Paul L. Kessler - Sep 26, 2023 Form 4 Insider Report for Prairie Operating Co. (CRKR)

Role: Director, 10%+ Owner
Signature: /s/ Paul L. Kessler
Stock symbol: CRKR
Transactions as of: Sep 26, 2023
Transactions value $: $0
Form type: 4
Date filed: 9/27/2023, 08:23 PM
Previous filing: Sep 13, 2023
Next filing: Oct 13, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CRKR	Common Stock	Purchase		+40.8K	+0.37%		11M	Sep 26, 2023	By affiliate	F3
holding	CRKR	Common Stock						31.1M	Sep 26, 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	+1.21M		$0.00	1.21M	Sep 12, 2023	Series Preferred Stock	1.21M		By affiliates	F2
transaction	CRKR	Warrant	Award	$0	+2.43M		$0.00	2.43M	Sep 12, 2023	Warrant	2.43M		By affiliates	F2
holding	CRKR	Convertible Debenture						5.71M	Sep 26, 2023	Convertible Debenture	5.71M		By affiliates	F1
holding	CRKR	Series D Preferred Stock						21.6M	Sep 26, 2023	Series Preferred Stock	21.6M		By affiliates	F1
holding	CRKR	Warrant						14.3M	Sep 26, 2023	Warrant	14.3M		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) 10,976,011 shares of common stock held by Bristol Capital, LLC, a Delaware LLC ("BC") (BC acquired 40,821 shares in September 2023 as payment of consulting services). 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.