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PRIMEENERGY CP
Symbol U : PNRG
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PrimeEnergy Corporation Announces Third Quarter Results

2012-11-09 10:42 ET - News Release


HOUSTON -- (Business Wire)

PrimeEnergy Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended September 30, 2012 and 2011:

  Three Months Ended September 30,   Nine Months Ended September 30,
2012   2011   Increase / (Decrease)2012   2011   Increase / (Decrease)
Revenues (In 000’s) $ 26,260 $ 46,140 $ (19,880 ) $ 90,393 $ 100,420 $ (10,027 )
Net Income (In 000’s) $ 1,342 $ 4,273 $ (2,931 ) $ 10,088 $ 5,093 $ 4,995
Earnings per Common Share:
Basic $ 0.51 $ 1.56 $ (1.05 ) $ 3.81 $ 1.85 $ 1.96
Diluted $ 0.40 $ 1.23 $ (0.83 ) $ 2.98 $ 1.46 $ 1.52
Shares Used in Calculation of:
Basic EPS 2,608,319 2,744,177 (135,858 ) 2,645,924 2,758,388 (112,464 )
Diluted EPS 3,345,481 3,474,794 (129,313 ) 3,380,604 3,491,451 (110,847 )

Total assets at September 30, 2012 were $212,247,000 compared to $184,812,000 at December 31, 2011.

The decrease in revenues was primarily due to unrealized gains on oil commodity contracts during the third quarter of 2011 substantially offset in net income with decreased depreciation and depletion expense during 2012. Further, the increase in net income for the nine months ended September 30, 2012 was principally due to the decreased depreciation and depletion expense partially offset by increased lease operating expenses and income tax provisions.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2012 and 2011 were as follows:

  Three Months Ended September 30,   Nine Months Ended September 30,
2012   2011   Increase / (Decrease)2012   2011   Increase / (Decrease)
Barrels of Oil Produced 185,000 155,000 30,000 541,000 458,000 83,000
Average Price Received $ 88.26 $ 83.86 $ 4.40 $ 91.84 $ 90.19 $ 1.65
Oil Revenue (In 000’s) $ 16,288 $ 13,001 $ 3,287 $ 49,717 $ 41,283 $ 8,434
MMcf of Gas Produced 1,191 1,294 (103 ) 3,493 3,703 (210 )
Average Price Received $ 4.64 $ 6.77 $ (2.13 ) $ 4.57 $ 6.47 $ (1.90 )
Gas Revenue (In 000’s) $ 5,525 $ 8,756 $ (3,231 ) $ 15,961 $ 23,953 $ (7,992 )
Total Oil & Gas

Revenues (In 000’s)

$

21,813

$

21,757

$

56

 

$

65,678

$

65,236

$

442

 

In addition today PrimeEnergy announced that its Board of Directors authorized an increase in shares to its stock buy-back plan. The Board authorized the Company to repurchase up to an additional 500,000 shares of its Common Stock, or 19.4% 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 534,753 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 Connie Ng at (713) 735-0000 ext 237.

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.

Contacts:

PrimeEnergy Corporation
Connie Ng, 713-735-0000 Ext. 237

Source: PrimeEnergy Corporation

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