HOUSTON, Feb. 27, 2026 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (NASDAQ: PNRG) today announced that it has entered into a Fifth Amendment to its Fourth Amended and Restated Credit Agreement with its bank group, led by Citibank, N.A., as administrative agent.
In connection with the scheduled semi-annual redetermination, the Company's borrowing base was reaffirmed at $115.0 million. As of December 31, 2025 and February 27, 2026, the Company had no borrowings outstanding under the facility, leaving the full $115.0 million available.
The amendment also reduces the applicable interest rate margins by 50 basis points across all utilization levels. The SOFR loan margin now ranges from 2.75% to 3.75%, and the alternate base rate loan margin now ranges from 1.75% to 2.75%, in each case based on borrowing base utilization
The amendment includes certain technical and conforming changes and updates to the Company's commodity hedging covenant. All other material terms of the credit facility remain unchanged. The Company's senior secured revolving credit facility has aggregate lender commitments of $300 million and matures on December 20, 2028.
Beverly A. Cummings, Chief Financial Officer, commented:
"We appreciate the continued support of our banking group. The reaffirmed borrowing base and reduced pricing reflect the strength of our balance sheet and asset base. With no borrowings outstanding and full availability under our revolving credit facility, PrimeEnergy remains well positioned to execute our capital program while maintaining financial discipline."
If you have any questions on this release, please contact Connie Ng at (713) 735-0000 ext 6416.
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.
