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CORRECTING and REPLACING PrimeEnergy Resources Corporation Announces Second Quarter Results
HOUSTON--(BUSINESS WIRE)-- In column "2022" of table "Six Months Ended June 30" of release dated August, 14, 2023, the figure for "Barrels of Oil Produced"
About this update from Primeenergy Resources Corporation
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nIn column \"2022\" of table \"Six Months Ended June 30\" of release dated August, 14, 2023, the figure for \"Barrels of Oil Produced\" should read 508,000 (instead of 165,000) and the figure for \"Average Price Received\" should read $102.64 (instead of $104).\n\n\nThe updated release reads:\n\n\nPrimeEnergy Resources Corporation Announces Second Quarter Results\n\n\nPrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today net income of $10.0 million for the quarter, and $11.5 million for the six months, ended June 30, 2023. This represents $3.82 and $4.37 per share, on a fully diluted basis, for the three and six months ended June 30, 2023. As of August 14, 2023 the total outstanding shares including outstanding options are 2,602,800.\n\n\n\"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's revolving line of credit was increased from $60 million to $65 million and is totally undrawn as of August 14, 2023,\" said Beverly Cummings, Vice President and CFO of PrimeEnergy.\n\n\nOil and natural gas production and the average prices received for the three and six months ended June 30, 2023, and 2022 were as follows:\n\n\n\n\nThree Months Ended June 30\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n2023\n\n\n\n\n\n\n\n \n\n\n\n\n2022\n\n\n\n\n\n\n\nIncrease /\n\n\n\n\n(Decrease)\n\n\n\n\n\n\n\n\nBarrels of Oil Produced\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n297,022\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n235,000\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n62,022\n\n\n\n\n\n\n\n\nAverage Price Received\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n70.59\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n109.95\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(39.36)\n\n\n\n\n\n\n\n\nOil Revenue (In 000’s)\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n20,968\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n25,838\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(4,870)\n\n\n\n\n\n\n\n\nMcf of Gas Sold\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n884,456\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n800,000\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n84,456\n\n\n\n\n\n\n\n\nAverage Price Received\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1.39\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n5.86\n\n\n\n\n...