Prairie Operating (PROP) Form 4 Prairie Operating / PAUL L. KESSLER ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KESSLER PAUL L.

(Last) (First) (Middle)

555 MARIN STREET, SUITE 140

(Street)

THOUSAND OAKS CA 91360

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Prairie Operating Co. [ CRKR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/26/2023	09/26/2023	P		40,821	A	(3)	10,976,011	I(3)	By affiliate
Common Stock								31,071,922	I(3)	By affiliates

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Convertible Debenture	(1)							(1)	(1)	Convertible Debenture	5,714,286		5,714,286	I	By affiliates
Series D Preferred Stock	(1)							(1)	(1)	Series Preferred Stock	21,560,000		21,560,000	I	By affiliates
Series D Preferred Stock	(2)	09/12/2023		A		1,213,485		(2)	(2)	Series Preferred Stock	1,213,485	$0	1,213,485	I	By affiliates
Warrant	(2)	09/12/2023		A		2,426,966		(2)	(2)	Warrant	2,426,966	$0	2,426,966	I	By affiliates
Warrant	(3)							(3)	(3)	Warrant	14,285,714		14,285,714	I	By affiliates

Explanation of Responses:

1. 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

2. 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)

3. 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.

	/s/ Paul L. Kessler	09/27/2023
	** Signature of Reporting Person	Date
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