PrimeEnergy Resources Corporation (PNRG) Announces Year-End Production and Financial Results

HOUSTON–(BUSINESS WIRE)–Oil and gas production and average prices received (excluding gains and losses on derivatives) for the years ended December 31, 2021 and 2020 were as follows:

Twelve months ended

The 31st of December,

Increase /

(Decrease)

2021

2020

Barrels of oil produced …………..

738,000

733,000

5,000

Average price received …………….

$

68.39

$

38.02

$

30.38

Oil revenue (thousands) ………………

$

50,474

$

27,865

$

22,609

Mcf of gas sold …………………………………

3,236,000

3,381,000

(145,000

)

Average price received …………….

$

3.53

$

1.24

$

2.29

Gas revenues (in thousands) ………………

$

11,432

$

4,202

$

7,230

Barrels of natural gas liquids sold ………………

416,000

437,000

(21,000

)

Average price received …………….

$

26.97

$

11.22

$

15.75

Natural gas liquids revenues (thousands)………

$

11,220

$

4,906

$

6,314

Total oil and gas revenues (thousands) …………….

$

73 126

$

36,973

$

36 153

Proven reserves as of December 31, 2021 were 5,386,000 barrels of oil, 2,882,000 barrels of natural gas liquids and 23,902,000 thousand cubic feet of natural gas; i.e. 12,252,000 barrels of oil equivalent.

Our current credit facility provides a $50 million line of credit; as of April 21, 2022, we had outstanding borrowings of $8 million with the right to borrow an additional $42 million.

Year ended December 31

2021

2020

Increase /

(Decrease)

Revenues (in thousands)…………

$

79,613

$

58,421

$

21,192

Net income (loss) (in thousands)

$

2,098

$

(2,316

)

$

4,414

Earnings per ordinary share:

Basic……………………….

$

1.05

$

(1.16

)

$

2.21

Diluted…………………….

$

0.76

$

(1.16

)

$

1.92

Actions used in the calculation of:

Basic EPS …………………..

1,992,077

1,994,425

Diluted EPS…………..

2,744,162

1,994,425

PNRG received a determination letter from The Nasdaq Stock Market LLC (“Nasdaq”) listing qualifications staff stating that the company was not in compliance with Nasdaq Listing Rule 5810(b), due to the company’s failure to timely file its Form 10-K for the fiscal year ended December 31, 2021. Under Nasdaq rules, the company has 60 calendar days to submit a plan to restore compliance at the Nasdaq. The Company submitted its Form 10-K for the fiscal year ended December 31, 2021 to the Securities and Exchange Commission on April 21, 2022, therefore the Company is now in compliance with NASDAQ listing rules.

PrimeEnergy is an independent oil and gas company actively engaged in the acquisition, development and production of oil and gas, and the provision of petroleum services, primarily in Texas and Oklahoma. The Company’s common stock is traded on the Nasdaq stock market under the symbol PNRG. If you have any questions about this release, please contact Connie Ng at (713) 735-0000 ext. 6416.

Forward-looking statements

This report contains forward-looking statements based on management’s current expectations, estimates and projections. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “projects” and “estimates”, and variations of these words and similar expressions refer to identify these forward-looking statements. These statements constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors thereby created. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions which may ultimately prove to be incorrect and, therefore, there can be no assurance that they will will prove correct. Actual results and results may vary materially from what is expressed or anticipated in these statements due to various risks and uncertainties. These risks and uncertainties include, among others, the possibility of drilling cost overruns and technical difficulties, volatility in oil and gas prices, competition, risks inherent in the Company’s oil and gas operations, the inaccurate nature the interpretation of seismic and other geological and geophysical data, the inaccuracy of reserve estimates and the Company’s ability to replace and expand oil and gas reserves. Accordingly, shareholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.

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