May 18, 2018 - 3:36 PM EDT
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PrimeEnergy Corporation Announces First Quarter Results

HOUSTON

PrimeEnergy Corporation (NASDAQ: PNRG) announced today the following unaudited results for the quarters ended March 31, 2018 and 2017:

    Three Months Ended March 31,
  2018       2017    

Increase /
(Decrease)

Revenues (In 000’s) $ 28,467 $ 20,475 $ 7,992
Net Income (In 000’s) $ 3,286 $ 22,297 $ (19,011 )
Earnings per Common Share:
Basic $ 1.53 $ 9.77 $ (8.24 )
Diluted $ 1.14 $ 7.35 $ (6.21 )
Shares Used in Calculation of:
Basic EPS 2,142,396 2,283,011 (140,615 )
Diluted EPS 2,893,722 3,035,540 (141,818 )

Total assets at March 31, 2018 were $245,148 compared to $246,765 at December 31, 2017.

Oil and natural gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2018 and 2017 were as follows:

               
Three Months Ended March 31,
  2018   2017

Increase /
(Decrease)

Increase /
(Decrease)
Barrels of Oil Produced 323,000 175,000 148,000 85 %
Average Price Received $ 62.23 $ 49.57 $ 12.67   26 %
 
Oil Revenue (In 000’s) $ 20,101 $ 8,674 $ 11,427   132 %
 
Mcf of Gas Sold 907,000 863,000 44,000 5 %
Average Price Received $ 2.61 $ 3.08 $ (0.47 ) (15 )%
 
Gas Revenue (In 000’s) $ 2,363 $ 2,658 $ (295 ) 11 %
 
 
Barrels of Natural Gas Liquids Sold 100,000 56,000 44,000 79 %
Average Price Received $ 26.00 $ 19.75 $ 6.25   32 %
 
Natural Gas Liquids Revenue (In 000’s) $ 2,600 $ 1,106 $ 1,494   135 %
 
 
Total Oil & Gas Revenue (In 000’s) $ 25,064 $ 12,438 $ 12,626   102 %

PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas, Oklahoma and West Virginia. 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.

Forward-Looking Statements

This press release contains forward-looking statements under the federal securities laws. These statements are based on current expectations, estimates and projections about the industry and markets in which PrimeEnergy Corporation operates, management’s beliefs and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. You should not place undue reliance on such forward-looking statements. The Company does not assume any duty and does not undertake to update its forward-looking statements.

PrimeEnergy Corporation
Connie Ng, 713-735-0000 ext 6416


Source: Business Wire (May 18, 2018 - 3:36 PM EDT)

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