Prairie Operating Appoints Gregory Patton as CEO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 25 2026
0mins
Prairie Operating (PROP) announced the promotion of Gregory Patton to CEO and member of the board of directors, effective immediately, and the appointment of Michael Shelly as CFO. In connection with these leadership changes, Rich Frommer will transition from interim president and CEO back to director. Patton has served as the executive VP and CFO of the company since April 2025. Shelly most recently served as a managing director within Citigroup's (C) Natural Resources Group.
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Analyst Views on PROP
Wall Street analysts forecast PROP stock price to rise
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 0.786
Low
2.00
Averages
4.83
High
7.50
Current: 0.786
Low
2.00
Averages
4.83
High
7.50
About PROP
Prairie Operating Co. is an independent energy company. The Company is focused on the acquisition and development of crude oil, natural gas, and natural gas liquids (NGLs). 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 owns approximately 76, 000 net acres of land package within the DJ Basin, with 47 operated and non-operated proved developed producing (PDP) wells.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Trends: The rise in energy stocks may signal increasing investor confidence in future energy price increases, potentially enhancing the profitability of related companies as signs of global economic recovery emerge.
- Investor Sentiment: The uptick in energy stocks could attract more capital into the sector, further driving market attention towards energy-related assets, particularly in the current economic climate where the stability of energy demand is crucial.
- Industry Outlook: The diversification of the energy sector, combining renewable and traditional energy sources, may present new opportunities for investors, especially against the backdrop of policy support and technological advancements.
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- Executive Change: Prairie Operating Co. announced the promotion of CFO Gregory Patton to CEO, effective immediately, aiming to fill the leadership void left by the resignation of the co-founder and former CEO in March.
- Background: Before becoming CFO, Patton served as Executive Vice President of Commercial Development from November 2024 to March 2025 and has been with the company since March 2024, bringing extensive management experience.
- New CFO Appointment: To fill the financial leadership gap left by Patton, the company appointed Michael Shelly as the new CFO, who previously served as Managing Director at Citigroup's Natural Resources Group, overseeing the Investment Banks' Denver and Calgary offices.
- Market Reaction: In pre-market trading, PROP shares were priced at $0.67, up 2.22% on Nasdaq, reflecting investor optimism regarding the new leadership team.
See More
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- Executive Change: Prairie Operating announced the appointment of CFO Gregory Patton as the new CEO, effective immediately, replacing interim President and CEO Rich Frommer, who will remain on the board, indicating a significant leadership shift within the company.
- Career Background: Patton joined Prairie Operating in March 2024 and has served as Executive VP and CFO since April 2025; previously, he was CFO at Trigger Energy and Senior VP of Corporate Development and Finance at Great Western Petroleum, providing a solid foundation for the company's future growth.
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See More
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- Strategic Leadership: Gregory S. Patton has played a critical role in the company's significant operational and financial expansion over the past year, and his leadership and deep understanding of the asset base will provide strong support for future development.
- Financial Expertise: New CFO Michael J. Shelly brings over 20 years of financial and strategic advisory experience, having served as a Managing Director in Citigroup’s Natural Resources Group, and his addition will further strengthen Prairie's financial leadership.
- Commitment to Growth: Chairman Erik Thoresen emphasized that Prairie will focus on optimizing its capital structure and pursuing disciplined growth opportunities to enhance long-term shareholder value, ensuring the company remains competitive in the energy market.
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- Share Conversion Cap: For the remaining 78,000 Series F shares, conversions will be capped at 98 million common shares, which provides greater certainty regarding future share issuance and helps protect the interests of existing shareholders.
See More
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Energy Stocks Rise Late Thursday Afternoon
- Energy Sector Performance: Late Thursday afternoon, the NYSE Energy Sector Index rose by 0.6%, indicating a positive sentiment among investors towards energy stocks, reflecting expectations of a rebound in energy demand.
- Market Trends: The rise in energy stocks may signal increasing investor confidence in future energy price increases, potentially enhancing the profitability of related companies as signs of global economic recovery emerge.
- Investor Sentiment: The uptick in energy stocks could attract more capital into the sector, further driving market attention towards energy-related assets, particularly in the current economic climate where the stability of energy demand is crucial.
- Industry Outlook: The diversification of the energy sector, combining renewable and traditional energy sources, may present new opportunities for investors, especially against the backdrop of policy support and technological advancements.
See More
Prairie Operating Co. Appoints New CEO
- Executive Change: Prairie Operating Co. announced the promotion of CFO Gregory Patton to CEO, effective immediately, aiming to fill the leadership void left by the resignation of the co-founder and former CEO in March.
- Background: Before becoming CFO, Patton served as Executive Vice President of Commercial Development from November 2024 to March 2025 and has been with the company since March 2024, bringing extensive management experience.
- New CFO Appointment: To fill the financial leadership gap left by Patton, the company appointed Michael Shelly as the new CFO, who previously served as Managing Director at Citigroup's Natural Resources Group, overseeing the Investment Banks' Denver and Calgary offices.
- Market Reaction: In pre-market trading, PROP shares were priced at $0.67, up 2.22% on Nasdaq, reflecting investor optimism regarding the new leadership team.
See More
Prairie Operating Appoints New CEO and CFO
- Executive Change: Prairie Operating announced the appointment of CFO Gregory Patton as the new CEO, effective immediately, replacing interim President and CEO Rich Frommer, who will remain on the board, indicating a significant leadership shift within the company.
- Career Background: Patton joined Prairie Operating in March 2024 and has served as Executive VP and CFO since April 2025; previously, he was CFO at Trigger Energy and Senior VP of Corporate Development and Finance at Great Western Petroleum, providing a solid foundation for the company's future growth.
- New CFO Appointment: The company also appointed Michael Shelly as the new CFO, bringing over 20 years of financial and strategic advisory experience, most recently as a managing director in Citigroup's Natural Resources Group, which is expected to introduce fresh financial strategies to the company.
- Financial Challenges: Prairie Operating reported a loss for the fiscal year 2026, placing pressure on the new leadership team to improve financial performance, which could impact future investment and operational decisions.
See More
Prairie Operating Co. Appoints New CEO and CFO
- Leadership Changes: Prairie Operating Co. has announced the immediate promotion of Gregory S. Patton to Chief Executive Officer and Board member, alongside the appointment of Michael J. Shelly as Chief Financial Officer, aimed at driving the company's next phase of growth.
- Strategic Leadership: Gregory S. Patton has played a critical role in the company's significant operational and financial expansion over the past year, and his leadership and deep understanding of the asset base will provide strong support for future development.
- Financial Expertise: New CFO Michael J. Shelly brings over 20 years of financial and strategic advisory experience, having served as a Managing Director in Citigroup’s Natural Resources Group, and his addition will further strengthen Prairie's financial leadership.
- Commitment to Growth: Chairman Erik Thoresen emphasized that Prairie will focus on optimizing its capital structure and pursuing disciplined growth opportunities to enhance long-term shareholder value, ensuring the company remains competitive in the energy market.
See More
Prairie Operating Reaffirms $475M Borrowing Base with New Agreements
- Borrowing Base Confirmation: Prairie Operating announced that its lending group, led by Citibank, reaffirmed the company's $475 million borrowing base, which provides financial stability and ensures operational funding needs are met in the future.
- Capital Structure Simplification: The company signed a new agreement with Hudson Bay PH XIX and affiliates to address the remaining Series F Preferred Stock, aiming to simplify its capital structure and enhance financial flexibility, thereby boosting investor confidence.
- Warrant Issuance Deadline Extension: Prairie Operating extended the warrant issuance deadline from July 8, 2026, to August 7, 2026, providing more time to manage the remaining Series F balance and reducing potential shareholder dilution risk.
- Share Conversion Cap: For the remaining 78,000 Series F shares, conversions will be capped at 98 million common shares, which provides greater certainty regarding future share issuance and helps protect the interests of existing shareholders.
See More
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- Conference Dates and Venue: The EnerCom Denver Energy Investment Conference will take place from August 17-19, 2026, at the Westin Denver Downtown, expected to attract over 1,000 industry professionals and investors, providing extensive networking opportunities.
- Charity Golf Tournament: Kicking off the event, a charity golf tournament will be held on August 17, requiring a $150 donation to participate, with proceeds supporting inclusive higher education for students with intellectual disabilities, highlighting the conference's commitment to social responsibility.
- Investor Engagement Opportunities: The conference offers investors direct access to executives from over 70 energy companies through one-on-one meetings and Q&A sessions, enabling them to gain insights into operational and financial strategies that inform investment decisions.
- Sponsors and Participating Companies: EnerCom Denver has attracted notable sponsors and participating companies, including Netherland, Sewell & Associates, showcasing its significant role in the global energy sector and enhancing connections with investors.
See More
