PrimeEnergy Corporation Announces Sale of Acreage in Martin County, TX

HOUSTON--()--PrimeEnergy Corporation announces today that it filed a Form 8-K with the Securities Exchange Commission related to the sale of approximately 1,600 net acres in Martin County, TX. Proceeds from the sale were $30,954,488.77 which will be used to pay down part of PrimeEnergy's revolving credit facility and to help fund capital expenditures in 2017. Effective December 17, 2016, PrimeEnergy Corporation closed its office at One Landmark Square, Stamford, CT and consolidated the Connecticut operations into its Houston, TX office.

PrimeEnergy is an independent oil and gas company actively engaged in acquiring, developing and producing oil and gas, and providing oilfield services, primarily in Texas, Oklahoma, West Virginia, New Mexico, Colorado and Louisiana. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Connie Ng at (713) 735-0000 ext 6416.

Forward-Looking Statements

This press release contains forward-looking statements under the federal securities laws. These statements are based on current expectations, estimates and projections about the industry and markets in which PrimeEnergy Corporation operates, management’s beliefs and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. You should not place undue reliance on such forward-looking statements. The Company does not assume any duty and does not undertake to update its forward-looking statements.

Contacts

PrimeEnergy Corporation
Connie Ng, 713-735-0000 ext 6416

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