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PrimeEnergy Corporation Announces First Quarter Results

2012-05-09 14:55 ET - News Release

STAMFORD, Conn. -- (Business Wire)

PrimeEnergy Corporation announced today the following unaudited results for the quarters ended March 31, 2012 and 2011:

  Three Months Ended March 31,
2012     2011     Increase /
Revenues $ 26,707,000 $ 18,771,000 $ 7,936,000
Net Income (Loss) $ 1,323,000 $ (2,382,000 ) $ 3,705,000
Basic Earnings (Loss) Per Common Share $ 0.49 $ (0.86 ) $ 1.35
Diluted Earnings (Loss) Per Common Share $ 0.39 $ (0.86 ) $ 1.25
Shares Used in Calculation of:
Basic EPS 2,692,042 2,779,348 (87,306 )
Diluted EPS 3,424,438 2,779,348 645,090

Total assets at March 31, 2012 were $199,421,000 compared to $184,812,000 at December 31, 2011.

The increase in net income was principally due to higher prices received for sales of oil production, less unrealized losses on crude oil commodity contracts, and a decrease in interest expense partially offset by increased lease operating expenses, depreciation and depletion and income tax expenses.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2012 and 2011 were as follows:

  Three Months Ended March 31,
2012     2011   Increase /
Barrels of Oil Produced 177,000 156,000 21,000
Average Price Received $ 100.46 $ 90.35 $ 10.11
Oil Revenue $ 17,755,000 $ 14,136,000 $ 3,619,000
Mcf of Gas Produced 1,155,000 1,166,000 (11,000 )
Average Price Received $ 4.57 $ 5.99 $ (1.42 )
Gas Revenue $ 5,276,000 $ 6,987,000 $ (1,711,000 )
Total Oil & Gas Revenue $ 23,031,000 $ 21,123,000 $ 1,908,000  

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

Source: PrimeEnergy Corporation

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