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PrimeEnergy Corporation Announces Yearend Drilling And Financial Results

PrimeEnergy Corporation (NASDAQ: PNRG) announced today the following audited results for the years ended December 31, 2012 and 2011:

  Year Ended December 31,
2012   2011  

Increase/ (Decrease)

Revenues (In 000’s) $ 120,979 $ 127,080 $ (6,101 )
Net Income (In 000’s) $ 15,056 $ 4,811 $ 10,245
Earnings per Common Share:
Basic $ 5.74 $ 1.75 $ 3.99
Diluted $ 4.48 $ 1.38 $ 3.10
Shares Used in Calculation of:
Basic EPS 2,624,335 2,747,732 (123,397 )
Diluted EPS 3,359,579 3,479,434 (119,855 )

Total assets at December 31, 2012 were $228,086,000 compared to $185,035,000 at December 31, 2011. In 2012, PrimeEnergy participated in drilling 39 wells of which 38 wells were successfully completed. Proved reserves at December 31, 2012 were 13,085,000 barrels of oil, 5,786,000 barrels of natural gas liquids and 40,446,000 thousand cubic feet of natural gas; or 25,612,000 barrels of oil equivalent (“Boe”) with 57% of these reserves developed as compared to 17,752,000 Boe and 77% of these reserves developed at December 31, 2011. During 2012, the Company repurchased 191,309 shares of its common stock and as of March 26, 2013 has 2,454,219 shares outstanding.

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