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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, 2011 and 2010:

  Three Months Ended September 30,   Nine Months Ended September 30,
2011   2010 2011   2010
 
Revenues $ 46,140,000 $ 24,119,000 $ 100,420,000 $ 89,380,000
Net Income (loss) $ 4,273,000 $ 798,000 $ 5,093,000 $ 10,473,000
 
Basic Earnings Per Common Share $ 1.56 $ 0.28 $ 1.85 $ 3.54
Diluted Earnings Per Common Share $ 1.23 $ 0.22 $ 1.46 $ 2.84
Shares Used In Calculation Of:
Basic EPS 2,744,177 2,870,453 2,758,388 2,954,433
Diluted EPS 3,474,794 3,596,622 3,491,451 3,687,040
 

Total assets at September 30, 2011 were 179,655,000 compared to $208,160,000 at December 31, 2010.

Three Months Ended September 30,

 

Nine Months Ended September 30,

2011   2010  

Increase/(Decrease)

2011

  2010   Increase/(Decrease)
 
Barrels of Oil Produced 155,000 143,000 12,000 458,000 471,000 (13,000 )
MCF of Gas Produced 1,294,000 1,485,000 (191,000 ) 3,703,000 4,556,000 (853,000 )
 
Average Price $83.86 $75.85 $8.01 $90.19 $73.98 $16.21
Average Price $6.77 $5.32 $1.45 $6.47 $5.75 $0.72
 
Oil Revenue $13,001,000 $10,842,000 $2,159,000 $41,283,000 $34,847,000 $6,436,000
Gas Revenue $8,756,000 $7,903,000 $853,000 $23,953,000 $26,180,000 $(2,227,000 )

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.

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