Prairie Operating Co. (NASDAQ:PROP) (the "Company" or "Prairie") today announced that Watermill Capital Partners and its affiliates exercised Series E B Warrants (the "Warrants") to purchase 4,000,000 shares of common stock of the Company, generating $24 million in proceeds.

This exercise follows Watermill Capital Partners' $12 million warrant exercise in November 2023, highlighting their continued confidence and support for Prairie's growth strategy. With the exercise of these Warrants, all Series E B Warrants have now been fully exercised. Additionally, all of the Company's Series E preferred stock was converted into common stock of the Company. This conversion of the Company's Series E preferred stock and the exercise of the Company's Series E B Warrants simplifies its capital structure, further enhancing Prairie's position for long-term growth.