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PRIMEENERGY CP
Symbol U : PNRG
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PrimeEnergy Corporation Announces Year-End Drilling and Financial Results

2012-03-28 17:39 ET - News Release


STAMFORD, Conn. -- (Business Wire)

In 2011 PrimeEnergy Corporation participated in drilling 36 wells of which 35 wells were successfully completed. The Company also reduced debt by $23,300,000 and repurchased 100,184 shares of its common stock. As of March 20, the Company has 2,682,250 shares outstanding.

Today the Company announced the following audited results for the years ended December 31, 2011 and 2010:

            2011       2010
Revenues $ 127,080,000 $ 118,169,000
Net Income $ 4,811,000 $ 2,753,000
Basic Earnings per Common Share $ 1.75 $ 0.94
Diluted Earnings per Common Share $ 1.38 $ 0.75
Shares Used In Calculation Of:
Basic EPS 2,747,732 2,929,275
Diluted EPS 3,479,434 3,662,382

Total assets at December 31, 2011 were $184,812,000 compared to $208,160,000 at December 31, 2010. Proved reserves at December 31, 2011 were 8,853,000 barrels of oil and 53,396,000 thousand cubic feet (“Mcf”) of natural gas with 77% of these reserves developed compared to 7,885,000 barrels of oil and 53,346,000 Mcf of natural gas and 73% of these reserves developed at December 31, 2010.

Oil and gas sales were $88,429,000 in 2011 as compared to $81,685,000 in 2010. The average prices received (excluding realized gains and losses from derivatives) in 2011 were $6.38 per Mcf of gas and $90.04 per barrel of oil, as compared to $5.75 per Mcf of gas and $75.82 per barrel of oil in 2010. In 2011, the Company produced 5,000,000 Mcf of gas and 628,000 barrels of oil, as compared to 5,939,000 Mcf of gas and 627,000 barrels of oil in 2010. The increase in net income was principally due to higher prices received for sales of our oil and gas production, realized gains on derivative instruments and a decrease in interest expense partially offset by increased lease operating expenses, depreciation and depletion and income tax expenses.

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 Management Corporation

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