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MarketBeat
Tue, March 31, 2026 astatine 9:10 AM CDT 8 min read
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Prairie called 2025 a transformative year, completing the Bayswater integration, adding ~44,000 nett acres and ramping accumulation to a ~28,000 BOE/day year‑end exit (pro forma mean ~24,000 BOE/day including Bayswater).
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2026 guidance targets mean accumulation of 25,500–27,500 BOE/day, CapEx of $200–220 cardinal and Adjusted EBITDA of $240–260 million, but expects a little Q1 (~23k BOE/day) owed to planned pad re‑occupations and shut‑ins portion moving a one‑rig, one‑frac unit programme focused connected escaped currency travel and deleveraging.
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2025 financials amusement ~$242 cardinal gross (~$315M pro forma), Adjusted EBITDA ~$156M (~$220M pro forma) and a $60.9M nett nonaccomplishment driven by non‑cash preferred charges; liquidity was ~$109M, proved reserves 121.1 MMBOE with a PV‑10 of ~ $1.2 billion, and hedges widen done 2029.
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Prairie Operating (NASDAQ:PROP) executives said 2025 marked a “transformative year” arsenic the institution integrated acquired assets, expanded its DJ Basin footprint done aggregate bolt-on deals, and importantly accrued accumulation and scale, portion besides outlining 2026 guidance that implies a little starting constituent successful the archetypal 4th owed to planned pad re-occupations and associated shut-ins.
Interim President and CEO Rich Frommer said Prairie “successfully completed the afloat integration of the assets acquired from Bayswater Exploration & Production,” and continued to grow inventory astatine what helium called “attractive economics.”
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Frommer said the institution completed six transactions during 2025, adding “approximately 44,000 nett acres inclusive of the Bayswater” and expanding proved inventory, portion maintaining what absorption characterized arsenic disciplined superior allocation and accretive equilibrium expanse metrics.
Operationally, helium highlighted improvement enactment and pads brought online during the year, including Noble, Simpson, Rauch, and Opal Coal Bank, which helium said contributed meaningfully to accumulation maturation and positioned the institution for momentum entering 2026.
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Frommer reported full-year 2025 accumulation of astir 6.75 cardinal BOE, oregon astir 18,500 BOE per time connected average, with an exit complaint of astir 28,000 nett BOE per day.
He emphasized that the reported 18,500 BOE per time mean did not see pro forma first-quarter accumulation from the Bayswater assets, which had been incorporated into Prairie’s archetypal guidance. Including those volumes, Frommer said full-year accumulation would person been astir 24,000 BOE per day, “representing astir a 4x summation successful accumulation year-over-year and successful enactment with our guidance range.”
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