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PrimeEnergy Corporation Announces Year-End Drilling And Financial Results

In 2010 PrimeEnergy Corporation participated in drilling 47 wells with all 47 wells being successful. The Company also reduced debt by $20,855,000 and retired 230,044 shares. The Company as of April 1, 2011, has 2,759,555 shares outstanding.

Today the Company announced the following audited results for the years ended December 31, 2010 and 2009:

       

2010

             

2009

Revenues $   118,169,000 $   89,992,000

Net Income (Loss)

$ 2,753,000 $ (23,679,000)

Basic Earnings (Loss) per Common Share

$ 0.94 $ (7.79)

Diluted Earnings (Loss) per Common Share

$ 0.75 $ (7.79)
Shares Used In Calculation Of:  
Basic EPS 2,929,275 3,038,313
Diluted EPS 3,662,382 3,038,313

Total assets at December 31, 2010 were $208,160,000 compared to $217,518,000 at December 31, 2009.

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