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PrimeEnergy Corporation (NASDAQ: PNRG) Announces Second Quarter Earnings

PrimeEnergy Corporation announced today the following unaudited results for the periods ended June 30, 2010 and 2009:

 

Three Months Ended June 30,

  Six Months Ended June 30,
2010  

2009

2010

 

2009

 
Revenues $ 32,914,000 $ 22,786,000 $

65,261,000

$

46,063,000
Net Income (loss) $ 6,235,000 $ (4,154,000) $

9,675,000

$

(7,652,000)
Basic Earnings Per Common Share $ 2.09 $ (1.37) $ 3.23 $ (2.51)
Diluted Earnings Per Common Share $ 1.68 $

(1.37)

$

2.59

$

(2.51)
Shares Used In Calculation Of:
Basic EPS 2,964,696 3,040,999 2,996,491 3,042,867
Diluted EPS 3,694,390 3,040,999 3,731,886 3,042,867

Total assets at June 30, 2010 were $212,207,000 compared to $217,518,000 at December 31, 2009.

 

Three Months Ended June 30,

 

Six Months Ended June 30,

2010   2009  

 

Increase/(Decrease)

2010   2009  

 

Increase/(Decrease)

 
Barrels of Oil Produced 168,000 169,000 (1,000) 328,000 341,000 (13,000)
MCF of Gas Produced 1,533,000 1,802,000 (269,000) 3,071,000 3,673,000 (602,000)
 
Average Price $ 70.83 $ 57.21 $ 13.62 $ 72.90 $ 50.64 $ 22.26
Average Price $ 6.28 $ 3.80 $ 2.48 $ 6.49 $

4.17

$

2.32
 
Oil Revenue $ 11,900,000 $ 9,669,000 $ 2,231,000 $ 23,910,000 $ 17,244,000 $ 6,666,000
Gas Revenue $ 9,629,000 $ 6,842,000 $ 2,787,000 $ 19,924,000 $ 15,305,000 $ 4,619,000

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 Joan Podlovits at (203) 358-5723.

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