PrimeEnergy Corporation Announces Second Quarter Results

  PrimeEnergy Corporation Announces Second Quarter Results

Business Wire

HOUSTON -- July 31, 2014

PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited
results for the periods ended June 30, 2014 and 2013:

             Three Months Ended June 30,              Six Months Ended June 30,
              2014         2013         Increase /    2014         2013         Increase /
                                          (Decrease)                                (Decrease)
Revenues      $ 29,329      $ 37,280      $ (7,951  )   $ 59,714      $ 64,250      $ (4,536  )
(In 000’s)
Net Income    $ 3,233       $ 6,094       $ (2,861  )   $ 6,042       $ 8,352       $ (2,310  )
(In 000’s)
Earnings
per Common
Share:
Basic         $ 1.37        $ 2.51        $ (1.14   )   $ 2.55        $ 3.39        $ (0.84   )
Diluted       $ 1.04        $ 1.92        $ (0.88   )   $ 1.93        $ 2.61        $ (0.68   )
Shares Used
in
Calculation
of:
Basic EPS       2,365,764     2,432,717     (66,953 )     2,373,109     2,465,740     (92,631 )
Diluted EPS     3,119,084     3,175,947     (56,863 )     3,125,737     3,205,062     (79,325 )
                                                                                              

Total assets at June 30, 2014 were $251,223,000 compared to $242,922,000 at
December 31, 2013.

The decrease in net income was principally due to an increase in realized and
unrealized losses on derivative instruments partially offset by increases in
oil and gas sales and field service income and a first quarter 2014 gain on
the sale of non-essential oil and gas interests as well as related decreases
in income tax provisions.

Oil and gas production and the average prices received (excluding gains and
losses from derivatives) for the three and six months ended June 30, 2014 and
2013 were as follows:

          Three Months Ended June 30,              Six Months Ended June 30,
           2014         2013         Increase /    2014         2013         Increase /
                                       (Decrease)                                (Decrease)
Barrels
of Oil       201,000       188,000       13,000        383,000       372,000       11,000
Produced
Average
Price      $ 95.25       $ 92.73       $ 2.52        $ 94.73       $ 89.43       $ 5.30
Received
Oil
Revenue    $ 19,146      $ 17,360      $ 1,786       $ 36,279      $ 33,224      $ 3,055
(In
000’s)
Mcf of
Gas          1,192,000     1,235,000     (43,000 )     2,345,000     2,425,000     (80,000 )
Produced
Average
Price      $ 5.80        $ 5.49        $ 0.31        $ 5.96        $ 5.06        $ 0.90
Received
Gas
Revenue    $ 6,917       $ 6,775       $ 142        $ 13,985      $ 12,270      $ 1,715   
(In
000’s)
Total
Oil &
Gas        $ 26,063      $ 24,135      $ 1,928      $ 50,264      $ 45,494      $ 4,770   
Revenues
(In
000’s)
                                                                                           

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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