PrimeEnergy Resources Corporation (NASDAQ: PNRG) ("PrimeEnergy" or "Company") announced today that the Company was added to the broad-market Russell 2000 Index at the conclusion of the 2023 Russell Indexes annual reconstitution, effective at the US market opening on June 26, 2023.
"We are pleased to have earned our inclusion in the Russell 2000® Index, one of the most widely cited performance benchmarks for U.S. small-cap companies," said Beverly Cummings, Vice President and CFO of PrimeEnergy. "This is an important event for PrimeEnergy as we continue to execute the development of our acreage position in the Permian Basin and Oklahoma." During the second quarter of 2023, the Company added the first production from 18 wells completed in 2023 and currently has 7 additional wells in various stages of completion activities with ConocoPhillips Corporation and Apache Corporation. The development plan includes the drilling of additional wells during the second half of 2023. The Company has a revolving line of credit of $60 million in place which is totally undrawn as of June 30, 2023.
PrimEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield 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 on this release, please contact Connie Ng at (713) 735-0000 ext 6416.
Forward-Looking Statements
This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such 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 created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.
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Contacts
Connie Ng at (713) 735-0000 ext 6416.
