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PrimeEnergy Corporation Announces Year-End Drilling And Financial Results

Stocks in this article: PNRG

In 2011 PrimeEnergy Corporation participated in drilling 36 wells of which 35 wells were successfully completed. The Company also reduced debt by $23,300,000 and repurchased 100,184 shares of its common stock. As of March 20, the Company has 2,682,250 shares outstanding.

Today the Company announced the following audited results for the years ended December 31, 2011 and 2010:

            2011       2010
Revenues $ 127,080,000 $ 118,169,000
Net Income $ 4,811,000 $ 2,753,000
Basic Earnings per Common Share $ 1.75 $ 0.94
Diluted Earnings per Common Share $ 1.38 $ 0.75
Shares Used In Calculation Of:
Basic EPS 2,747,732 2,929,275
Diluted EPS 3,479,434 3,662,382

Total assets at December 31, 2011 were $184,812,000 compared to $208,160,000 at December 31, 2010. Proved reserves at December 31, 2011 were 8,853,000 barrels of oil and 53,396,000 thousand cubic feet (“Mcf”) of natural gas with 77% of these reserves developed compared to 7,885,000 barrels of oil and 53,346,000 Mcf of natural gas and 73% of these reserves developed at December 31, 2010.

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