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PrimeEnergy Corporation (NASDAQ: PNRG) Announces Third Quarter Earnings

PrimeEnergy Corporation announced today the following unaudited results for the periods ended September 30, 2010 and 2009:
           
Three Months Ended September 30, Nine Months Ended September 30,

2010
     

2009

2010
     

2009
 
Revenues $   24,119,000 $   23,300,000 $   89,380,000 $   69,363,000
Net Income (loss) $

798,000

$
(2,315,000 ) $ 10,473,000 $ (9,967,000 )
Basic Earnings Per Common Share $ 0.28 $ (0.76 ) $ 3.54 $ (3.28 )
Diluted Earnings Per Common Share $ 0.22 $ (0.76 ) $ 2.84 $ (3.28 )
Shares Used In Calculation Of:
Basic EPS 2,870,453 3,036,446 3,954,433 3,040,675
Diluted EPS 3,596,622 3,036,446 3,687,040 3,040,675
 

Total assets at September 30, 2010 were $206,507,000 compared to $217,518,000 at December 31, 2009.
           
Three Months Ended September 30,

Nine Months Ended September 30,

2010
     

2009
     

Increase/(Decrease)

2010
     

2009
     

Increase/(Decrease)
 
Barrels of Oil Produced   143,000   154,000   (11,000 )   471,000   495,000   (24,000 )
MCF of Gas Produced 1,485,000 1,752,000 (267,000 ) 4,556,000 5,425,000 (869,000 )
 
Average Price $ 75.82 $ 65.45 $ 10.37 $ 73.78 $ 55.20 $ 18.58
Average Price $ 6.00 $ 4.19 $ 1.81 $ 6.33 $ 4.18 $ 2.15
 
Oil Revenue $ 10,842,000 $ 10,080,000 $ 762,000 $ 34,752,000 $ 27,324,000 $ 7,428,000
Gas Revenue $ 8,915,000 $ 7,346,000 $ 1,569,000 $ 28,839,000 $ 22,651,000 $ 6,188,000
 

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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