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- Auditor Change (new) — Deloitte replaced Ham, Langston, and Brezina as auditor for FY2025, adding critical audit matters on reserves and Series F accounting complexity.
revenue $241.6M, net income $32.1M. Prairie Operating closes Bayswater deal, 8x acreage expansion funded by debt and dilutive equity
Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 6, 2025 · ~2 min read
Key Changes
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Bayswater Acquisition closed March 2025 for $475.6M (cash + 3.7M shares), expanding Central Weld Assets from 5,640 to 45,000 net acres and proved reserves from 26.1 to 121.1 MMBoe—a 4.6x increase.
Business: Bayswater Acquisition verify on EDGAR → -
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Series F Preferred Stock ($148M, 12% dividend) convertible into 21.5M common shares creates major dilution risk; company paid Q2-Q4 2025 dividends in stock (5.5M shares issued), preserving cash but diluting holders.
Risk Factors: Series F Preferred verify on EDGAR → -
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Credit Facility borrowings jumped from $28M to $366M to fund Bayswater; $109M availability remains under $475M borrowing base, but leverage increased materially.
MD&A: Credit Facility verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 8, 2026 · How we verify