November 14, 2016 - 8:11 PM EST
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PrimeEnergy Corporation Announces Third Quarter Results

PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited results for the periods ended September 30, 2016 and 2015:

      Three Months Ended September 30,       Nine Months Ended September 30,
  2016       2015      

Increase /
(Decrease)

  2016       2015      

Increase /
(Decrease)

Revenues (In 000’s) $ 16,499 $ 21,498 $ (4,999 ) $ 43,718 $ 63,795 $ (20,077 )
Net Income (In 000’s) $ 4,924 $ (655 ) $ 5,579 $ 5,589 $ (2,575 ) $ 8,164
Earnings per Common Share:
Basic $ 2.15 $

(0.28

)

$

2.43

$ 2.44 $ (1.11 ) $ 3.55
Diluted $ 1.62 $

(0.28

)

$

1.90

$ 1.83 $ (1.11 ) $ 2.94
Shares Used in Calculation of:
Basic EPS

2,293,964

2,311,873 2,294,444 2,314,704
Diluted EPS 3,047,558 2,311,873 3,045,801 2,314,704
 

Total assets at September 30, 2016 were $213,927,000 compared to $226,261,000 at December 31, 2015.

The following table summarizes the primary components of production volumes and average sales prices realized for the three and nine months ended September 30, 2016 and 2015 (excluding realized gains and losses from derivatives).

      Three Months Ended September 30,       Nine Months Ended September 30,
  2016       2015     Increase /
(Decrease)
  2016       2015     Increase /
(Decrease)
Barrels of Oil Produced 199,000 171,000 28,000 511,000 564,000 (53,000 )
Average Price Received $ 41.89 $ 43.84 $ (1.95 ) $ 37.64 $ 47.91 $ (10.27 )
     

 

 
Oil Revenue (In 000’s) $ 8,337 $ 7,511 $ 826 $ 19,233 $ 27,044 $ (7,811 )
 
Mcf of Gas Produced 1,124,000 1,151,000 (27,000 ) 3,308,000 3,605,000 (297,000 )
Average Price Received $ 2.86 $ 2.69 $ 0.17 $ 2.47 $ 2.81 $ (0.34 )
Gas Revenue (In 000’s) $ 3,220 $ 3,096 $ 124   $ 8,162 $ 10,116 $ (1,954 )
Total Oil & Gas Revenue (In 000’s) $ 11,557 $ 10,607 $ 950 $ 27,395 $ 37,160 $ (9,765 )
 

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, 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.

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


Source: Business Wire (November 14, 2016 - 8:11 PM EST)

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