PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following
unaudited results for the periods ended September 30, 2015 and 2014:
Three Months Ended September 30,
Nine Months Ended September 30,
2015
2014
Increase /
(Decrease)
2015
2014
Increase /
(Decrease)
Revenues (In 000’s)
$
21,498
$
40,744
$
(19,246
)
$
63,795
$
100,458
$
(36,663
)
Net Income (In 000’s)
$
(655
)
$
10,799
$
(11,454
)
$
(2,575
)
$
16,841
$
(19,416
)
Earnings per Common Share:
Basic
$
0.28
$
4.58
$
(4.30
)
$
(1.11
)
$
7.11
$
(8.22
)
Diluted
$
0.28
$
3.47
$
(3.19
)
$
(1.11
)
$
5.40
$
(6.51
)
Shares Used in Calculation of:
Basic EPS
2,311,873
2,356,766
(44,893
)
2,314,704
2,367,602
(52,898
)
Diluted EPS
2,311,873
3,111,613
(799,740
)
2,314,704
3,121,066
(753,464
)
Total assets at September 30, 2015 were $241,607 compared to $264,900 at
December 31, 2014.
The following table summarizes the primary components of production
volumes and average sales prices realized for the three and nine months
ended September 30, 2015 and 2014 (excluding realized gains and losses
from derivatives).
Three Months Ended September 30,
Nine Months Ended September 30,
2015
2014
Increase /
(Decrease)
2015
2014
Increase /
(Decrease)
Barrels of Oil Produced
171,000
194,000
(23,000
)
564,000
577,000
(13,000
)
Average Price Received
$
43.84
$
89.79
$
(45.95
)
$
47.91
$
93.07
$
(45.16
)
Oil Revenue (In 000’s)
$
7,511
$
17,377
$
(9,866
)
$
27,044
$
53,656
$
(26,612
)
Mcf of Gas Produced
1,151,000
1,206,000
(55,000
)
3,605,000
3,551,000
54,000
Average Price Received
$
2.69
$
4.97
$
(2.28
)
$
2.81
$
5.63
$
(2.82
)
Gas Revenue (In 000’s)
$
3,096
$
5,995
$
(2,899
)
$
10,116
$
19,980
$
(9,864
)
Total Oil & Gas Revenue (In 000’s)
$
10,607
$
23,372
$
(12,765
)
$
37,160
$
73,636
$
(36,476
)
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151116006441/en/
PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas. It owns leasehold, mineral and royalty interests in producing and non-producing oil and gas properties across the United States, primarily in Oklahoma, and Texas. It operates approximately 630 active wells and owns non-operating interests and royalties in approximately 800 additional wells. It provides well-servicing support operations, site-preparation and construction services for oil and gas drilling and reworking operations, both in connection with its activities and providing contract services for third parties. It maintains an acreage position of approximately 16,940 gross acres in the Permian Basin of West Texas and eastern New Mexico, which is located in Reagan, Upton, Martin, and Midland counties. In Oklahoma, it is focused on the development of its reserves in Canadian, Grady, Kingfisher, Garfield, Major, and Garvin counties.