PrimeEnergy Resources Corporation joins the Russell 2000® Index
June 30 2023 - 3:00PM
Business Wire
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230630567948/en/
Connie Ng at (713) 735-0000 ext 6416.
PrimeEnergy Resources (NASDAQ:PNRG)
Historical Stock Chart
From Apr 2024 to May 2024
PrimeEnergy Resources (NASDAQ:PNRG)
Historical Stock Chart
From May 2023 to May 2024