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PrimeEnergy Corporation Announces First Quarter Results



  PrimeEnergy Corporation Announces First Quarter Results

Business Wire

STAMFORD, Conn. -- May 09, 2012

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 /
                                                                 (Decrease)
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        $ 0.49         $ (0.86      )   $ 1.35
Common Share
Diluted Earnings (Loss) Per      $ 0.39         $ (0.86      )   $ 1.25
Common Share
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 /
                                                        (Decrease)
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.

Contact:

PrimeEnergy Corporation
Joan Podlovits, 203-358-5723
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