PROP · CIK 1162896
What Prairie Operating Co. told the SEC could break it.
Prairie Operating's disclosures describe concentration on nearly every axis. It is a single-basin oil producer — all of its exploration and production assets sit in Colorado's DJ Basin — whose revenue depends almost entirely on volatile commodity prices, with crude oil alone about 84% of 2025 sales, and whose offtake runs through just two purchasers that together took roughly 93% of oil, gas, and NGL revenue in the second half of 2025. Layered on that is exposure to stringent environmental rules, including EPA methane requirements to capture 95% of emissions and a super-emitter reporting program, where violations can carry substantial fines.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- revenue dependent on crude oil, natural gas and NGL prices (crude ~84% of 2025 revenue)high
Prairie's revenue is entirely from crude oil ($204M), natural gas and NGL sales (crude ~84% of $241.6M total in 2025), so its results are highly sensitive to volatile oil/gas/NGL commodity prices.
“Crude oil sales $ 204,040 $ 6,595 Natural gas sales 9,472 551 NGL sales 28,136 793 Total revenues $ 241,648 $ 7,939”
SEC filing →As of 2026
Customer concentration
- two purchasers = ~83% and ~10% of oil/gas/NGL revenueshigh
In 2H 2025 two purchasers accounted for ~83% and ~10% of Prairie's oil, natural gas and NGL revenues — extreme customer/offtake concentration and credit exposure, though the company believes alternative purchasers are available in its region.
“During the second half of 2025, two of our largest customers accounted for approximately 83% and 10% of our oil, natural gas, and NGL revenues.”
SEC filing →As of 2026
Geographic concentration
- all E&P assets located in the DJ Basin (single geographic area)high
All of Prairie's exploration and production assets are in the DJ Basin (Weld County, Colorado), concentrating its operations in a single geographic area exposed to that region's geology, takeaway capacity, weather and regulation.
“All of our E&P assets are located in the DJ Basin, making us vulnerable to risks associated with operating primarily in a single geographic area.”
SEC filing →As of 2026
Regulatory & policy
- EPA methane/CAA air rules, FERC and Colorado environmental regulationhigh
Prairie faces stringent EPA methane rules (95% emission capture, zero-emission devices, super-emitter reporting) and CAA air-permitting aggregation, plus FERC/NGA penalties and possible carbon taxes — with substantial fines for violations and regulatory uncertainty under shifting administrations.
“reduction of emissions by 95% through capture and control systems, zero–emission requirements for certain devices, and the establishment of a “super emitter” response program that would allow third parties to make reports to the EPA of large methane emission events, triggering certain investigation and repair requirements. Fines and penalties for violations of these rules can be substantial.”
SEC filing →As of 2026
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