Prairie Operating amends credit facility with tighter monitoring, agrees to dilutive preferred conversion

Filed June 11, 2026 · Period ending June 10, 2026 · ~1 min read

Key Changes

• high

  Credit agreement amended to increase frequency of borrowing base reviews and modify distributable cash flow covenants, suggesting lenders want closer oversight despite reaffirming $475M borrowing base.

  Item 1.01 verify on EDGAR →
• high

  Company agreed to allow High Trail to convert Series F Preferred Stock into up to 21.2 million additional common shares, representing significant potential dilution to existing shareholders.

  Item 1.01 verify on EDGAR →
• medium

  Anniversary Warrant terms modified favorably: issuance delayed one month to August 7, 2026, and calculation reduced from 75% to 65% of Stated Value, limiting dilution from warrant exercise.

  Item 1.01 verify on EDGAR →