PrimeEnergy Corporation announced today the following unaudited results
for the periods ended September 30, 2011 and 2010:
Three Months Ended September 30,
Nine Months Ended September 30,
2011
2010
2011
2010
Revenues
$
46,140,000
$
24,119,000
$
100,420,000
$
89,380,000
Net Income (loss)
$
4,273,000
$
798,000
$
5,093,000
$
10,473,000
Basic Earnings Per Common Share
$
1.56
$
0.28
$
1.85
$
3.54
Diluted Earnings Per Common Share
$
1.23
$
0.22
$
1.46
$
2.84
Shares Used In Calculation Of:
Basic EPS
2,744,177
2,870,453
2,758,388
2,954,433
Diluted EPS
3,474,794
3,596,622
3,491,451
3,687,040
Total assets at September 30, 2011 were 179,655,000 compared to
$208,160,000 at December 31, 2010.
Three Months Ended September 30,
Nine Months Ended September 30,
2011
2010
Increase/(Decrease)
2011
2010
Increase/(Decrease)
Barrels of Oil Produced
155,000
143,000
12,000
458,000
471,000
(13,000
)
MCF of Gas Produced
1,294,000
1,485,000
(191,000
)
3,703,000
4,556,000
(853,000
)
Average Price
$83.86
$75.85
$8.01
$90.19
$73.98
$16.21
Average Price
$6.77
$5.32
$1.45
$6.47
$5.75
$0.72
Oil Revenue
$13,001,000
$10,842,000
$2,159,000
$41,283,000
$34,847,000
$6,436,000
Gas Revenue
$8,756,000
$7,903,000
$853,000
$23,953,000
$26,180,000
$(2,227,000
)
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.
PrimeEnergy Corporation Joan Podlovits, 203-358-5723
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.
PRIMEENERGY RESOURCES CORPORATION 
By 
