Paul L. Kessler - 11 Oct 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: 11 Oct 2023
Net transactions value: +$0.05
Form type: 4
Filing time: 13 Oct 2023, 13:59:34 UTC
Previous filing: 27 Sep 2023
Next filing: 02 Jan 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CRKR	Common Stock	Conversion of derivative security	$1,000,000	+5,714,286	+18%	$0.1750	36,786,207	11 Oct 2023	By affiliate	F1, 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	Convertible Debenture	Conversion of derivative security	$1,000,000				0	11 Oct 2023	Common Stock	5,714,286	$0.1750	By affiliates
holding	CRKR	Series D Preferred Stock						22,773,486	11 Oct 2023	Series Preferred Stock	22,773,486		By affiliates	F2
holding	CRKR	Warrant						2,426,966	11 Oct 2023	Warrant	2,426,966		By affiliates	F2
holding	CRKR	Warrant						14,285,714	11 Oct 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	On 10/11/23, Bristol Investment Fund, Ltd. ("BIF") converted the principal amount of $1,000,000 of an amended and restated convertible debenture issued by the Issuer on 5/3/23 at $0.175 per share into 5,714,286 shares of common stock of the Issuer.
F2	BIF holds 3,985.36 shares of Series D Preferred Stock (with stated value of $1,000 per share), convertible at $0.175 per share, 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) 25,810,197 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), (ii) 10,976,011 shares of common stock held by Bristol Capital, LLC, a Delaware LLC ("BC"), (iii) 3,985.36 shares of Series D Preferred Stock held by BIF, (iv) a Series D "A" warrant for 1,231,483 shares of common stock and a Series D "B" warrant for 1,213,483 shares of common stock held by BIF, and (v) a warrant 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, held by BIF.