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United States

Profile: PrimeEnergy Corp (PNRG.OQ)

PNRG.OQ on NASDAQ Stock Exchange Capital Market

49.60USD
20 Mar 2017
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PrimeEnergy Corporation, incorporated on March 22, 1973, is an independent oil and natural gas company. The Company is engaged in acquiring, developing and producing oil and natural gas. It owns producing and non-producing properties located in Texas, Oklahoma, West Virginia, New Mexico, Colorado and Louisiana. All of the Company's oil and gas properties and interests are located in the United States. Through its subsidiaries, Prime Operating Company, Southwest Oilfield Construction Company, Eastern Oil Well Service Company and EOWS Midland Company, the Company acts as an operator and provides well servicing support operations for the onshore oil and gas wells in which the Company has an interest, as well as for third parties. The Company owns and operates properties in the Gulf of Mexico through its subsidiary, Prime Offshore L.L.C. The Company is also engaged in the acquisition of producing oil and gas properties through joint ventures with industry partners. Its subsidiary, PrimeEnergy Management Corporation (PEMC), acts as the managing general partner of approximately 20 oil and gas limited partnerships (the Partnerships), and acts as the managing trustee of over two asset and income business trusts (the Trusts).

The Company's operations are conducted through its offices in Houston, Texas, and district offices in Houston and Midland, Texas, Oklahoma City, Oklahoma, and Charleston, West Virginia. The Company operates approximately 1,390 wells, over 315 through the Houston office, approximately 360 through the Midland office, over 250 through the Oklahoma City office and approximately 470 through the Charleston, West Virginia office.

Appalachian Region

The Company's Appalachian activities are concentrated in West Virginia. This region is managed from its office in Charleston, West Virginia. The Company has approximately 630 wells (over 350 net), of which approximately 470 wells were operated by the Company. There are multiple producing intervals that include the Big Lime, Injun, Blue Monday, Weir, Berea, Gordon and Devonian Shale formations at depths ranging from 1,600 to 5,600 feet. The Company maintains an acreage position of over 40,200 gross (approximately 33,400 net) acres in this region, primarily in Calhoun, Clay and Roane counties. The Appalachian region has no wells in the process of being drilled, no waterfloods in the process of being installed and no other related activities of material importance.

Gulf Coast Region

The Company's development, exploitation, exploration and production activities in the Gulf Coast region are concentrated in Louisiana, southeast Texas and south Texas. This region is managed from its office in Houston, Texas. Its 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 has approximately 290 wells (over 170 net) in the Gulf Coast region, of which approximately 260 wells were operated by the Company. The Company maintains an acreage position of over 20,000 gross (approximately 9,500 net) acres in this region, primarily in Dimmit, Duval and Polk counties. It operates a field service group in this region from a field office in Carrizo Springs, Texas utilizing over three workover rigs, approximately 20 water transport trucks, over one saltwater disposal well, and several trucks and excavating equipment. Its services include well service support, site preparation and construction services for drilling and workover operations, which are provided to third party operators, as well as utilized in its own operated wells and locations. The Gulf Coast region has no wells in the process of being drilled, no waterfloods in the process of being installed and no other related activities.

Mid-Continent Region

The Company's Mid-Continent activities are concentrated in central Oklahoma. This region is managed from its office in Oklahoma City, Oklahoma. The Company has approximately 560 wells (over 270 net) in the Mid-Continent area, of which over 250 wells were operated by the Company. Its producing intervals are in the Roberson, Avant, Skinner, Sycamore, Bromide, McLish, Hunton, Mississippian, Oswego, Red Fork, and Chester formations at depths ranging from 1,100 to 10,500 feet. The Company maintains an acreage position of over 86,000 gross (approximately 29,000 net) acres in this region, primarily in Canadian, Grant and Kingfisher counties. It operates a field service group in this region from a field office in Elmore City. The Mid-Continent region has no wells in the process of being drilled, no waterfloods in the process of being installed and no other related activities of material importance.

West Texas Region

The Company's West Texas activities are concentrated in the Permian Basin in Texas and New Mexico. The oil produced is West Texas Intermediate Sweet, and the gas produced is casinghead gas with an average energy content of approximately 1,400 British Thermal Unit (Btu). The oil and gas are produced from over six formations, the upper and lower Spraberry, the Dean, the Wolfcamp, the Strawn and the Atoka, at depths ranging from 6,700 feet to 11,300 feet. This region is managed from its office in Midland, Texas. Its producing intervals are in the Spraberry, Wolfcamp and San Andres formations at depths ranging from 5,500 to 12,500 feet. The Company operates a field service group in this region utilizing over eight workover rigs, approximately four hot oiler trucks and over one kill truck. Its services include well service support, site preparation and construction services for drilling and workover operations, which are provided to third party operators, as well as utilized in its own operated wells and locations. The West Texas region has no wells in the process of being drilled, no waterfloods in the process of being installed and no other related activities.

Company Address

PrimeEnergy Corp

1 Landmark Sq
STAMFORD   CT   06901-2603
P: +1203.3585700
F: +1203.3585786

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