PNRG Announces Yearend Production & Financial Results

Proved reserves at December 31, 2021 were 5,386,000 barrels of oil, 2,882,000 barrels of natural gas liquids and 23,902,000 thousand cubic feet of natural gas; or 12,252,000 barrels of oil equivalents.

Our current credit facility provides for a credit line of $50 million; as of April 21, 2022, we have outstanding borrowings of $8 million with the right to borrow $42 million additionally.

PNRG received a determination letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule Listing Rule 5810(b), as a result of the Company’s failure to timely file its Form 10-K for the fiscal year ended December 31, 2021. Under Nasdaq’s Rules the Company has 60 calendar days to submit a plan to regain compliance to Nasdaq. The Company has submitted its Form 10-K for the fiscal year ended December 31, 2021 to the Securities and Exchange Commission on April 21, 2022, therefore, the Company is now in compliance with the NASDAQ listing rules.

PrimeEnergy is an independent oil and gas company actively engaged in acquiring, developing and producing oil and 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.