Prairie Operating Co. Terminates Stockholders Agreement and Elects New Board Member

Prairie Operating Co. (OTCMKTS:CRKR) recently disclosed the termination of a material definitive agreement related to its stockholders and welcomed a new member to its board of directors.

As stated in the 8-K filing with the Securities and Exchange Commission (SEC), the Company, along with Bristol Capital Advisors, LLC, and key individuals, had initially entered into a Stockholders Agreement on May 3, 2023. However, on November 15, 2024, the parties mutually agreed to terminate the Stockholders Agreement following the resignation of a former member of the board of directors, Mr. Paul L. Kessler.

The termination details were outlined in the Termination Agreement, a document now filed with the SEC as part of the Current Report on Form 8-K. The Company provided assurance that the description of the termination is not exhaustive, and interested parties should refer to the complete Termination Agreement filed as Exhibit 10.1 for comprehensive details.

Additionally, on November 21, 2024, Prairie Operating Co. made an official announcement regarding the election of Richard N. Frommer as a new member of its board of directors. Mr. Frommer, previously serving on the Company’s Advisory Board, fills the vacancy left by Mr. Kessler’s resignation.

In recognition of his service, Mr. Frommer is entitled to the Company’s standard compensation for non-employee directors, as disclosed in the proxy statement submitted to the SEC on April 24, 2024. Furthermore, the Company and Mr. Frommer will execute the standard indemnification agreement for directors, filed as Exhibit 10.8 in a previous Form 8-K from May 9, 2023.

Simultaneously, a press release was issued by Prairie Operating Co. on November 21, 2024, officially introducing Mr. Frommer as the new board member. The press release, included as Exhibit 99.1, highlights Mr. Frommer’s extensive experience in the energy sector, particularly in the regulatory environment of Colorado and the production aspects relevant to Prairie’s interests.

The Company’s decisive steps in terminating the Stockholders Agreement and appointing a seasoned industry expert like Mr. Frommer reflect Prairie’s strategic focus on strengthening its leadership team and fostering sustainable growth in the energy industry. With these recent developments, Prairie Operating Co. continues to position itself for long-term success and value creation within the sector.

Investors and stakeholders are encouraged to review the complete filings and disclosures available on the SEC’s website for a more comprehensive understanding of Prairie Operating Co.’s recent corporate actions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Prairie Operating’s 8K filing here.

About Prairie Operating

Prairie Operating Co engages in developing energy to meet growing demand, while protecting the environment. The company was formerly known as Creek Road Miners, Inc and changed its name to Prairie Operating Co in May 2023. Prairie Operating Co is based in Oklahoma City, Oklahoma.