
Seasoned Team in Place for Permitting Success Key Handle on Permit Approval Process @ Development of Permit Package Experience from Genesis | OGDP in completing siting rationale, along with various operations plans and impact analyses Commenced work on preparation and submission of Genesis !I OGDP,
Slide 20: Genesis Oil & Gas Development Plan Approval
Genesis Oil & Gas Development Plan Approval Prairie’s Genesis | OGDP Gets Unanimously Approved, Adding Multi-Year Inventory Key Genesis | OGDP Highlights Prairie’s Accelerated Permit Approval Process Approved in March 2024, to add 72 permits upon af issuance and bring Prairie’s total permits added i
Slide 21: Colorado State Congress Rules In-Favor of E&P
Colorado State Congress Rules In-Favor of E&P Lawmakers Reject Proposed Bills, Bolstering Regulatory Outlook for Oil & Gas Companies Regulatory Highlights Recent P sed Bills in Colorad Several key bills, including banning new oil and gas P. I D A I Stati recently, eliminating potential cost implicat
Slide 22: Financial Overview
Financial Overview
Slide 23: Prairie's Financial Strategy
Prairie’s Financial Strateg Significant Financial Flexibility Maintain Conservative Balance Sheet Protect Cash Flow Minimum to no leverage profile, funding development through the planned offering, warrant exercises, and cash from operations Access to credit facility allows for incremental liquidity
Slide 24: Appendix
Appendix
Slide 25: Board of Directors Overview
Board of Directors Overview C i é at Edward Kovalik Co-Founder, Chairman & CEO Gary Hanna Co-Founder, Director & President Paul Kessler Director Stephen Lee Director Gizman Abbas Director Jonathan Gray Director Erik Thoresen Director Over 25 years of industry experience Founder and managing member o
Slide 26: PV-10 Reconciliation
PV-10 Reconciliation PV-10 is a non-GAAP financial measure, which is widely used by the industry to understand the present value of oil and gas companies. It represents the present value of estimated future cash inflows from oil and gas reserves, less future development and production costs, discoun
Prairie Operating — Investor Presentation (October 2024) on 6ix