---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-002082"
form_type: "8-K"
ticker: "PROP"
cik: "0001162896"
company_name: "Prairie Operating Co."
filed_at: "2025-04-01T23:59:59+00:00"
generated_at: "2026-05-24T00:19:59.906011+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Prairie closes $602.75M Bayswater acquisition, secures $1.0B credit facility

## Summary
- Acquired DJ Basin assets for ~$483.5M cash plus 3,656,099 shares of common stock.
- New A&R credit facility: $1.0B max commitment, $475M borrowing base, $377M drawn at close.
- Paid off $3.2M of subordinated note; remaining $1.46M converted to 15% interest, non‑redeemable.
- Facility matures March 2029; includes financial covenants (Net Leverage ≤3.0x, Current Ratio ≥1.0x).
- Hedging requirement: at least 80% of proved developed producing reserves through March 2028.

## SEC filing metadata
- accession: 0001641172-25-002082
- form_type: 8-K
- ticker: PROP
- cik: 0001162896
- company_name: Prairie Operating Co.
- filed_at: 2025-04-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1162896/000164117225002082/0001641172-25-002082-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1162896/000164117225002082/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-002082
- JSON: https://secwatch.observer/filing/0001641172-25-002082.json
- Plain text: https://secwatch.observer/filing/0001641172-25-002082.txt

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