PrimeEnergy Corporation Announces First Quarter Results Business Wire HOUSTON -- May 7, 2014 PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited results for the quarters ended March31, 2014 and 2013: Three Months Ended March 31, Increase / 2014 2013 (Decrease) Revenues (In 000’s) $ 30,385 $ 26,970 $ 3,415 Net Income (In 000’s) $ 2,809 $ 2,258 $ 551 Earnings per Common Share: Basic $ 1.18 $ 0.90 $ 0.28 Diluted $ 0.90 $ 0.70 $ 0.20 Shares Used in Calculation of: Basic EPS 2,380,536 2,499,130 (118,594 ) Diluted EPS 3,132,372 3,235,506 (103,134 ) Total assets at March 31, 2014 were $245,646,000 compared to $242,922,000 at December 31, 2013. The increase in revenues as compared to 2013 was largely due to increased commodity prices realized in 2014 and an increase in field service income partially offset by an increase in losses on derivative instruments. In addition, there were corresponding increases in lease operating and field service expenses as well as gains on the sale of non-essential oil and gas interests in 2014 resulting in an increase in net income in 2014. Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2014 and 2013 were as follows: Three Months Ended March 31, Increase / 2014 2013 (Decrease) Barrels of Oil Produced 182,000 184,000 (2,000 ) Average Price Received $ 94.15 $ 86.08 $ 8.07 Oil Revenue (In 000’s) $ 17,133 $ 15,864 $ 1,269 MMcf of Gas Produced 1,153 1,190 (37 ) Average Price Received $ 6.13 $ 4.62 $ 1.51 Gas Revenue (In 000’s) $ 7,068 $ 5,495 $ 1,573 Total Oil & Gas Revenues (In 000’s) $ 24,201 $ 21,359 $ 2,842 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 6416. 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 Connie Ng, 713-735-0000 ext 6416
PrimeEnergy Corporation Announces First Quarter Results
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