Financial Performance - PrimeEnergy Resources Corporation reported a net income of $22,076,000 for the quarter and $53,127,000 for the nine months ended September 30, 2024, translating to earnings of $8.80 and $20.93 per share on a fully diluted basis [1] - Revenues for the three months ended September 30, 2024, were $69,455,000, compared to $37,575,000 in the same period of 2023, marking a significant increase [4] - Total assets as of September 30, 2024, were $345,588,000, up from $288,568,000 at the end of 2023 [4] Production Volumes - Oil production for the three months ended September 30, 2024, was 757,000 barrels, a 134.37% increase from 323,000 barrels in 2023 [2] - Natural gas production for the same period was 2,144,000 Mcf, representing a 98.41% increase from 1,081,000 Mcf in 2023 [2] - For the nine months ended September 30, 2024, oil production totaled 1,883,000 barrels, up 131.33% from 814,000 barrels in 2023 [3] Company Overview - PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas, primarily in Texas [5]

Reserves and Production - As of December 31, 2023, total proved reserves amounted to 29,046 MBoe, with 13,558 MBoe developed and 15,488 MBoe undeveloped[66] - Average net daily production was 7,181 Boe, with West Texas contributing 6,172 Boe, Mid-Continent 831 Boe, and Gulf Coast 173 Boe[66] - In the Mid-Continent region, the company has 2,210 MBoe of proved reserves, representing 8% of total proved reserves[68] - The Gulf Coast region has 563 MBoe of proved reserves, accounting for 2% of total proved reserves[67] - At year-end 2023, the Company had 15,488 MBOE of proved undeveloped reserves attributable to 52 undeveloped wells, with 28 in the process of being drilled or completed[79] Investment and Development - The company completed 56 new horizontal wells in 2024, investing approximately $141 million, and plans to invest about $84 million in another 30 horizontal wells for 2025[70] - The company is currently participating in the completion of 6 horizontal wells in Upton County, Texas, with an average 47.52% interest, expecting to spend approximately $35 million[70] - The Company invested approximately $30 million in nine horizontal wells in West Texas, with an average interest of 47.8%[73] - The Company has plans for additional Wolfcamp D drilling, potentially setting up the development of as many as 36 horizontals on its acreage in Reagan County[94] - The company anticipates investing over $300 million in horizontal development in West Texas from January 2024 through December 2027[95] - The Company has invested a total of $141 million in 56 wells completed by early September 2024, with an additional planned investment of $48.4 million in 24 new horizontal wells in West Texas for 2025[121] Financial Performance - The company reported a net income of $53.13 million, or $29.88 per share, for the nine months ended September 30, 2024, compared to $22.22 million, or $11.95 per share, for the same period in 2023, reflecting increased production and oil prices[98] - Oil, gas, and NGL sales increased by $31.99 million, or 99.88%, to $64.01 million for the three months ended September 30, 2024, compared to $32.02 million for the same period in 2023[99] - The company produced 1,883,000 barrels of oil for the nine months ended September 30, 2024, an increase of 1,069,000 barrels, or 131.33%, from 814,000 barrels in the same period in 2023[101] - Average oil price received was $77.39 per barrel for the nine months ended September 30, 2024, compared to $75.42 per barrel in 2023, reflecting a 2.61% increase[104] Expenses and Taxes - Production and ad valorem taxes increased by $1.2 million, or 83.39%, to $2.6 million for the three months ended September 30, 2024, compared to $1.4 million for the same period in 2023[105] - Depreciation, depletion, and amortization expense increased by $22.9 million, or 100.57%, to $45.8 million for the nine months ended September 30, 2024, from $22.8 million in 2023[108] - General and administrative expenses rose by $2.8 million, or 34.34%, to $10.8 million for the nine months ended September 30, 2024, compared to $8.1 million in 2023[109] Asset Management and Acquisitions - The company is actively pursuing acquisitions of producing properties to diversify and broaden its asset base[58] - The company maintains a balanced portfolio of assets, with primary sources of liquidity being cash generated from operations and a credit facility[57] - The Company sold 368 net mineral acres and 7.8 surface acres in Midland County, Texas in 2023, receiving gross proceeds of $436,050 and recognizing a gain of $47,000[122] - In the second quarter of 2024, the Company sold 12 net acres in Lea County, New Mexico for proceeds of $150,600, and an additional 2.29 surface acres in Odessa, Texas for $68,000[126] - The Company sold its south Texas well-servicing business for $2,800,000 in the third quarter of 2024[128] Credit and Compliance - The Company has a credit agreement with a reserves-based line of credit totaling $300 million, with a current borrowing base of $115 million and outstanding borrowings of $22.1 million as of November 14, 2024[115][129] - The next borrowing base review for the credit agreement is scheduled for December 2024, which may affect the borrowing capacity based on commodity prices and operational performance[115] - The Company is in compliance with financial and operational covenants of its credit agreement and expects to maintain compliance over the next twelve months[115] Historical Performance - In 2023, the Company participated in the drilling and completion of 35 horizontal wells, with an investment of approximately $91 million, 99% of which was for wells in West Texas[89] - In 2022, the Company participated in eight horizontal wells with an investment of approximately $4 million, all brought into production in August 2022[75] - At year-end 2022, the Company had 6,366 MBOE of proved undeveloped reserves attributable to 25 horizontal wells[77]

Toronto, Ontario--(Newsfile Corp. - Le 13 novembre/November 2024) - Pan American Energy Corp. has announced a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidated common share for every ten (10) pre-consolidated common shares. As a result, the outstanding shares of the company will be reduced to approximately 10,597,923 common shares. The name and symbol will not change. Please note that all open orders will be canceled at the close of business on Novemb ...

Core Viewpoint - Zacks Investment Research has initiated coverage of PrimeEnergy Resources Corporation (PNRG) with a "Neutral" recommendation, highlighting its significant growth and operational efficiency in the oil and gas industry [1] Financial Performance - As of March 31, 2024, PNRG's total assets increased to $332.9 million from $288.6 million at the end of 2023, indicating a strengthened balance sheet [2] - The company reported an 88% year-over-year increase in revenues, reaching $42.99 million, driven by a doubling of production volumes [7] Production and Growth Strategy - PrimeEnergy plans to complete 54 horizontal wells in 2024 with an investment of $140 million, aiming for significant growth in production volumes [3] - The company operates 542 wells, primarily in Texas and Oklahoma, focusing on the Permian Basin and the SCOOP/STACK Play [8] Operational Challenges - Despite strong operational performance, PNRG faces liquidity challenges, with cash reserves dropping to $1.8 million and long-term debt increasing to $4 million as of March 31, 2024 [9] - The company's reliance on traditional extraction methods without significant investments in new technologies may put it at a disadvantage compared to competitors [4] Market Positioning - PrimeEnergy's shares have shown significant volatility, declining in the past six months but performing well over the past year, trading at lower valuation multiples compared to its peers [10]

| | | | Quarter ended March | | 31, | Increase | | Increase | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | | 2023 | | | | | | | Revenues (in thousands) | $ | 42,990 | $ | 22,815 | $ | 20,175 | 88 | % | | Net Income (in thousands) | $ | 11,319 | $ | 1,410 | $ | 9,909 | 703 | % | | Earnings per Common Share: | | | | | | | | | | Basic | $ | 6.27 | $ | 0.75 | $ | 5.52 | 736 | % | | Diluted | $ | 4.41 | $ | 0.53 | $ | 3.88 | 732 | % | | Shares Used in Calculation of: | | | | | | | | | | Bas ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 0-7406 PrimeEnergy Resources Corporation (Exact name of registrant as specified in its charter) Delaware 84-0637348 (State or other jurisdictio ...

Financial Performance - The company reported a net income of $28.1 million for 2023, or $15.19 per share, compared to $48.7 million, or $24.91 per share for 2022, reflecting production increases offset by commodity price decreases [269]. - Oil, NGL, and gas sales decreased by $16.4 million, or 13.19%, to $107.7 million for the year ended December 31, 2023, from $124.1 million for the year ended December 31, 2022 [270]. - Total oil and gas revenue decreased by $16,376,000, or 13.19%, to $107,742,000 in 2023 from $124,118,000 in 2022 [273]. Production Metrics - Crude oil production increased by 205,000 barrels, or 21.83%, to 1,144,000 barrels for the year ended December 31, 2023, from 939,000 barrels for the year ended December 31, 2022 [271]. - NGL production increased by 189,000 barrels, or 45.32%, to 606,000 barrels for the year ended December 31, 2023, from 417,000 barrels for the year ended December 31, 2022 [271]. - Natural gas production increased by 802 MMcf, or 24.12%, to 4,127 MMcf for the year ended December 31, 2023, from 3,325 MMcf for the year ended December 31, 2022 [271]. - Gas sold increased by 802,000 Mcf, or 24.12%, to 4,127,000 Mcf in 2023 from 3,325,000 Mcf in 2022 [273]. Price Changes - The average realized price for crude oil decreased by $19.86 per barrel, or 20.54%, for 2023 compared to 2022, while NGL prices decreased by $16.06 per barrel, or 44.99%, and natural gas prices decreased by $3.62 per Mcf, or 65.34% [270]. - Average price received for oil decreased by $19.86, or 20.54%, to $76.84 in 2023 from $96.70 in 2022 [273]. - Average price received for gas decreased by $3.62, or 65.34%, to $1.92 in 2023 from $5.54 in 2022 [273]. Expenses and Investments - General and administrative expenses decreased by $4.6 million, or 22.7%, to $15.6 million in 2023 from $20.2 million in 2022 [280]. - Depreciation, depletion, and amortization increased by $3.6 million, or 13.1%, to $31 million in 2023 from $27.4 million in 2022 [279]. - Interest expense decreased by $0.4 million, or 41.0%, to $0.5 million in 2023 from $0.9 million in 2022 [282]. - Tax expense decreased to $6.1 million in 2023 from $10.3 million in 2022, primarily due to a decrease in pre-tax income [282]. - The company invested approximately $91 million in 35 wells during 2023, focusing on horizontal development in West Texas [261]. - For 2024, the company expects to invest $140 million in 54 wells and $95 million in an additional 23 wells in West Texas in 2025 [261]. Stock and Credit Facilities - The company maintains a credit facility totaling $300 million, with a borrowing base of $85 million, and had $4 million in outstanding borrowings as of March 31, 2024 [258]. - The company has a stock repurchase program, spending $7.5 million in 2023 and expects continued spending in 2024 [267]. Field Service Income - Field service income increased by $2.4 million, or 18.5%, to $15.4 million in 2023 from $13.0 million in 2022 [277].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the Transition Period From to FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-7406 PrimeEnergy Resources Corporation (Exact name of registrant as specified in its charter) Delaware 84-0637348 (Stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 0-7406 PrimeEnergy Resources Corporation (Exact name of registrant as specified in its charter) (713) 735-0000 (Registrant's t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the Quarterly Period Ended March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 0-7406 PrimeEnergy Resources Corporation (Exact name of registrant as specified in its charter) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 84-0637348 (State or ...