PrimeEnergy Corporation Announces Yearend Drilling and Financial Results

HOUSTON--()--PrimeEnergy Corporation (NASDAQ: PNRG) announced today the following audited results for the years ended December 31, 2017 and 2016:

   
Year Ended December 31,
2017     2016    

Increase /
(Decrease)

Revenues (In 000’s) $ 89,310 $ 56,766 $ 32,544
Net Income (In 000’s) $ 41,998 $ 3,444 $ 38,554
Earnings per Common Share:
Basic $ 18.99 $ 1.50 $ 17.49
Diluted $ 14.18 $ 1.13 $ 13.05
Shares Used in Calculation of:
Basic EPS 2,211,985 2,293,688
Diluted EPS 2,962,788 3,045,251
 

Total assets at December 31, 2017 were $246,765,000 compared to $214,654,000 at December 31, 2016. In 2017, PrimeEnergy participated in drilling 34 gross (5.9 net) wells of which all were successfully completed. Proved reserves at December 31, 2017 were 5,838,000 barrels of oil, 1,859,000 barrels of natural gas liquids and 17,853,000 thousand cubic feet of natural gas; or 10,672,000 barrels of oil equivalents (“Boe”) with 93% of these reserves developed.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the years ended December 31, 2017 and 2016 were as follows:

   
Year Ended December 31,
2017     2016    

Increase /
(Decrease)

Barrels of Oil Produced 1,004,000 670,000 334,000
Average Price Received $ 49.84 $ 39.78 $ 10.06
Oil Revenue (In 000’s) $ 50,041 $ 26,655 $ 23,386
MMcf of Gas Produced 5,008 4,546 462
Average Price Received $ 3.36 $ 2.56 $ 0.80
Gas Revenue (In 000’s) $ 16,842 $ 11,651 $ 5,191
Total Oil & Gas Revenues (In 000’s)

$

66,883

$

38,306

$

28,577

 

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 and West Virginia. 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.

Forward-Looking Statements

This press release contains forward-looking statements under the federal securities laws. These statements are based on current expectations, estimates and projections about the industry and markets in which PrimeEnergy Corporation operates, management’s beliefs and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. You should not place undue reliance on such forward-looking statements. The Company does not assume any duty and does not undertake to update its forward-looking statements.

Contacts

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

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