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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the Transition Period From to . is Commission File Number 0-7406 PrimeEnergy Resources Corporation (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) | Delaware | 84-06 ...

Part I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the period ended September 30, 2022, including balance sheets, statements of operations, equity, and cash flows, along with accompanying notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$212,899** | **$210,914** | | Cash and cash equivalents | $24,059 | $10,347 | | Total Property and Equipment, Net | $170,030 | $184,663 | | **Total Liabilities** | **$83,521** | **$111,823** | | Long-Term Bank Debt | $0 | $36,000 | | **Total Equity** | **$129,378** | **$99,091** | - The company significantly increased its cash position to **$24.1 million** and eliminated its long-term bank debt of **$36.0 million** by September 30, 2022[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share amounts) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$101,562** | **$42,292** | **$39,651** | **$17,311** | | Oil sales | $75,546 | $30,376 | $23,403 | $10,442 | | Natural gas sales | $14,762 | $7,948 | $6,359 | $3,998 | | **Income (Loss) from Operations** | **$47,260** | **($5,248)** | **$18,276** | **($872)** | | **Net Income (Loss) Attributable to PrimeEnergy** | **$35,279** | **($5,021)** | **$13,154** | **($1,163)** | | **Diluted EPS** | **$12.96** | **($2.52)** | **$4.88** | **($0.58)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2022 | 2021 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | **$47,346** | **$18,824** | | Net Cash Provided by (Used in) Investing Activities | $7,358 | ($11,190) | | Net Cash (Used in) Financing Activities | ($40,992) | ($5,006) | | **Net Increase in Cash and Cash Equivalents** | **$13,712** | **$2,628** | | Cash and Cash Equivalents at End of Period | $24,059 | $3,624 | - Financing activities in the first nine months of 2022 were primarily driven by the repayment of **$36.0 million** in long-term bank debt and **$5.0 million** in treasury stock purchases[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - During the first three quarters of 2022, the company sold a total of **1,809 net leasehold acres** in Texas and **354 net acres** in Oklahoma, generating gross proceeds of approximately **$15.3 million**[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - On July 5, 2022, the company entered into a new Fourth Amended and Restated Credit Agreement with a maturity date of June 1, 2026, providing a revolving line of credit up to **$300 million** with an initial borrowing base of **$75 million**, with no borrowings outstanding as of September 30, 2022[28](index=28&type=chunk)[29](index=29&type=chunk) - As of September 30, 2022, the company had net derivative liabilities of **$3.67 million**, a reduction from **$5.59 million** at the end of 2021[43](index=43&type=chunk)[46](index=46&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Conditions%20and%20Results%20of%20Operation) Management provides an overview of the company's business, operational focus, and financial performance, detailing its asset base, development plans, reserve information, liquidity position, and a comparative analysis of operating results for 2022 versus 2021, highlighting significant increases in revenue and net income driven by higher commodity prices and production, as well as strategic asset sales and debt repayment [Overview and Strategy](index=14&type=section&id=Overview%20and%20Strategy) - The company is an independent oil and natural gas producer with properties primarily in Texas and Oklahoma, focusing on developing existing properties, actively pursuing acquisitions, and managing commodity price risk through derivatives[50](index=50&type=chunk)[51](index=51&type=chunk) - Existing derivative instruments are set to expire in March 2023, and the company does not intend to enter into new contracts unless required for its bank line of credit[52](index=52&type=chunk)[53](index=53&type=chunk) [District and Reserve Information](index=15&type=section&id=District%20and%20Reserve%20Information) Proved Reserves by Region as of Dec 31, 2021 (MBoe) | Region | Developed | Undeveloped | Total | | :--- | :--- | :--- | :--- | | Gulf Coast | 906 | 0 | 906 | | Mid-Continent | 2,383 | 0 | 2,383 | | West Texas | 8,957 | 0 | 8,957 | | **Total** | **12,252** | **0** | **12,252** | - The West Texas region, primarily in the Permian Basin, holds **73%** of the company's total proved reserves as of year-end 2021 and is the focus of current horizontal drilling activities[56](index=56&type=chunk)[64](index=64&type=chunk) Standardized Measure of Discounted Future Net Cash Flows (in thousands) | As of December 31, | 2021 | 2020 | | :--- | :--- | :--- | | Future Net Revenue | $275,227 | $81,232 | | Present Value of Future Net Revenue (PV10) | $171,906 | $56,539 | | **Standardized Measure (after tax)** | **$135,806** | **$41,619** | [Development and Drilling Activities](index=19&type=section&id=Development%20and%20Drilling%20Activities) - In Q4 2022, the company plans to participate in drilling **15 new horizontal wells** in West Texas and expects to invest approximately **$87 million** in a total of **26 new wells** with completions expected by mid-year 2023[68](index=68&type=chunk) - The company completed an acreage exchange in the Midland Basin, creating a **1,200-acre** contiguous block, then entered a joint development agreement to form a **2,560-acre** AMI, divesting a portion of its interest for **$16.1 million** to fund the drilling of up to **18 new wells**[67](index=67&type=chunk)[98](index=98&type=chunk) - In Oklahoma, the company participated in drilling four horizontal wells in Q2 2022, which were placed on production in August, and believes its **5,800 net acres** in the Scoop/Stack play could support up to **50 new horizontal wells**[100](index=100&type=chunk)[101](index=101&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) - Primary sources of liquidity are cash from operations, property sales, and its credit facility, with net cash from operations for the first nine months of 2022 at **$47.3 million**, up from **$18.8 million** in the prior year period[103](index=103&type=chunk) - The company has a **$300 million** credit facility with a current borrowing base of **$75 million**, with no outstanding borrowings as of August 15, 2022[109](index=109&type=chunk) - The company spent **$5.0 million** on its stock repurchase program in the first nine months of 2022 and expects continued spending under the program[114](index=114&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) - The company reported net income of **$35.3 million** for the nine months ended Sep 30, 2022, a significant turnaround from a net loss of **$5.0 million** in the same period of 2021, driven by higher production and commodity prices[115](index=115&type=chunk) Production and Revenue Analysis (Nine Months Ended Sep 30) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil Production (Bbls) | 752,500 | 480,000 | 56.8% | | Avg. Oil Price ($/Bbl) | $100.39 | $63.28 | 58.6% | | Oil Revenue (in 000's) | $75,546 | $30,376 | 148.7% | | Gas Production (Mcf) | 2,456,800 | 2,395,000 | 2.6% | | Avg. Gas Price ($/Mcf) | $6.01 | $3.32 | 81.0% | | Gas Revenue (in 000's) | $14,762 | $7,948 | 85.7% | | **Total Oil & Gas Revenue (in 000's)** | **$102,785** | **$46,105** | **122.9%** | - Lease operating expense increased **73.9%** for the nine months of 2022 compared to 2021, primarily due to higher production taxes related to increased commodity prices and workover expenses[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company, as a smaller reporting company, is not required to provide a response for this item - As a smaller reporting company, no response is required for this item[125](index=125&type=chunk) [Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of the end of the reporting period and concluded they were effective, with no material changes to internal controls over financial reporting occurring during the first nine months of 2022 - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures are effective[126](index=126&type=chunk) - No changes in internal control over financial reporting occurred during the first nine months of 2022 that have materially affected, or are reasonably likely to materially affect, the company's internal controls[127](index=127&type=chunk) Part II—Other Information [Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings during the period - None[129](index=129&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, PrimeEnergy is not required to provide a response regarding risk factors in its Form 10-Q - As a smaller reporting company, no response is required for this item[130](index=130&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities and provides details of its stock repurchase program, under which it purchased 61,377 shares for approximately $5.0 million during the nine months ended September 30, 2022 Common Stock Purchases (Nine Months Ended Sep 30, 2022) | Period | Number of Shares | Average Price Paid per share | | :--- | :--- | :--- | | **Total** | **61,377** | **$81.33** | - The Board of Directors has authorized a total of **3,700,000 shares** for the stock repurchase program, with **3,615,756 shares** repurchased through September 30, 2022[133](index=133&type=chunk) [Defaults Upon Senior Securities](index=24&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[134](index=134&type=chunk) [Exhibits](index=25&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the 10-Q report, including corporate governance documents, credit agreements, and required certifications by the CEO and CFO - Key exhibits filed with the report include: * Fourth Amended and Restated Credit Agreement (10.22.6) * Certifications of the CEO and CFO pursuant to Rule 13(a)-14(a)/15d-14(a) (31.1, 31.2) * Certifications of the CEO and CFO pursuant to Sarbanes-Oxley Act Section 906 (32.1, 32.2) * Inline XBRL documents (101 series)[136](index=136&type=chunk)