Prairie Operating signs $1.0B reserve-based credit facility; initial borrowing base $44M

Prairie Operating Co.

Credit facility with $1.0B maximum commitment; initial borrowing base $44M; $28M drawn, $7.2M available.
Facility matures Dec 16, 2026; covenants require net leverage ≤2.50x and current ratio ≥1.00x.
Amended subordinated note with entities controlled by director J. Gray extends maturity to Mar 17, 2027.
Interest margins range from 3.00%-4.00% for SOFR loans based on borrowing base utilization.
Must hedge at least 80% of proved developed producing reserves through Dec 31, 2028.

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