Prairie Operating Co. (NASDAQ: PROP) announced it has reaffirmed its $475 million borrowing base through a second amendment to its credit agreement with Citibank N.A. and its lending syndicate. The Houston-based energy company also entered into an agreement with Hudson Bay PH XIX LLC regarding its Series F Convertible Preferred Stock.

The credit facility reaffirmation maintains Prairie's existing borrowing capacity. The company operates in the Denver-Julesburg Basin, focusing on oil and natural gas development.

Under the Series F preferred stock agreement, Prairie secured several modifications. The Anniversary Warrant Issuance Date was extended from July 8, 2026 to August 7, 2026. The warrant issuance formula was reduced from 75% to 65% of the stated value of remaining Series F Preferred Stock outstanding on the anniversary date.

The agreement also establishes that 78,000 shares of remaining Series F Preferred Stock can convert into a maximum of 98 million shares of Prairie common stock.

"The reaffirmation of our borrowing base reflects the confidence of our lending group in the quality of our asset base, operational performance, and long-term development plan," said Gregory S. Patton, Executive Vice President and Chief Financial Officer.

Prairie filed additional details about both agreements in a Form 8-K on June 11, 2026. The company's operations concentrate on the Niobrara and Codell formations within the Denver-Julesburg Basin.

The modifications provide Prairie additional time to address its remaining Series F preferred stock balance while reducing potential dilution to common shareholders through the improved warrant formula.