4 Aug 2026material agreement● Neutral
The borrowing base was trimmed from $115 million to $105 million - the first reduction after several years of increases - though the facility remains fully undrawn, limiting any immediate impact.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Feb 2026material agreement▲ Good
In its scheduled redetermination, PrimeEnergy's lenders reaffirmed the $115 million borrowing base and cut the facility's interest margin by 50 basis points across all tiers - favorable repricing, with the facility still fully undrawn.
1 July 2025auditor change● Neutral
PrimeEnergy dismissed Grassi & Co. as its auditor and engaged Withum Smith+Brown; no disagreements were cited with the outgoing firm.
1 Aug 2024material agreement▲ Good
The borrowing base was raised again, from $85 million to $115 million, with U.S. Bank added as a new lender and Fifth Third Bank joining Citibank as a joint lead arranger; the company had $8 million drawn and planned further borrowing for its 2024 drilling program.
14 Feb 2024material agreement▲ Good
PrimeEnergy's credit facility (now led by Citibank) had its borrowing base raised from $65 million to $85 million, with Independent Bank added as a new lender; the company had no debt outstanding but planned to draw on the facility to fund its 2024 drilling budget.
16 Feb 2021debt financing▼ Bad
PrimeEnergy's lenders cut its borrowing base from $75 million to $40 million in a scheduled redetermination, reflecting weaker oil and gas property valuations; the facility's administrative agent had by then become BBVA USA (Compass Bank's successor brand), joined by Citibank and Fifth Third.
21 Feb 2017debt financing▲ Good
PrimeEnergy replaced its credit facility with a new Third Amended and Restated Credit Agreement (Compass Bank, Citibank and Wells Fargo), providing up to $300 million of revolving/letter-of-credit capacity against an initial $75 million borrowing base, maturing February 2021.
26 Jan 2017asset acquisition disposition▲ GoodMajor
PrimeEnergy sold its Martin County, Texas (Permian) leases, well and equipment to Guidon Operating for $30.95 million, with the sale closing the same day the agreement was signed.
12 July 2013listing compliance notice▼ BadMajor
NASDAQ issued PrimeEnergy a reprimand letter over a board-independence lapse: director Clint Hurt sat on the Audit and Compensation Committees while his affiliated company received ongoing payments from PrimeEnergy for a well interest, a related-party conflict that breached independence rules. The company had already resigned Hurt from both committees and cured the deficiency before the letter arrived.
14 Nov 2008financial restatement▼ BadMajor
Following SEC comments, PrimeEnergy restated its 2005-2008 financials to correct the accounting for its 2005 Gulf of Mexico partnership deal with GE - switching from proportionate to full consolidation and adjusting the gain recognized on the sale of assets into that partnership. The restatement trimmed 2005 net income by $2.35 million and made small upward adjustments to 2006, 2007 and early-2008 results.
26 Aug 2005asset acquisition disposition▲ GoodMajor
PrimeEnergy's subsidiary F-W Oil Exploration formed a new partnership with GE Commercial Finance affiliate TIFD III-X to hold its offshore Gulf of Mexico oil and gas properties: FWOE contributed its properties for a 20% general-partner stake plus a $42.9 million cash distribution (partly used to repay bank debt), while the new partnership separately bought out minority shareholders' interests for $27.7 million - a $70.6 million transaction entirely funded by GE.
3 Jan 1996listing compliance notice▼ BadMajor
PRIMEENERGY RESOURCES CORP deregistered its securities, ending its obligation to file reports with the SEC.