PrimeEnergy Authorizes 300,000-Share Buyback After Annual Meeting

PrimeEnergy Resources (PNRG) shareholders re-elected the company's five incumbent directors and authorized the repurchase of up to 300,000 additional shares at the annual meeting on June 10.

The directors, Charles Drimal Jr., Beverly Cummings, H. Gifford Fong, Thomas Gimbel and Clint Hurt, will serve until the next meeting or until their successors are elected. The buyback can be executed in open-market transactions or private deals, with timing and amounts at management's discretion, subject to cash availability and market conditions, the company said.

PrimeEnergy is an independent oil and natural gas company active in Texas and Oklahoma. The company acquires and develops oil and gas properties. It also produces the resources and provides oilfield services. The stock trades on Nasdaq under PNRG.

The company has maintained a debt-free balance sheet through the recent energy cycle, as AlphaScala previously covered. The new buyback authority adds to an existing repurchase program whose remaining capacity was not disclosed. PrimeEnergy said repurchases are not obligatory and will be funded from cash on hand.