Prairie Operating Co. Announces Leadership Team Changes

Richard N. Frommer appointed as Interim President and CEO

Erik Thoresen appointed as Chairman of the Board

HOUSTON, Texas, March 03, 2026 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company,” “Prairie,” “we,” “our,” or “us”), an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids resources in the Denver-Julesburg (DJ) Basin, today announced several leadership changes, including the voluntary resignation of CEO and Chairman, Edward Kovalik, and the retirement of President and director, Gary C. Hanna. The Company’s Board of Directors (the “Board”) has appointed Richard N. Frommer, a member of the Board, to serve as Interim President and CEO of the Company, while the Company conducts a search for a permanent President and CEO. The Board has also appointed Erik Thoresen to serve as Chairman of the Board.

“Rich brings more than four decades of experience building and operating oil and gas businesses, including deep expertise in the DJ Basin and broader Rocky Mountain region,” said Erik Thoresen, Chairman of the Board. “His proven track record as President and CEO of Great Western Petroleum, along with prior executive roles across the industry, reflects a disciplined approach to asset development, capital allocation, and operational execution. We are confident that his experience, leadership, and regional knowledge position him well to guide Prairie through its next phase of growth and value creation.”

The Company has entered into separation agreements with Mr. Kovalik and Mr. Hanna with respect to the terms of their separation from the Company. The Company has initiated a search process for a permanent President and CEO and intends on retaining a leading executive search firm to support this process, which will include both internal and external candidates.

“On behalf of the Board and the entire Company, I would like to thank Ed and Gary, Prairie’s co-founders, for their vision and leadership to Prairie during the Company’s initial inception and acquisition phases,” said Richard N. Frommer, Interim President and CEO. “Their efforts helped strengthen our operational foundation and strategic position. I look forward to working closely with our team to build on that momentum, maintain disciplined execution, and delivering long-term value for our shareholders.”

About Rich Frommer

Mr. Frommer has served as director of the Company since November 2024. Mr. Frommer was President and Chief Executive Officer of Great Western Petroleum from February 2013 to September 2021. From May 2002 to November 2012, Mr. Frommer was Senior Vice President, Rocky Mountain division at Samson Resources Company until its sale to KKR & Co., L.P. Prior to Mr. Frommer’s time at Samson Resources Company, Mr. Frommer spent four years at HS Resources Inc. as New Ventures Manager where he was responsible for entrance into new areas and plays in Colorado, Wyoming and Louisiana. He attended advanced oil and gas management courses at Southern Methodist University and earned his Bachelor of Arts in Earth Sciences from New York State University College at Oneonta. He is a Wyoming Certified Professional Geologist.

About Erik Thoresen

Mr. Thoresen has served as a director of the Company since May 2023. Mr. Thoresen has been a partner at Boka Group, LLC, a sovereign resilience-focused investment firm, since November 2022. From January 2022 to December 2023, Mr. Thoresen served as the chief financial officer of Fusion Acquisition Corp. II. Prior to that, he served as the chief business development officer of Glass House Group, Inc., from August 2021 to June 2022. Mr. Thoresen was the vice president of mergers and acquisitions and real estate at Harvest Health and Recreation, Inc., that is now part of Trulieve Corp., from January 2019 to March 2021. Previously, from November 2013 to July 2018, Mr. Thoresen was the chief operating, and investment, officer of Jonathan D. Pond, LLC, a wealth management firm, and prior to that held executive roles at the Bank of New York Mellon Corporation and E*TRADE Financial Corporation, now part of Morgan Stanley. He received a Bachelor of Arts in International Relations from Syracuse University in 1994, and a Master of Business Administration from the Darden School at the University of Virginia in 2000.

About Prairie Operating Co.

Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil, natural gas, and natural gas liquids resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation.

More information about the Company can be found at

Investor Relations Contact:

Wobbe Ploegsma



832-274-3449

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