Latham & Watkins Advises on Prairie Operating Co.’s Common and Preferred Stock Offerings

Prairie Operating Co. (Prairie or the Company) (Nasdaq: PROP), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, has announced the pricing of an underwritten public offering of US$38.5 million of shares of its common stock, par value US$0.01 at a price to the public of US$4.5 per share. The underwriters have a 30-day option to purchase up to US$5.8 million of additional shares of common stock. Prairie also announced that it has entered into a Securities Purchase Agreement with a certain investor, pursuant to which the Company agreed to issue and sell, in a registered public offering by the Company directly to such investor, US$148.25 million of shares of new Series F Convertible Preferred Stock.

Latham & Watkins LLP represents the underwriters in the common stock offering and the financial advisers in the Series F convertible preferred stock offering with a corporate team led by Austin partners David Miller and Sam Rettew, with associates Tristan Schmoor, Cooper Shear, Carol Bale, Regan Barney, and Nicholas Blake. Advice was also provided on tax matters by Houston partner Bryant Lee, with associate Dylan White; and on environmental matters by Houston partner Joshua Marnitz, with associate Nolan Fargo.