Gregory Patton
About Gregory Patton
Gregory S. Patton is Executive Vice President and Chief Financial Officer of Prairie Operating Co. (PROP), appointed in April 2025 after serving as EVP, Commercial Development (Nov 2024–Mar 2025) and joining the company in March 2024; he is 39 and holds Bachelor’s and Master’s degrees in Accounting from the University of Denver . During his CFO tenure, PROP delivered record operational and financial progress: Q2 2025 revenue $68.1M, adjusted EBITDA $38.6M, and production 21,052 Boe/d; Q3 2025 revenue $77.7M, adjusted EBITDA $56.3M, and production 23,029 Boe/d, with current rate ~27,000 Boe/d; full-year 2025 guidance raised to 24–26k Boe/d and $240–$260M adjusted EBITDA . Patton’s employment agreement (effective Aug 13, 2025) sets base salary at $550,000 (retro to Jan 1, 2025), a target bonus of 100% of salary, and market-standard severance/change-of-control protections with robust clawback and 280G “best net” cutback (no tax gross‑up) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Prairie Operating Co. | EVP, Commercial Development | Nov 2024–Mar 2025 | Helped prepare for CFO transition and integration of acquisitions . |
| Trigger Energy, LLC | Chief Financial Officer | Nov 2022–Mar 2024 | Led finance at oilfield services company prior to joining PROP . |
| Great Western Petroleum, LLC | SVP, Corporate Development & Finance | May 2015–May 2022 | Drove corporate development through the sale to PDC Energy in May 2022 . |
| Opportune, LLP | Manager | May 2011–May 2015 | Advisory/consulting in energy finance and operations . |
| Ernst & Young | Manager (prior to May 2011) | — | Public accounting foundation . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No external directorships or committee roles disclosed for Patton in proxy/SEC filings . |
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $550,000 | Retroactive to Jan 1, 2025 . |
| Target Bonus % | 100% of base salary | Set annually by Board/Comp Committee; goals established within 30 days of year start . |
| Actual Bonus Paid | Not disclosed | 2025 actual payout not disclosed in filings to date . |
| Benefits | Executive benefit plans participation; business expense reimbursement | Standard executive benefits; Section 409A compliance . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual bonus | Company/individual goals (not itemized) | Not disclosed | Set annually | Not disclosed | Not disclosed | Annual cycle . |
| LTIP eligibility | RSUs/PSUs under Long-Term Incentive Plan | Not disclosed | Committee-determined | Not disclosed | Not disclosed | Per award terms . |
| Special Retention RSUs (under discussion) | Time-based service | Not applicable | Not disclosed | Not applicable | Not granted yet | Vesting ≤3 years if approved . |
Under LTIP award agreements disclosed, general vesting treatment applies: RSUs pro‑rata vesting based on months/36 for termination without cause/for good reason; 100% RSU vesting on death/disability; RSUs 100% vest on qualifying change-of-control or termination within 24 months thereof; PSUs pro‑rata earn/vest on termination without cause/for good reason; 100% earn/vest on death/disability; on change‑of‑control, PSUs earn based on actual performance to date or initial grant at termination within 24 months (greater of the two) .
Equity Ownership & Alignment
- Beneficial ownership: Not reported for Patton in the 2025 proxy’s principal stockholders table (NEOs were Kovalik, Hanna, Owen), so individual share count/% not disclosed .
- Hedging/pledging: Insider Trading Policy prohibits hedging, short sales, margin purchases; directors and executive officers are prohibited from pledging company securities; trades require pre‑clearance and occur only outside restrictive windows .
- Ownership guidelines: No executive stock ownership multiple disclosed in filings reviewed .
Employment Terms
- Effective Date, Role, Location: Amended and Restated Employment Agreement effective Aug 13, 2025; EVP & CFO; principal location Denver, CO .
- Bonus & Pro‑Rata: Target bonus 100% of salary; pro‑rata target bonus payable upon termination (unless for cause) .
- Severance (no CoC): 2x (base + target bonus) lump sum if terminated without cause or resigns for good reason, plus 18 months COBRA reimbursement .
- Severance (CoC protection): 3x (base + target bonus) within 12 months following a change of control (definitions provided), plus COBRA reimbursement .
- Definitions: Cause and Good Reason detailed (including material diminution in pay/opportunity/benefits, title/authority, breach, relocation >40 miles) with notice/cure periods .
- Arbitration: AAA arbitration in Houston, TX; jury trial waiver .
- Clawback: Subject to company clawback policies and applicable law/exchange standards, with retroactive effect .
- 409A Compliance: Payment timing and six‑month delay provisions; Section 409A Payment Date safe harbors .
- 280G Cutback: “Best net” approach with potential reduction to avoid excise tax; no tax gross‑up .
- Non‑compete / non‑solicit: Not disclosed in Patton’s agreement; confidentiality and trade secret protections included .
Company Performance During Patton’s Tenure
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Revenue ($M) | 68.1 | 77.7 |
| Adjusted EBITDA ($M) | 38.6 | 56.3 |
| Net Income (Loss) ($M) | 35.7 | (22.5) (loss attributable to common) |
| Production (Boe/d) | 21,052 | 23,029 |
| Current Production (Boe/d, as of report date) | — | ~27,000 |
| FY 2025 Guidance | Adj. EBITDA $240–$260M; Boe/d 24–26k | Re‑affirmed: Adj. EBITDA $240–$260M; Boe/d 24–26k |
Investment Implications
- Alignment and discipline: Patton’s package is market‑aligned (base $550k, 100% target bonus), with robust clawback and no excise-tax gross‑ups—positive for pay‑for‑performance governance .
- Retention economics: 2x/3x severance (non‑CoC/CoC) balances retention and change‑of‑control continuity but implies meaningful cash costs in transactions; COBRA benefits extend support .
- Equity signal: Special retention RSUs under consideration (≤3‑year vesting) would strengthen retention and alignment, though size/metrics not yet disclosed .
- Execution track record: Under Patton as CFO, PROP scaled production and EBITDA, completed Bayswater integration, and reaffirmed higher guidance—supportive of incentive realizability and confidence in financial stewardship .
- Risk controls: Insider Trading Policy bans hedging/pledging and enforces pre‑clearance/windows, reducing misalignment and insider‑selling risk optics .