DuckonQuack

@DJoilguy @ThisGuyPucks @Cek4co @planetcontagion @Eddiekovalik @LouBasenese How is great western a failed company? Did they not sell that for 1.5B?

@ThisGuyPucks @Cek4co @myDuckonQuack @planetcontagion @Eddiekovalik @LouBasenese 100%. For some reason, many believe that having a positive EBITDA equates to being a good to great E&P company. There are several examples ON $PROP’s MANAGEMENT PAGE in IR deck of FAILED companies that had positive EBITDA. Prairie will be their next failure.

@DJoilguy @WTR_Research @PrairieOpCo My guess is that they canceled since they had MNPI and did not want to risk revealing anything they shouldn’t on that call.

@WTR_Research @PrairieOpCo Was this a stealth presentation? Where’s Waldo? $PROP

Prairie Operating Co. — 3:00 PM ET Catch @PrairieOpCo presenting at the WTR Insights Conference on Tuesday, June 9th at 3:00 PM ET. Don’t miss their story. Register: smallcapshowcase.com/signup PROP Presentation Link: webcaster5.com/Webcast/Page/3… $PROP #WTRInsightsConference #SmallCapShowcase #SmallCapStocks #MicroCapStocks #Investing #StockMarket #InvestorConference #InvestorRelations #CapitalMarkets #PublicMarkets #GrowthStocks #EmergingGrowth #InstitutionalInvestors #FamilyOffices #WealthManagement

@ThisGuyPucks @planetcontagion @Eddiekovalik @LouBasenese @Cek4co Like I said before I’m not a huge E&P expert, but even if they don’t have the most profitable wells in the basin, they’re still producing at or above expectations per the earnings call, which means that the ebitda guidance holds. That guidance doesn’t scream bankruptcy.

@planetcontagion @Eddiekovalik @LouBasenese @Cek4co is the biggest sucker of them all though. There isn't a more obvious bankruptcy candidate than PROP and Charlie can't get enough lol.

@ThisGuyPucks @planetcontagion @Eddiekovalik @LouBasenese @Cek4co Not a fan of this kind of calling out. We could also bring up the fact you’ve been bringing up points these past months that turned out to be false, but if we just try to see the others’ perspective we might just learn something.

@planetcontagion @DJoilguy @WTR_Research @PrairieOpCo Thanks but that’s outdated.

@planetcontagion @LouBasenese @HunterBiden Then how about you show us this ‘news’. Even if they are slow paying vendors that doesn’t mean shit. Could be extending cash cycle for their massive pending obligation payment?? That ever occured to you? Or do you only just listen to one anonymous account to repeat..

@ThisGuyPucks @DJoilguy @Cek4co That’s material info. Should be coming out with an 8-k very soon if this rumor is true. Could also be that this consultant is helping them restructure the F-series. Probably won’t get an 8-k then. Thanks for sharing!

got more info - rumor is they have hired a consultant "chief restructuring officer" to come try to save any liquidity possible before officially announcing the restructure. Company is restructuring and the equity is going to zero or damn near zero. Its a testament to how bad that management team is. Did huge acquisitions at $60 oil and are going to go bankrupt at $100 oil.

Rumor im hearing is PROP never paid royalty owners their May checks. Looks like they will be filing bankruptcy faster that I thought. Poor Charlie. @Cek4co @DJoilguy

@ThisGuyPucks @DJoilguy @Cek4co Thanks, too late for that now though. I am already invested and down :). Are you still holding your short position?

@myDuckonQuack @DJoilguy @Cek4co My advice is for you to not be invested in this company. They will certainly default. Not a matter of it, matter of when. I highly doubt they make it to the end of the year.

@DJoilguy @ThisGuyPucks @Cek4co Would love to hear from you guys if any of you have an update. Will be looking out for first hand complaints of the royalty owners, but jf you hear anything else please let us know :)

@DJoilguy @ThisGuyPucks @Cek4co I’m not super familiar with the DJ basin (or E&P) but I do have lots of experience in finance and stretching WC when you have a $ 108M obligation in the near term doesn’t really worry me. I’d say that is proper liquidity management (Assuming reasonable terms like 30-60 days).

@DJoilguy @ThisGuyPucks @Cek4co The CR is worrying though. Not sure on the RBL covenants, but if they include RBL liquidity and exclude derivative liabilities (standard practice) would’ve put them at 1,009 CR at 31/3. April 9th payment would’ve made them dip below that. Not paying royalties is also risky.

@ThisGuyPucks @Cek4co @DJoilguy For example, If royalties were withheld, I’d expect complaints from the holders, statutory interest claims and lawsuits (last one might be a bit early for). I can’t find anything of this sort.

@myDuckonQuack @Cek4co @DJoilguy do you think i just made up all the charts i posted? what more do you need to see

@ThisGuyPucks @Cek4co @DJoilguy All the charts you posted are not the subject here. We are talking about your unsubstantiated claim that $PROP dit not pay the royalties last month. For this to not be baseless we’d need to see some kind of reference to the source you’re quoting or other signs that it’s credible.

@ThisGuyPucks @Cek4co @DJoilguy He is not wrong though. How are we supposed to know whether you are telling the truth or not.

@Cek4co @DJoilguy Buy more Charlie!!!! It’s a total generational opportunity.

@ThisGuyPucks @x_times_1 Care to elaborate?

$PROP hit a bit today on general oil basket direction. This is not the thesis. Irrelevant. The Thesis is that the assets are not reflected in the stock price due to dilution threat being priced in. I expect the stock between $5 and $12 depending on the deal...

@Zerosumgame33 How do we know the outstanding share count is 76M? He said per 12/31 it was upped to ‘low sixties’ -> filing says ~62M. He said Hudson continued to convert, but could not give an update because the Q wasn’t over yet. Also wondering why you think it converted at conversion floor.

$PROP update: CFO telling sell-side ATM has not been tapped. Increase in basic share count outstanding from 59M @ 12/31 to 76M @ 3/25 is Hudson Bay converting the Series F pref @ $1.15. The balance of the Series F pref @ 12/31 was $136 million. The increase in share count was 17 million, so $20M converted and wiped off the 12/31 Pref balance. This puts current Pref balance at $116M which must be solved for by April 7th. As a reminder, if not cured, $116M pref balance would yield 100 million more shares outstanding at the $1.15 conversion. Mgmt just gave [sandbagged] 2026 EBITDA guidance of $250M (not off current strip prices). 4x EBITDA (where peers trade) implies 0.8x EV/PV-10. The RBL credit facility balance @ 12/31 was $366M. The new "debt deal" is likely swapping $116M Pref for Jr. Bank Debt with no new equity raised. This puts pro-forma leverage @ very manageable 1.9x from a lender underwrite w/ 2026 FCF visibility as EBITDA > Capex. The math puts $PROP equity at $518M. Share count math is the 76M basic shares at 3/25 plus Merger options, RSU's & PSU's, and Series D shares, so 93M total fully diluted shares. The result is $PROP equity value @ $5.50/share on an immediate re-rate, imo. NFA/DYOR