PRIMEENERGY RESOURCES CORPORATION 
By PrimeEnergy Corporation announced today the following unaudited results for the periods ended September 30, 2006 and 2005:
| Three Months Ended September 30 | Nine Months Ended September 30, | |||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||
| Revenues | $ | 24,842,000 | $ | 19,293,000 | $ | 71,242,000 | $ | 52,979,000 | ||||
| Income From Operations | $ | 9,050,000 | $ | 4,426,000 | $ | 23,705,000 | $ | 12,807,000 | ||||
| Net Income From Operations | $ | 6,609,000 | $ | 14,554,000 | $ | 15,907,000 | $ | 19,128,000 | ||||
| Basic Earnings Per Common Share | $ | 2.02 | $ | 4.32 | $ | 4.84 | $ | 5.59 | ||||
| Diluted Earnings Per Common Share | $ | 1.64 | $ | 3.54 | $ | 3.93 | $ | 4.59 | ||||
| Shares Used In Calculation Of: | ||||||||||||
| Basic EPS | 3,263,987 | 3,365,650 | 3,289,250 | 3,418,853 | ||||||||
| Diluted EPS | 4,019,867 | 4,114,040 | 4,045,130 | 4,167,582 | ||||||||
Total assets at September 30, 2006 were $208,736,000 compared to $109,383,000 at December 31, 2005, reflecting the Company's continued expenditures on oil and gas exploration and development.
Nine Months Ended September 30 | Three Months Ended September 30, | |||||||||||||||||||||
| Increase/ | Increase/ | |||||||||||||||||||||
| 2006 | 2005 | (Decrease) | 2006 | 2005 | (Decrease) | |||||||||||||||||
| Barrels of Oil Produced | 288,000 | 267,000 | 21,000 | 104,000 | 91,000 | 13,000 | ||||||||||||||||
| MCF of Gas Produced | 4,318,000 | 3,599,000 | 719,000 | 1,492,000 | 1,088,000 | 494,000 | ||||||||||||||||
| Average Price Received | $ | 63.8 | $ | 51.61 | 12.19 | $ | 67,47 | $ | 59.63 | $ | 7.84 | |||||||||||
| Average Price Received | $ | 7.02 | $ | 6.49 | 0.53 | $ | 6.69 | $ | 7.65 | $ | (0.96) | |||||||||||
| Oil Revenue | $ | 18,374,000 | $ | 13,780,000 | $ | 4,594,000 | $ | 7,017,000 | $ | 5,426,000 | $ | 1,591,000 | ||||||||||
| Gas Revenue | $ | 30,292,000 | $ | 23,351,000 | $ | 6,941,000 | $ | 9,979,000 | $ | 8,324,000 | $ | 1,655,000 | ||||||||||
PrimeEnergy Corporation (NASDAQ: PNRG) announced today that its Board of Directors authorized a stock buy-back plan. The buy-back program authorizes the Company to repurchase up to an additional 300,000 shares of its Common Stock, or 9.3% of the shares of Common Stock currently outstanding. This authorization coupled with the remaining balance of the last authorization allows the company to repurchase up to 373,974 shares. The shares may be repurchased from time to time in open market transactions or privately negotiated transactions at the Company's discretion, including the quantity, timing and price thereof.
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, the Gulf of Mexico, 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 Joan Podlovits at (203) 358-5723.
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.
