Prairie Operating Co. Appoints Gregory S. Patton Chief Executive Officer and Director and Michael J. Shelly Chief Financial Officer

About this update from Prairie Operating Co.

HOUSTON, TX, June 25, 2026 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the "Company" or "Prairie") – an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced the promotion of Gregory S. Patton to Chief Executive Officer and member of the Board of Directors, effective immediately, and the appointment of Michael J. Shelly as Chief Financial Officer. In connection with these leadership changes, Rich Frommer will transition from Interim President and Chief Executive Officer back to Director. Erik Thoresen, Chairman of the Board of Directors, commented, "Greg has played a critical role in Prairie's transformation and growth, helping guide the Company through a period of significant operational and financial expansion. His leadership, deep understanding of our asset base, and strategic vision make him well-suited to lead Prairie through its next phase of growth." Erik continued, "We are also pleased to welcome Michael Shelly as Chief Financial Officer. Michael brings more than two decades of financial and strategic advisory experience as an investment banker, most recently serving as a Managing Director in Citigroup's Natural Resources Group. His background in capital markets, M&A, and strategic transactions will further strengthen Prairie's financial leadership." "On behalf of the Board, I also want to thank Rich for his leadership and steady guidance during his tenure as Interim CEO," added Thoresen. "Rich helped provide continuity during an important period for Prairie and we are pleased he will continue supporting the Company as a member of our Board of Directors. As Prairie enters its next phase, we remain focused on optimizing our capital structure, pursuing disciplined growth opportunities, and driving long-term shareholder value. We believe Greg and Michael are the right leaders to help execute that vision and continue building a premier DJ Basin-focused energy company." Gregory S. Patton commented, "I appreciate the Board's confidence and am honored to serve as Prairie's Chief Executive Officer. Over the past year, we have built meaningful scale, strengthened our asset base, and established a strong platform for long-term value creation. I look forward to working with Michael, the board, and the entire team as we continue to grow, while continuing to focus on our operational execution, disciplined capital allocation, balance sheet improvement, and delivering sustainable shareholder returns."

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