Profile: PrimeEnergy Corp (PNRG.OQ)

PNRG.OQ on NASDAQ Stock Exchange Capital Market

64.50USD
24 Oct 2014
Price Change (% chg)

$0.37 (+0.58%)
Prev Close
$60.61
Open
$64.50
Day's High
$64.50
Day's Low
$64.50
Volume
212
Avg. Vol
291
52-wk High
$69.28
52-wk Low
$44.00

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PrimeEnergy Corporation is engaged in the oil and gas business through the acquisition, exploration, development, and production of crude oil and natural gas. The Company’s properties are located primarily in Texas, Oklahoma, West Virginia, the Gulf of Mexico, New Mexico, Colorado and Louisiana. The Company, through its subsidiaries Prime Operating Company, Southwest Oilfield Construction Company, Eastern Oil Well Service Company and EOWS Midland Company, acts as operator and provides well servicing support operations for many of the onshore oil and gas wells, in which the Company has an interest, as well as for third parties. The Company is also active in the acquisition of producing oil and gas properties through joint ventures with industry partners. In July 2010, the Company entered into a joint development agreement with a Korean consortium to develop oil properties in West Texas.

The Company’s subsidiary, PrimeEnergy Management Corporation (PEMC), acts as the managing general partner of 18 oil and gas limited partnerships (the Partnerships), and acts as the managing trustee of two asset and income business trusts (the Trusts). During the year ended December 31, 2010, the Company participated in drilling a total of 47 gross (19.96 net) wells, all of which were completed. All of the Company’s oil and gas properties and interests are located in the United States. The Company operates 1,599 oil and gas wells, 364 through the Houston office, 326 through the Midland office, 411 through the Oklahoma City office and 498 through the Charleston, West Virginia office.

Appalachian Region

The Company’s Appalachian activities are concentrated primarily in West Virginia. As of December 31, 2010, the Company had 715 wells (375 net), of which 498 wells are operated by it. At December 31, 2010, we had 7.6 billion cubic feet equivalent (Bcfe) of proved reserves (substantially all natural gas) in the Appalachian region, constituting 8% of its total proved reserves.

Gulf Coast Region

The Company’s development, exploitation, exploration and production activities in the Gulf Coast region are primarily concentrated in Louisiana, southeast Texas and south Texas. The Company's principal producing intervals are in the Marg Tex, Wilcox, Pettit, Glenrose, Woodbine, San Miguel, Olmos and Yegua formations at depths ranging from 3,000 to 12,500 feet. The Company had 371 wells (136 net) in the Gulf Coast region as of December 31, 2010, of which 289 wells are operated by it. As of December 31, 2010, it had 6.3 Bcfe of proved reserves (69% natural gas) in the Gulf Coast region, which represented 6% of its total proved reserves.

Mid-Continent Region

The Company’s Mid-Continent activities are concentrated in central Oklahoma. As of December 31, 2010, it had 768 wells (253 net) in the Mid-Continent area, of which 411 wells are operated by it. Its principal producing intervals in the West Texas are in the Spraberry, Wolfcamp and San Andres formations at depths ranging from 1100 to 10,500 feet. As of December 31, 2010, it had 15.5 Bcfe of proved reserves (61% natural gas) in the Mid-Continent area, or 15% of its total proved reserves.

West Texas Region

The Company’s West Texas activities are concentrated in the Permian Basin in Texas and New Mexico. As of December 31, 2010, the Company had 473 wells (150 net) in the West Texas area, of which 326 wells are operated by it. Its principal producing intervals in the West Texas are in the Spraberry, Wolfcamp and San Andres formations at depths ranging from 5,500 to 12,500 feet. As of March 31, 2011, the West Texas region had one well in the process of being drilled. As of December 31, 2010, it had 40 Bcfe of proved reserves (42% natural gas) in the West Texas area.

Offshore Gulf of Mexico

The Company’s development, exploitation, exploration and production activities in the Offshore Gulf of Mexico are concentrated in the Western Gulf area in shallow water. Its principal producing intervals are in the Pleistocene to Miocene formations at depths ranging from 750 to 12,500 feet. The Company had 16 wells (7 net) in the Offshore Gulf of Mexico region as of December 31, 2010, of which 14 wells are operated by it. As of December 31, 2010, the Company had 2.5 cubic feet equivalent (Bcfe) of proved reserves (substantially all natural gas) in the Offshore Gulf of Mexico region, which represented 3% of its total proved reserves.

Company Address

PrimeEnergy Corp

ONE LANDMARK SQ
STAMFORD   CT   6901
P: +1203.3585700
F: +1203.3585786

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