Prairie Operating Co. (PROP) announced that former Great Western Petroleum chief executive Richard N. Frommer will serve as Interim President and CEO while the board searches for a permanent replacement. The appointment follows the voluntary resignation of long‑time CEO and Chairman Edward Kovalik and the retirement of President Gary C. Hanna, both of whom stepped down on March 2 2026.
The board also elected Erik Thoresen, a long‑time director, as Chairman. Thoresen brings more than four decades of experience in the oil and gas sector, including a prior CEO role at Great Western Petroleum and extensive expertise in the Denver‑Julesburg Basin. Frommer, who led Great Western Petroleum as President and CEO, is known for his focus on disciplined capital allocation and operational efficiency in the basin.
The leadership transition comes as PROP continues to execute its development program in the Niobrara and Codell formations of the Denver‑Julesburg Basin. The company has been working to simplify its balance sheet and reduce debt through preferred equity and warrant conversions, while maintaining a hedging program to mitigate commodity price volatility. The interim appointment is intended to provide continuity as the board evaluates a permanent CEO who can steer the company’s growth strategy and navigate its complex capital structure.
The departures of Kovalik and Hanna were accompanied by separation agreements that include severance packages and stock‑based awards. While the company did not disclose specific strategic reasons for the resignations, the appointments of Frommer and Thoresen signal a focus on experienced leadership in the basin and a commitment to maintaining momentum in the development program. The interim leadership is expected to keep the company on track while the board conducts a comprehensive search for a long‑term CEO.
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