Prairie Operating Co.

Good morning and welcome to the Prairie Operating Company year-end 2025 earnings conference call. Today's call is being recorded. At this time, I'd like to turn the call over to Wabi Plugsma, Vice President of Investor Relations and Capital Markets. Please go ahead.

Thank you, Operator, and good morning, everyone. Thank you for joining Prairie Operating Company's full year-end 2025 earnings call. Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements which are subject to certain risks, uncertainties, and assumptions. Actual results could differ materially from those in any forward-looking statements. Additionally, we may refer to non-GAAP measures for a more detailed discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, as well as the reconciliations of any non-GAAP financial measures please see the company's public filings, including the Form 8K filed Monday, March 30, 2026. We have also posted an updated investor presentation to our website. Joining me today are Rich Frommer, Interim CEO and President, and Greg Patton, Executive Vice President and Chief Financial Officer. With that, I'll turn the call over to our Interim CEO and President, Rich Frommer.

Thanks, Wabi, and good morning, everyone. 2025 was a transformative year for Prairie. We successfully completed the full integration of the assets acquired from bays water exploration and production, while further expanding our inventory at Attractive Economics. In addition to our acquisitions, we delivered strong operational execution, meaningful production growth, and strengthens our balance sheet. For the full year, Prairie generated total production of approximately 6.75 million BOE, or 18,500 BOE on average, and exited the year at a production rate of approximately 28,000 net BOE per day. reflecting the strong ramp in activity and execution of our development program. It's important to note that the reported 18,500 BOE per day does not include the pro forma first quarter production from the bays water assets, which was incorporated into our original guidance. By including those volumes, our full year production would have been approximately 24,000 BOE per day, representing almost a four times increase in production year over year and in line with our guidance range. Throughout 2025, we executed a series of bolt-on acquisitions that further strengthened our core DJ base and position. In total, we completed six transactions adding approximately 44,000 net acres, inclusive of the Bay's water, and expanded our portfolio with high-quality, approved inventory, all while maintaining accretive balance sheet metrics and a disciplined approach to capital allocation. Operationally, we brought on multiple paths online during the year, including the Noble, Simpson, Rausch, and the Opal Co. Bank, while advancing development across our broader asset base. These projects contributed meaningfully to our production growth and position us well for continued momentum into 2026. From the financial standpoint, Prairie significantly strengthened its foundation in 2025, generating approximately $242 million in revenue and $156 million in adjusted EBITDA, highlighting the scale and the earnings power of the platform. Similar to the production, this revenue and EBITDA figure does not include the pro forma contribution from Bayswater's assets for the first quarter. When included, Full year revenue in EBITDA would have been approximately 315 million and 220 million respectively, modestly below our EBITDA guidance of 240. Subsequent to year end, the company received an extension on the anniversary warrant date from March 26, 2026 to April 7, 2026, providing us additional time as we continue discussions related to our capital structure. Looking ahead, our strategy remains unchanged. The board and management are aligned and focused on disciplined capital allocation, operational execution, and delivering sustainable growth and long-term shareholder value. With that, I'll turn the call over to Greg.