HOUSTON - PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended June 30, 2022 and 2021: During July 2022 the Company amended its Credit agreement adding West Texas National Bank to our bank group which includes Citibank and Fifth Third Bank.

This reserves based line of credit totals $300 million, with an increased borrowing base of $75 million. As of August 18, 2022, the Company has no outstanding borrowings under this line and has ample liquidity on its balance sheet to execute its current business plan. The Company has returned $4,515,000 to its shareholders during 2022 under its ongoing share repurchase program which represents approximately 3% of the outstanding shares.

Forward-Looking Statements

This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes', 'projects' and 'estimates,' and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.

Contact:

Connie Ng

Tel: (713) 735-0000

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