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what it is
Prairie buys and drills oil and gas acreage in Colorado’s DJ Basin and is trying to grow by acquisitions.
how it gets paid
Last year Prarie Operating made $8M in revenue.
what just happened
The latest quarter showed $159M of revenue, but EPS was still negative at -$1.66.
At a glance
C balance sheet — red flag territory — real financial stress
35/100 earnings predictability — expect surprises
-$2.58 fy2024 eps est
$8M fy2024 rev est
1.5 beta
xvary composite: 26/100 — weak
What they do
Prairie buys and drills oil and gas acreage in Colorado’s DJ Basin and is trying to grow by acquisitions.
Prairie's edge is simple: it controls about 65,000 net leasehold acres in Colorado's DJ Basin as of September 30, 2025. Leasehold acres → land rights to drill → so what: if your wells and future drilling spots sit in one basin, you can keep adding inventory without starting from zero. The quiet part out loud: with just 19 employees, this is more land-and-deals leverage than operating-machine leverage.
How they make money
$8M
annual revenue
total revenue
$8M
n/a
The products that matter
sells produced crude oil
Oil Sales
$5.6M · 70% of revenue
this is the core revenue stream today. It contributed $5.6M out of the company's $8M revenue base, so oil prices and operating execution do most of the talking.
main revenue stream
sells gas and liquids
Natural Gas & NGLs
$2.4M · 30% of revenue
it adds $2.4M of revenue. It does not change the bigger point that you still own one basin and one commodity-sensitive business.
secondary revenue
undeveloped reserve base
DJ Basin Reserves
121 MMBoe · $1.22B PV-10
this is the real bet. The reserve base is worth more than 10x the current $118M market cap on paper, which is exactly why investors keep asking whether the equity will ever get to that paper value.
the real bet
Key numbers
83%
debt load
Debt as a share of capital → how much of the company is financed by borrowing → so what: lenders sit ahead of you if this gets messy.
$8M
2024 sales est.
Estimated 2024 revenue → what the business may have sold for the year → so what: that is tiny next to $578 million of debt.
$578M
long-term debt
Long-term debt → money owed over years → so what: this is about 4.9 times Prairie's roughly $118 million market cap.
$2.58
2024 EPS est.
EPS → profit per share → so what: Prairie is still losing money, even after improving from -$16.51 in 2023.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $578M (83% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for PROP right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed $159M of revenue, but EPS was still negative at -$1.66.
Sales were up 104% vs. prior year in the latest quarter, according to SEC data. But losses remain, and the annual EPS trend is still negative even after improving from 2023.
$159M
revenue
$1.66
eps
n/a
n/a
the number that mattered
$159 million of quarterly revenue matters because it clashes with the much smaller annual revenue estimates and tells you this story is still hard to pin down.
source: company earnings report, 2026
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What could go wrong
the key risk is the reserve story arriving too late. with $578M of debt, a latest quarterly net loss of $22.5M, and only $8M of annual revenue in this snapshot, the capital structure can pressure the equity long before 121 MMBoe gets fully turned into value for you.
high
debt outruns execution
Long-term debt stands at $578M, or 83% of capital. That is a lot of fixed pressure for a company with just $8M of annual revenue in this snapshot.
if operating progress stalls, creditors stay ahead of you
high
dilution becomes the funding bridge
The page already flags dilution risk, and the setup explains why. A $118M market cap gives the company less room to raise capital without changing your ownership meaningfully.
you can be right on the assets and still own less of them later
high
single-basin concentration
All 121 MMBoe of proved reserves are in Colorado's DJ Basin. That puts geology, local regulation, and operating execution in one place instead of several.
one region carries too much of your thesis
med
commodity prices still decide a lot
Oil is 70% of revenue and gas plus NGLs are 30%. With a latest quarterly net loss of $22.5M, Prairie does not have much room for bad pricing to meet bad execution.
small moves in realized prices can hit equity value hard
$578M of debt against a $118M market cap and $8M of annual revenue means this equity is sensitive to almost everything that matters: execution, commodity prices, financing terms, and time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
march 27, 2026 earnings call
This is the next hard checkpoint. You want losses to improve from the latest $22.5M and some proof that the asset story is becoming an operating story.
balance sheet
$578M debt load
Watch whether debt starts moving down from 83% of capital. If it does not, reserve upside keeps competing with creditor claims.
financing
any new equity issuance
Dilution is not a side issue here. At a $118M market cap, new share issuance can reshape your ownership quickly.
valuation gap
$3.50 target vs. $1.67 stock
That spread is the market debating execution. If operating results stay weak, the gap can stay open much longer than bulls want.
Analyst rankings
earnings predictability
35 / 100
Low predictability means the reported numbers can move around a lot. In human-speak: analysts do not trust this to print smooth, reliable quarters.
beta
1.5
Beta measures how much a stock moves versus the market. At 1.5, PROP has historically moved more than the index, which matters when the fundamentals are already fragile.
price stability
5 / 100
A 5/100 stability score is the market telling you this name does not trade on patience. If you own it, expect volatility first and comfort later.
source: institutional data
Institutional activity
institutional ownership data for PROP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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