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PrimeEnergy Corporation Announces Year-End Drilling And Financial Results

In 2009 PrimeEnergy Corporation participated in drilling 13 wells with all 13 wells being successfully completed. The Company also reduced debt by $10,000,000 and retired 11,082 shares. The Control group currently holds over 70% of the outstanding shares. The Company plans on participating in drilling over 20 wells in 2010.

Today the Company announced the following audited results for the years ended December 31, 2009 and 2008:

  2009   2008
Revenues $ 89,992,000 $ 169,338,000
Net Income/(Loss) $ (23,679,000) $ 541,000
Basic Earnings/(Loss) per Common Share $ (7.79) $ 0.18
Diluted Earnings/(Loss) per Common Share $ (7.79) $ 0.14
Shares Used In Calculation Of:
Basic EPS 3,038,313 3,062,159
Diluted EPS 3,038,313 3,815,913

Total assets at December 31, 2009 were $217,518,000 compared to $267,830,000 at December 31, 2008.

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