PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited results for the periods ended September 30, 2013 and 2012:

    Three Months Ended September 30,     Nine Months Ended September 30,
        Increase /         Increase /
2013 2012 (Decrease) 2013 2012 (Decrease)
Revenues (In 000's) $ 29,980 $ 26,260 $ 3,720 $ 94,230 $ 90,393 $ 3,837
Net Income (In 000's) $ 2,232 $ 1,342 $ 890 $ 10,584 $ 10,088 $ 496
Earnings per Common Share:
Basic $ 0.92 $ 0.51 $ 0.41 $ 4.32 $ 3.81 $ 0.51
Diluted $ 0.71 $ 0.40 $ 0.31 $ 3.32 $ 2.98 $ 0.34
Shares Used in Calculation of:
Basic EPS 2,415,303 2,608,319 (193,016 ) 2,448,743 2,645,924 (197,181 )
Diluted EPS 3,164,967 3,345,481 (180,514 ) 3,192,709 3,380,604 (187,895 )
 

Total assets at September 30, 2013 were $238,497,000 compared to $228,086,000 at December 31, 2012.

The increase in net income was principally due to increases in oil and gas sales and field service income and decreased depreciation and depletion expense partially offset by increases in realized and unrealized losses on derivative instruments and increases in lease operating and field service expenses.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2013 and 2012 were as follows:

    Three Months Ended September 30,     Nine Months Ended September 30,
        Increase /         Increase /
2013 2012 (Decrease) 2013 2012 (Decrease)
Barrels of Oil Produced 188,000 185,000 3,000 560,000 541,000 19,000
Average Price Received $ 104.95 $ 88.26 $ 16.69 $ 94.66 $ 91.84 $ 2.82
Oil Revenue (In 000's) $ 19,807 $ 16,288 $ 3,519 $ 53,031 $ 49,717 $ 3,314
Mcf of Gas Produced 1,242,000 1,191,000 51,000 3,667,000 3,493,000 174,000
Average Price Received $ 4.94 $ 4.64 $ 0.30 $ 5.02 $ 4.57 $ 0.45
Gas Revenue (In 000's) $ 6,141 $ 5,525 $ 616 $ 18,411 $ 15,961 $ 2,450
Total Oil & Gas Revenues (In 000's) $ 25,948 $ 21,813 $ 4,135 $ 71,442 $ 65,678 $ 5,764
 

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 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.

PrimeEnergy Corporation
Connie Ng, 713-735-0000 ext 6416