PrimeEnergy Corporation Announces First Quarter Results

HOUSTON--()--PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following unaudited results for the quarters ended March 31, 2015 and 2014:

 
      Three Months Ended March 31,
2015     2014    

Increase /
(Decrease)

Revenues (In 000’s) $ 22,795 $ 30,385 $ (7,590 )
Net Income (In 000’s) $ 13 $ 2,809 $ (2,796 )
Earnings per Common Share:
Basic $ 0.01 $ 1.18 $ (1.17 )
Diluted $ 0.00 $ 0.90 $ (0.90 )
Shares Used in Calculation of:
Basic EPS 2,318,348 2,380,536 (62,188 )
Diluted EPS 3,071,984 3,132,372 (60,388 )
 

Total assets at March 31, 2015 were $256,629,000 compared to $264,900,000 at December 31, 2014.

The decrease in revenues as compared to 2014 was largely due to decreased commodity prices realized in 2015 and a decrease in field service income partially offset by an increase in gains on derivative instruments. In addition, there were corresponding decreases in lease operating, field service and general and administrative expenses as well as gains on the sale of non-essential oil and gas interests in 2015 resulting in a decrease in net income in 2015.

Oil and natural gas production and the average prices received (excluding gains and losses from derivatives) for the three months ended March 31, 2015 and 2014 were as follows:

 
      Three Months Ended March 31,
2015     2014    

Increase /
(Decrease)

Barrels of Oil Produced 194,000 182,000 12,000
Average Price Received $ 44.80 $ 94.15 $ (49.35 )
Oil Revenue (In 000’s) $ 8,700 $ 17,133 $ (8,433 )
MMcf of Natural Gas Produced 1,185 1,153 32
Average Price Received $ 3.04 $ 6.13 $ (3.09 )
Natural Gas Revenue (In 000’s) $ 3,598 $ 7,068 $ (3,470 )
Total Oil & Gas Revenues (In 000’s) $ 12,298 $ 24,201 $ (11,903 )
 

PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas, Oklahoma, 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 Connie Ng at (713) 735-0000 ext 6416.

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.

Contacts

PrimeEnergy Corporation
Connie Ng, 713-735-0000 ext 6416

Contacts

PrimeEnergy Corporation
Connie Ng, 713-735-0000 ext 6416