PrimeEnergy Resources Corporation Announces Revision to Oil and Gas Production Table

PrimeEnergy Resources Corporation (NASDAQ:PNRG) announced today the following audited results for the years ended December 31, 2018 and 2017:

		Year Ended December 31,
		2018			2017			Increase / (Decrease)

Revenues (In 000’s) $ 118,100 $ 89,310 $ 28,790 Net Income (In 000’s) $ 14,529 $ 41,998 $ (27,469 ) Earnings per Common Share: Basic $ 6.96 $ 18.99 $ (12.03 ) Diluted $ 5.11 $ 14.18 $ (9.07 ) Shares Used in Calculation of: Basic EPS 2,089,055 2,211,985 (122,930 ) Diluted EPS 2,844,196 2,962,788 (118,592 )  

Total assets at December 31, 2018 were $255,052,000 compared to $246,765,000 at December 31, 2017. In 2018, PrimeEnergy participated in drilling 28 gross (6.1 net) wells of which all were successfully completed. Proved reserves at December 31, 2018 were 6,414,000 barrels of oil, 2,719,000 barrels of natural gas liquids and 21,189,000 thousand cubic feet of natural gas; or 12,665,000 barrels of oil equivalents (“Boe”) with 99% of these reserves developed.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the years ended December 31, 2018 and 2017, including revised revenue amounts (in bold below), were as follows:

					Twelve months ended December 31,
		2018			2017			Increase /