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PrimeEnergy Resources Corp. First Quarter 2022 Results
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PrimeEnergy Resources Corp. reported its first quarter 2022 results.
PrimeEnergy reported net income of $11.1 million, $5.62 per share, for the quarter ended March 31, 2022. During the period cash flow from operations and the sale of properties totaled $23.3 million and excess cash has been used to reduce bank debt. Currently the Company has no borrowings outstanding on its credit facility with $50 million of availability. The borrowing base redetermination is scheduled for June 2022 and the Company expects the availability to increase 50% to approximately $75 million.
Oil and natural gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2022 and 2021 were as follows:
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