Paul L. Kessler - 12 Sep 2023 Form 4 Insider Report for Prairie Operating Co. (PROP)

Role: Director, 10%+ Owner
Signature: /s/ Paul L. Kessler
Issuer symbol: PROP
Transactions as of: 12 Sep 2023
Net transactions value: $0
Form type: 4
Filing time: 13 Sep 2023, 12:56:53 UTC
Previous filing: 29 Aug 2023
Next filing: 27 Sep 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CRKR	Common Stock						92,857	12 Sep 2023	Direct
holding	CRKR	Common Stock						31,031,101	12 Sep 2023	By affiliates	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CRKR	Series D Preferred Stock	Award	$0	+1,213,485		$0.000000	1,213,485	12 Sep 2023	Series Preferred Stock	1,213,485		By affiliates	F2
transaction	CRKR	Warrant	Award	$0	+2,426,966		$0.000000	2,426,966	12 Sep 2023	Warrant	2,426,966		By affiliates	F2
holding	CRKR	Convertible Debenture						5,714,286	12 Sep 2023	Convertible Debenture	5,714,286		By affiliates	F1
holding	CRKR	Series D Preferred Stock						21,560,000	12 Sep 2023	Series Preferred Stock	21,560,000		By affiliates	F1
holding	CRKR	Warrant						14,285,714	12 Sep 2023	Warrant	14,285,714		By affiliates	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Bristol Investment Fund, Ltd. ("BIF") holds a convertible debenture with principal amount of $1,000,000, convertible at $0.175 per share, due 12/31/23 (amended and restated debenture received in connection with the May 2023 merger with Creek Road Miners, Inc.) and 3,773 shares of Series D Preferred Stock (with stated value of $1,000) convertible at $0.175 per share, with no due date, received in connection with merger
F2	212.36 shares of Series D Preferred Stock (with stated value of $1,000 per share), convertible at $0.175 per share, acquired in September 2023 pursuant to Securities Purchase Agreement ("SPA") by and between Bristol Investment Fund, Ltd. ("BIF") and another investor. Pursuant to the SPA, BIF also acquired a Series D "A" warrant for 1,231,483 shares (expires May 2028) and a Series D "B" warrant for 1,213,483 shares (expires May 2024)
F3	Mr. Kessler has voting and dispositive control over the following securities: (i) 20,095,911 shares of common stock held by Bristol Investment Fund, Ltd., a Cayman Islands exempted company ("BIF") (managed by Bristol Capital Advisors, LLC, a Delaware LLC) and (ii) 10,935,190 shares of common stock held by Bristol Capital, LLC, a Delaware LLC ("BC"). In connection with Issuer's merger with Creek Road Miners, Inc. in May 2023, BIF acquired warrants to purchase a total of 14,285,714 shares of common stock of the Issuer, half of which expire in May 2024 with the other half expiring in May 2028.