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PrimeEnergy Corporation Announces Year-End Drilling And Financial Results

PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following audited results for the years ended December 31, 2013 and 2012:

     
Year Ended December 31,
  2013     2012  

Increase / (Decrease)

Revenues (In 000’s) $ 125,067 $ 120,979 $ 4,088
Net Income (In 000’s) $ 12,271

$

15,056 $ (2,785 )
Earnings per Common Share:
Basic $ 5.04 $ 5.74 $ (0.70 )
Diluted $ 3.86 $ 4.48 $ (0.62 )
Shares Used in Calculation of:
Basic EPS 2,436,821 2,624,335 (187,514 )
Diluted EPS 3,182,906 3,359,579 (176,673 )
 

Total assets at December 31, 2013 were $242,922,000 compared to $228,086,000 at December 31, 2012. In 2013, PrimeEnergy participated in drilling 23 wells of which all were successfully completed. Proved reserves at December 31, 2013 were 15,753,000 barrels of oil, 5,930,000 barrels of natural gas liquids and 51,400,000 thousand cubic feet of natural gas; or 30,250,000 barrels of oil equivalent (“Boe”) with 47% of these reserves developed as compared to 25,612,000 Boe and 57% of these reserves developed at December 31, 2012. During 2013, the Company repurchased 121,776 shares of its common stock and as of March 24, 2014 has 2,369,552 shares outstanding.

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