In 2009 PrimeEnergy Corporation participated in drilling 13 wells with all 13 wells being successfully completed. The Company also reduced debt by $10,000,000 and retired 11,082 shares. The Control group currently holds over 70% of the outstanding shares. The Company plans on participating in drilling over 20 wells in 2010. Today the Company announced the following audited results for the years ended December 31, 2009 and 2008:
|Basic Earnings/(Loss) per Common Share||$||(7.79)||$||0.18|
|Diluted Earnings/(Loss) per Common Share||$||(7.79)||$||0.14|
|Shares Used In Calculation Of:|
Oil and gas sales were $69,343,000 in 2009 as compared to $135,036,000 in 2008. The average prices received in 2009 were $4.42 per Mcf of gas and $59.16 per barrel of oil, as compared to $8.93 per Mcf of gas and $84.43 per barrel of oil in 2008. In 2009, the Company produced 7,129,000 Mcf of gas and 640,000 Barrels of oil, as compared to 8,899,000 Mcf of gas and 658,000 barrels of oil in 2008. The decrease in net income was principally due to reduced prices received for sales of our oil and gas production.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. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Joan Podlovits at (203) 358-5723. This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.