Prairie Operating amends credit deal, lowers current ratio covenant, adds output test
Prairie Operating Co. signed a Third Amendment to its credit agreement with Citibank, N.A., effective June 30, 2026, which lowers the minimum current ratio it must maintain for 2026 quarters and adds a minimum hydrocarbon production covenant. The company also agreed with High Trail to move a series of anniversary warrant and penny warrant dates to August 31, 2026, and to waive a current ratio requirement under its Series F preferred stock through December 31, 2026, which could lead to issuance of 3,000,000 shares of common stock at $0.01 per share.
Key points
- Current ratio minimum cut from 1.00 to 1.00 to 0.50 to 1.00 for the quarter ending June 30, 2026, 0.40 to 1.00 for September 30, 2026, and 0.60 to 1.00 for December 31, 2026.
- New production covenant is measured over rolling three-month periods and is first tested on August 31, 2026.
- Penny warrant for 3,000,000 common shares at $0.01 per share moves from August 14, 2026 to August 31, 2026, if anniversary warrants are not issued to High Trail.
- Limited waiver on the Series F preferred current ratio requirement runs until 11:59 p.m. New York City time on December 31, 2026, and is conditioned on the ratio not falling below the amended thresholds.
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 17, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.