Prairie Operating is an independent oil and natural gas producer focused entirely on the Denver-Julesburg (DJ) Basin in Weld County, Colorado. Prairie drills for and produces crude oil, natural gas, and NGLs, selling output to midstream purchasers and marketers. The company operates two asset areas: the Central Weld Assets (~45,000 net leasehold acres, the more developed core), and the earlier-stage Genesis Assets (~23,000 net leasehold acres). Prairie makes money by producing and selling hydrocarbons at prevailing market prices, with oil as the dominant commodity. The company hedges a portion of production using derivatives to manage commodity price exposure, partly as a requirement under its reserve-based credit facility. Prairie has grown almost entirely through acquisitions, scaling from ~464 Boe/d in 2024 to ~18,500 Boe/d in 2025, driven primarily by the $475.6M Bayswater acquisition. Going forward, Prairie combines organic drilling — roughly 40 gross wells on Central Weld Assets in 2026 — with continued bolt-on M&A in the DJ Basin, targeting producing assets with attached undeveloped inventory. Prairie intends to fund its drilling program primarily with operating cash flow while maintaining low leverage.