$PROP

Wizard World, Inc.

CIK:0001162896|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Crude oil, natural gas, and NGL revenues

$ 98,859,000

$ 68,100,000

$ 182,276,000

$ 80,915,000

^[1]

Operating expenses:

Lease operating expenses

13,628,000

11,348,000

28,469,000

13,361,000

Transportation and processing expenses

2,426,000

2,234,000

4,922,000

2,367,000

Ad valorem and production taxes

7,983,000

6,416,000

14,775,000

7,374,000

Depreciation, depletion, and amortization

17,075,000

12,265,000

32,919,000

14,386,000

Exploration expenses

243,000

458,000

541,000

745,000

Abandonment and impairment of unproved properties

196,000

608,000

General and administrative expenses

11,952,000

16,443,000

28,838,000

21,995,000

Total operating expenses

53,503,000

49,164,000

111,072,000

60,228,000

Other income (expenses):

Interest expense

(10,033,000)

(9,124,000)

(18,230,000)

(10,502,000)

Gain (loss) on derivatives, net

45,079,000

28,150,000

(131,981,000)

27,252,000

Gain (loss) on adjustment to fair value – financial instrument liabilities

48,233,000

(2,373,000)

16,382,000

(4,537,000)

Interest income and other

196,000

94,000

389,000

166,000

Total other income (expenses)

83,475,000

16,747,000

(133,440,000)

12,379,000

Income (loss) from operations before income taxes

128,831,000

35,683,000

(62,236,000)

33,066,000

Income tax (expense) benefit

(19,814,000)

18,580,000

Net income (loss) attributable to Prairie Operating Co.

109,017,000

35,683,000

(43,656,000)

33,066,000

Series F preferred stock declared dividends

(2,598,000)

(3,289,000)

(6,268,000)

(3,289,000)

Series F preferred stock undeclared dividends

186,000

(1,402,000)

(780,000)

(1,647,000)

Remeasurement of Series F preferred stock

87,189,000

17,511,000

70,101,000

(73,101,000)

Net income (loss) attributable to Prairie Operating Co. common stockholders (in Dollars)

$ 193,794,000

$ 48,503,000

$ 19,397,000

$ (44,971,000)

Earnings (loss) per common share

Basic earnings (loss) per share (in Dollars per share)

$ 1.75

$ 1.04

$ 0.21

$ (1.27)

Diluted earnings (loss) per share (in Dollars per share)

$ 0.23

$ 0.18

$ (0.41)

$ (1.27)

Weighted average common shares outstanding

Weighted average common shares outstanding, basic (in Shares)

107,141,123

44,063,281

87,711,102

35,477,691

Weighted average common shares outstanding, diluted (in Shares)

185,590,890

198,365,207

183,000,521

35,477,691

[1]	Total revenues for the six months ended June 30, 2025, include revenue from the assets acquired from Bayswater beginning on March 26, 2025, the closing date of the Bayswater Acquisition (as defined below), through June 30, 2025.

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net (loss) income attributable to Prairie Operating Co.	$ 109,017,000	$ (152,673,000)	$ 35,683,000	$ (2,617,000)	$ (43,656,000)	$ 33,066,000
Adjustments to reconcile net (loss) income attributable to Prairie Operating Co. to net cash provided by operating activities
Depreciation, depletion, and amortization					32,919,000	14,386,000
Abandonment and impairment of unproved properties	196,000		0		608,000	0
Stock–based compensation					9,040,000	3,722,000
Unrealized loss (gain) on derivatives	(77,779,000)		(23,206,000)		85,104,000	(23,090,000)
(Gain) loss on adjustment to fair value – financial instrument liabilities	(48,233,000)		2,373,000		(16,382,000)	4,537,000
Deferred income taxes	19,814,000		0		(18,580,000)	0
Amortization of deferred financing costs					1,899,000	2,940,000
Changes in operating assets and liabilities:
Oil, natural gas, and NGL accrued revenue					(6,010,000)	(43,699,000)
Joint interest and other receivables					15,872,000	1,152,000
Inventory, prepaid expenses, and other current assets					(531,000)	(3,461,000)
Accounts payable, accrued expenses, and other current liabilities					16,630,000	16,175,000
Revenue, ad valorem, and production taxes payable					17,343,000	3,994,000
Net cash provided by operating activities					94,256,000	9,722,000
Cash flows from investing activities:
Development of oil and natural gas properties					(132,563,000)	(53,973,000)
Other asset and leasehold purchases					(11,336,000)	(950,000)
Cash paid for Bayswater asset purchase, net of cash received					0	(467,461,000)
Cash received from payment on note receivable					0	95,000
Net cash used in investing activities					(143,899,000)	(522,289,000)
Cash flows from financing activities:
Borrowings on the Credit Facility					134,000,000	359,000,000
Repayments on the Credit Facility					(64,000,000)	0
Debt issuance costs associated with the Credit Facility					(1,945,000)	(15,670,000)
Proceeds from the issuance of Common Stock					1,841,000	43,817,000
Financing costs associated with the issuance of Common Stock					(46,000)	(3,311,000)
Proceeds from the issuance of Series F Preferred Stock					0	148,250,000
Financing costs associated with the issuance of Series F Preferred Stock					0	(11,059,000)
Redemption of Series F Preferred Stock					(18,999,000)	0
Payments of the Subordinated Note – related party					0	(3,214,000)
Proceeds from option exercises					40,000	633,000
Treasury stock repurchased					(1,247,000)	(418,000)
Net cash provided by financing activities					49,644,000	518,028,000
Net increase in cash and cash equivalents					1,000	5,461,000
Cash and cash equivalents, beginning of the period		$ 20,000		$ 5,192,000	20,000	5,192,000	$ 5,192,000
Cash and cash equivalents, end of the period	$ 21,000		$ 10,653,000		$ 21,000	$ 10,653,000	$ 20,000

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 21

$ 20

Oil, natural gas, and NGL accrued revenue

28,737

22,728

Joint interest and other receivables

7,234

23,106

Derivative assets, net

28,812

Inventory

4,220

3,604

Prepaid expenses and other current assets

1,689

1,452

Total current assets

41,901

79,722

Property and equipment:

Oil and natural gas properties, successful efforts method of accounting including $101,499 and $57,897 excluded from depletable base as of June 30, 2026 and December 31, 2025, respectively

1,007,985

852,732

Other property and equipment

^[1]

21,604

21,067

Less: Accumulated depreciation, depletion, and amortization

(82,098)

(49,343)

Total property and equipment, net

947,491

824,456

Derivative assets, net

24,627

Debt issuance costs, net

12,688

12,642

Operating lease assets

2,966

Other non–current assets

167

133

Total assets

1,005,213

944,546

Current liabilities:

Accounts payable and accrued expenses

92,729

62,792

Oil, natural gas, and NGL revenue payable

21,115

30,300

Ad valorem and production taxes payable

35,074

31,385

Derivative liabilities, net

16,954

Operating lease liabilities

1,543

1,300

Total current liabilities

167,415

125,777

Long–term liabilities:

Credit facility

436,000

366,000

Subordinated note – related party

1,458

Series F convertible preferred stock embedded derivatives, at fair value

12,262

15,853

Series F convertible preferred stock warrants, at fair value

9,492

90,134

Incremental share right liability, at fair value

15,264

Derivative liabilities, net

14,711

Oil, natural gas, and NGL revenue payable

39,582

27,402

Ad valorem and production taxes payable

33,411

22,751

Deferred tax liability

3,072

21,652

Asset retirement obligation

3,781

4,019

Operating lease liabilities

1,544

1,792

Other long-term liabilities

1,026

1,398

Total long–term liabilities

571,603

552,459

Total liabilities

739,018

678,236

Commitments and contingencies (Note 11)

Mezzanine equity:

Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 78,000 and 121,050 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

43,224

136,146

Stockholders’ equity:

Common stock; $0.01 par value; 500,000,000 shares authorized, and 105,828,010 and 62,499,375 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

1,060

625

Treasury stock, at cost; 715,955 and 111,357 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

(1,778)

(531)

Additional paid–in capital

355,060

217,785

Accumulated deficit

(131,371)

(87,715)

Total stockholders’ equity

222,971

130,164

Total liabilities, mezzanine equity, and stockholders’ equity

1,005,213

944,546

Series D Preferred Stock [Member]

Stockholders’ equity:

Series D convertible preferred stock; $0.01 par value; 50,000 shares authorized, and 44 and 5,982 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

$ 0

[1]	Other property and equipment includes several salt–water disposal wells and the associated facilities, equipment, and pipelines acquired in the Bayswater Acquisition in March 2025, refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition.