PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following audited results for the years ended December 31, 2015 and 2014:

    Year Ended December 31,
2015     2014    

Increase /
(Decrease)

Revenues (In 000’s) $ 79,106 $ 144,580 $ (65,474 )
Net Income (In 000’s) $ (12,784 ) $ 27,046 $ (39,830 )
Earnings per Common Share:
Basic $ (5.53 ) $ 11.45 $ (16.98 )
Diluted $ (5.53 ) $ 8.68 $ (14.21 )
Shares Used in Calculation of:
Basic EPS 2,312,810 2,361,134
Diluted EPS 2,312,810 3,115,031

Total assets at December 31, 2015 were $226,795,000 compared to $264,900,000 at December 31, 2014. In 2015, PrimeEnergy participated in drilling 8 wells of which all were successfully completed. Proved reserves at December 31, 2015 were 4,631 barrels of oil, 1,685 barrels of natural gas liquids and 23,330 thousand cubic feet of natural gas; or 10,204 barrels of oil equivalent (“Boe”) with 99.28% of these reserves developed.

The net decrease in revenues as compared to 2014 was primarily due to the decrease in commodity prices. The decrease in net income in 2015 was primarily due to the decrease in revenues and an increase in depreciation and depletion expenses.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the years ended December 31, 2015 and 2014 were as follows:

      Year Ended December 31,
2015     2014    

Increase /
(Decrease)

Barrels of Oil Produced 720,000 759,000 (39,000 )
Average Price Received $ 45.74 $ 86.73 $ (40.99 )
Oil Revenue (In 000’s) $ 32,923 $ 65,824 $ (32,901 )
MMcf of Gas Produced 4,696 4,741 (45 )
Average Price Received $ 2.71 $ 5.32 $ (2.61 )
Gas Revenue (In 000’s) $ 12,709 $ 25,221 $ (12,512 )
Total Oil & Gas Revenues (In 000’s)

$

45,632

$

91,045

$

(45,413

)

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.