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PRIMEENERGY CP
Symbol U : PNRG
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PrimeEnergy Corporation (Nasdaq: PNRG) Announces Second Quarter Earnings

2011-08-15 13:03 ET - News Release


STAMFORD, Conn. -- (Business Wire)

PrimeEnergy Corporation announced today the following unaudited results for the periods ended June 30, 2011 and 2010:

  Three Months Ended June 30,   Six Months Ended June 30,

2011

 

2010

2011

 

2010

 
Revenues $ 35,510,000 $ 32,914,000 $ 54,281,000 $ 65,261,000
Net Income (loss) $ 3,203,000 $ 6,235,000 $ 821,000 $ 9,675,000
Basic Earnings Per Common Share $ 1.16 $ 2.09 $ 0.30 $ 3.23
Diluted Earnings Per Common Share $ 0.92 $ 1.68 $ 0.23 $ 2.59
Shares Used In Calculation Of:
Basic EPS 2,755,035 2,964,696 2,767,124 2,996,491
Diluted EPS 3,491,774 3,694,390 3,501,795 3,731,886

Total assets at June 30, 2011 were $186,880,000 compared to $208,160,000 at December 31, 2010.

  Three Months Ended June 30,     Six Months Ended June 30,

2011

   

2010

   

Increase/(Decrease)

2011

   

2010

   

Increase/(Decrease)

 
Barrels of Oil Produced 147,000 168,000 (21,000 ) 303,000 328,000 (25,000 )
MCF of Gas Produced 1,243,000 1,533,000 (290,000 ) 2,409,000 3,071,000 (662,000 )
 
Average Price $ 88.73 $ 70.83 $17.89 $ 87.28 $ 72.90 $14.38
Average Price $ 7.34 $ 6.28 $1.06 $ 7.13 $ 6.49 $0.64
 
Oil Revenue $ 13,043,000 $ 11,900,000 $1,143,000 $ 26,447,000 $ 23,910,000 $2,537,000
Gas Revenue $ 9,128,000 $ 9,629,000 $(501,000 ) $ 17,169,000 $ 19,924,000 $(2,755,000 )

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.

Contacts:

PrimeEnergy Corporation
Joan Podlovits, 203-358-5723

Source: PrimeEnergy Corporation

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