We synthesized energetic prepolymer(2-nitrato ethyl oxirane, NEO) for plastic-bonded explosive and measured its thermodynamic parameters. 2-Nitrato ethyl oxirane(NEO) as a monomer was synthesized from 4-butene-ol, the first-step was preparation of 1-nitrate-3-butene and second-step was synthesized 2-nitrate-ethyl oxirane from 1nitrate-3-butene and then polymerized by cationic ring opening polymerization. The unreacted monomer concentration was measured by GC. The thermodynamic parameters were obtained from the ceiling temperature(Tc) values of 1 mole monomer at each reaction temperature. We varied feed rate of monomer, concentration of initiator and monomer to control molecular weight and polydispersity of perpolymer(NEO). Number average molecular weight(Mn), polydispersity(PD), and glass transition temperature(Tg), viscosity of prepolymer(NEO) were 2000, 1.07, $-55^{circ}C$ and 300 poise respectively