Business Wire | Nov 25, 2020 05:56PM EST

PrimeEnergy Resources Corporation Announces Third Quarter Results

Nov. 25, 2020

HOUSTON--(BUSINESS WIRE)--Nov. 25, 2020--PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended September 30, 2020 and 2019:

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Revenues $ 11,792,000 $ 28,182,000 $ 45,178,000 $ 84,135,000

Net Income $ 6,501,000 $ 2,512,000 $ 65,000 $ 5,249,000

Earnings per Common Share:

Basic $ 3.26 $ 1.25 $ 0.03 $ 2.61

Shares Used in Calculation of:

Basic EPS 1,994,177 2,008,688 1,994,175 2,008,593

Total assets at September 30, 2020 were $208,681 compared to $229,365 at December 31, 2019.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2020 and 2019 were as follows:

Nine months ended September 30,

2020 2019 Increase / Increase / (Decrease) (Decrease)

Barrels of Oil Produced 538,000 1,012,000 (474,000 ) (47 )%

Average Price Received $ 38.41 $ 54.72 $ (16.31 ) (30 )%

Oil Revenue (In 000's) $ 20,663 $ 55,370 $ (34,707 ) (63 )%

Mcf of Gas Sold 2,038,000 3,549,000 (1,241,000 ) (35 )%

Average Price Received $ 1.06 $ 1.43 $ (0.37 ) (26 )%

Gas Revenue (In 000's) $ 2,441 $ 5,057 $ (2,616 ) (52 )%

Barrels of Natural Gas 319,000 445,000 (126,000 ) (28 )%Liquids Sold

Average Price Received $ 10.07 $ 15.52 $ (5.45 ) (35 )%

Natural Gas Liquids $ 3,212 $ 6,906 $ (3,694 ) (53 )%Revenue (In 000's)

Total Oil & Gas Revenue $ 26,316 $ 67,333 $ (41,017 ) (61 )%(In 000's)



Three months ended September 30,

2020

2019

Increase /(Decrease)

Increase /(Decrease)

Barrels of Oil Produced

160,000

323,000

(163,000

)

(50

)%

Average Price Received

$

39.62

$

52.41

$

(12.79

)

(24

)%

Oil Revenue (In 000's)

$

6,339

$

16,928

$

(10,589

)

(63

)%

Mcf of Gas Sold

496,000

1,305,632

(809,632

)

(62

)%

Average Price Received

$

2.12

$

1.12

$

1.00

89

%

Gas Revenue (In 000's)

$

1,052

$

1,467

$

(415

)

(28

)%

Barrels of Natural Gas Liquids Sold

106,000

156,983

(50,983

)

(32

)%

Average Price Received

$

13.91

$

10.75

$

3.16

29

%

Natural Gas Liquids Revenue (In 000's)

$

1,474

$

1,687

$

(213

)

(13

)%

Total Oil & Gas Revenue (In 000's)

$

8,865

$

20,082

$

(11.217

)

(56

)%

PrimeEnergy 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201125005934/en/

CONTACT: Connie Ng (713) 735-0000 ext 6416