PRIMEENERGY RESOURCES CORP

1996-2008: The Gulf of Mexico partnership

In January 1996 PrimeEnergy deregistered its securities, ending its duty to file reports with the SEC. The record then goes quiet for nearly a decade.

In August 2005 its subsidiary F-W Oil Exploration formed a partnership with TIFD III-X, an affiliate of GE Commercial Finance, to hold its offshore Gulf of Mexico oil and gas properties. The subsidiary contributed the properties for a 20% general-partner stake and a $42.9 million cash distribution, part of which repaid bank debt. The partnership also bought out minority shareholders' interests for $27.7 million. GE funded the whole $70.6 million.

In November 2008, after SEC comments, PrimeEnergy restated its 2005-2008 results to correct how it accounted for the deal. It moved from proportionate to full consolidation and adjusted the gain on the asset sale. The change cut 2005 net income by $2.35 million and nudged later results up slightly.

2013-2026: Governance, a Permian sale and a smaller share count

In July 2013 NASDAQ sent a reprimand letter over director Clint Hurt, who sat on the Audit and Compensation Committees while a company he was affiliated with received ongoing payments from PrimeEnergy for a well interest. That breached independence rules. PrimeEnergy had already removed him from both committees and fixed the problem before the letter arrived.

In January 2017 it sold its Martin County, Texas (Permian) leases, well and equipment to Guidon Operating for $30.95 million, closing the same day the agreement was signed.

Over the period the share count fell from about 2.8 million at the end of 2010 to about 1.58 million in 2026. The beats do not explain the decline.

By 3 August 2026 the company's bank borrowing base, the limit on what it could borrow against its reserves, stood at $105 million. That was its first reduction after several years of increases, and the facility was undrawn.