PrimeEnergy Corporation Announces First Quarter Results

  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
 
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