SCHEDULE 13D/A: Prairie Operating Co. Sees Insider Boost Stake to 30.12%

Narrogal Nominees and Gregory K. O'Neill increased their beneficial ownership in Prairie Operating Co. to 30.12% through recent open market purchases and warrant holdings.

Summary

• Narrogal Nominees Pty Ltd ATF Gregory K O'Neill Family Trust, Narrogal Nominees Pty Ltd, and Gregory K. O'Neill (collectively, the "Reporting Persons") beneficially own an aggregate of 19,776,036 shares of Prairie Operating Co. Common Stock.
• This aggregate ownership represents 30.12% of the company's Common Stock on a fully diluted basis, calculated based on 65,646,610 shares outstanding.
• The total includes 13,776,036 shares directly held by the Family Trust and 6,000,000 shares issuable within 60 days upon the exercise of Series D A Warrant and Series E A Warrant.
• The Reporting Persons' shared voting power is 19,566,763 shares, representing 29.9% of the voting power, subject to a 29.9% limitation on voting.
• Between November 14, 2025, and November 21, 2025, the Family Trust purchased a total of 1,736,422 shares of Common Stock in the open market.
• These purchases were made at prices ranging from $1.6698 to $1.7471 per share, using working capital of Narrogal Nominees.
• The Reporting Persons may further purchase, hold, vote, trade, dispose of, or otherwise deal in the shares, and may exercise warrants, to benefit from changes in market prices, the Issuer's operations, business strategy, or prospects.
• They may review, monitor, and evaluate their investments, which could lead to plans or proposals related to the Issuer's business prospects, management, capital structure, or other strategic matters.

Sentiment

Score: 7

Explanation: The increased beneficial ownership by a significant insider group, coupled with recent open market purchases, generally signals strong confidence in the company's prospects. The stated purpose allows for potential future strategic involvement, which could be positive or lead to changes.

Positives

• Significant increase in beneficial ownership by a key insider group, signaling strong confidence in Prairie Operating Co.'s future.
• Recent open market purchases demonstrate active investment and belief in the company's valuation at current price levels.

Future Outlook

The Reporting Persons intend to continue reviewing, monitoring, and evaluating their investment in Prairie Operating Co. They may engage in further purchases, sales, or other dealings in the company's securities, and may exercise warrants, with the aim of benefiting from market price changes or developments in the Issuer's operations and strategy. While no present plans for specific corporate actions are disclosed, their ongoing evaluation could lead to future proposals concerning the Issuer's business, management, or capital structure.

Industry Context

This filing primarily details a significant change in beneficial ownership for Prairie Operating Co., rather than providing insights into broader industry trends or competitive landscape. The increased stake by a major shareholder could be interpreted as a positive signal within the company's specific sector, but it does not offer direct comparative analysis to industry peers.

Stakeholder Impact

• Shareholders: The increased stake by a significant shareholder could lead to greater influence over corporate decisions and potentially signal confidence, but also introduces the possibility of future strategic changes initiated by this large holder.
• Management: The Reporting Persons' stated intent to review and evaluate the Issuer's operations and strategy suggests potential future engagement with or influence on management decisions.

Next Steps

• The Reporting Persons may further purchase, hold, vote, trade, or dispose of Common Stock.
• The Reporting Persons may exercise Series D A Warrant and Series E A Warrant within 60 days, leading to the issuance of 6,000,000 shares.
• The Reporting Persons will continue to review, monitor, and evaluate their investment in Prairie Operating Co., which may lead to future plans or proposals regarding the Issuer.

Key Dates

Recommendation

The significant increase in beneficial ownership by Narrogal Nominees and Gregory K. O'Neill, reaching over 30% of Prairie Operating Co.'s common stock, signals strong insider confidence. Recent open market purchases further reinforce this. While the filing indicates a potential for future strategic involvement, it does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor for further developments regarding the reporting persons' intentions and any subsequent corporate actions.

Keywords

Prairie Operating Co., Common Stock, Schedule 13D, Beneficial Ownership, Gregory K. O'Neill, Narrogal Nominees, Warrants, Insider Buying, Shareholder Activism, Equity Stake