secwatch.observer — SEC 8-K summary
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Issuer:     Prairie Operating Co. (PROP)
CIK:        0001162896
Form:       8-K/A
Filed at:   2023-08-18T23:59:59+00:00
Accession:  0001493152-23-029434
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.01, 3.02, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Prairie Operating exercises Exok option, acquires ~20,328 net acres in DJ Basin, closes $20M PIPE
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- Paid $18M cash + 19.16M shares (at ~$0.22/sh) and warrants to Exok affiliates for ~20,328 net acres in Weld County, CO.
- Total acreage after deal: ~37,189 acres in DJ Basin; plans to develop Niobrara and Codell formations.
- Closed $20M PIPE with existing investor Narrogal Nominees: Series E preferred (convertible at $0.175), common, and warrants.
- PIPE warrants: Series A at $0.21/sh (5yr term) and Series B at $0.21/sh (1yr term); 4.99% beneficial ownership limitation.
- Registration rights agreement filed for resale of shares and warrants; proceeds used to fund acquisition and development.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1162896/000149315223029434/0001493152-23-029434-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1162896/000149315223029434/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-029434

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