Primeenergy : PrimeEnergy Corporation Announces Third Quarter Earnings and Authorizes Stock Buy Back
November 15, 2006 at 10:26 am EST
By
Share
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
$
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.
PrimeEnergy Resources Corporation is an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas. The Company owns leasehold, mineral and royalty interests in producing and non-producing oil and gas properties across the United States, primarily in Oklahoma, and Texas. Through its subsidiaries Prime Operating Company, Eastern Oil Well Service Company, and EOWS Midland Company, it acts as operator and provides well-servicing support operations for many of the onshore oil and gas wells it operates, as well as for third parties. It operates approximately 534 active wells and owns non-operating interests and royalties in approximately 952 additional wells. It maintains an acreage position of approximately 16,407 gross (9,341 net) acres in the Permian Basin in West Texas, primarily in Reagan, Upton, Martin and Midland counties. It has over 511 producing wells in the Mid-Continent area, of which 128 wells are operated by the Company.