---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-029222"
form_type: "8-K"
ticker: "PROP"
cik: "0001162896"
company_name: "Prairie Operating Co."
filed_at: "2023-08-17T23:59:59+00:00"
generated_at: "2026-06-11T07:25:09.465754+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Prairie Operating acquires Exok assets for $18M cash and stock; closes $20M PIPE to fund deal

## Summary
- Acquired ~20,328 net acres in Weld County, Colorado from Exok, increasing DJ Basin position to ~37,189 acres.
- Consideration: $18M cash to Exok plus 19.2M shares and warrants to Exok affiliates at ~$0.22/share.
- Closed $20M PIPE: 1.13M common shares, 20,000 Series E preferred ($1,000 stated value), and warrants at $0.21 exercise.
- PIPE proceeds funded Exok purchase and will fund development of acquired assets; registration rights for resale granted.
- Series E preferred has 4.99% beneficial ownership cap, liquidation preference of $1,000/share, and convertible at $0.175.

## SEC filing metadata
- accession: 0001493152-23-029222
- form_type: 8-K
- ticker: PROP
- cik: 0001162896
- company_name: Prairie Operating Co.
- filed_at: 2023-08-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 3.03, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1162896/000149315223029222/0001493152-23-029222-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1162896/000149315223029222/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-029222
- JSON: https://secwatch.observer/filing/0001493152-23-029222.json
- Plain text: https://secwatch.observer/filing/0001493152-23-029222.txt

## Key facts
- Governance Changes
  Prairie Operating Co.: Filed Certificate of Designation for Series E Convertible Preferred Stock, establishing terms including dividends, voting rights, liquidation preference, conversion rights, beneficial ownership limitation, and redemption rights.
  - Change: charter amendment
  source text: In connection with the consummation of the PIPE Transaction, the Company filed the Certificate of Designation of Preferences, Rights and Limitations of Series E Convertible Preferred Stock (the “ Certificate of Designation ”) which sets forth the terms and provisions of the Series E Preferred Stock.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1162896/000149315223029222/0001493152-23-029222-index.htm
- M&A Transactions
  Prairie Operating Co. completed an acquisition involving Exok, Inc. for $18,000,000 in cash and equity consideration (closed 2023-08-15).
  - Action: acquisition
  - Counterparty: Exok, Inc.
  - Consideration: $18,000,000 in cash and equity consideration
  - Closing: 2023-08-15
  source text: approximately 20,328 net mineral acres in, on and under approximately 32,695 gross acres (the “ Exok Option Assets ”) from Exok (the “ Exok Option Purchase ”) . The Company paid $18,000,000 in cash (the “ Cash Consideration ”) to Exok and issued equity consideration to certain affiliates of Exok (the “ Exok Affiliates ”), consisting of (i) 19,157,123 shares of the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1162896/000149315223029222/0001493152-23-029222-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.