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PrimeEnergy Corporation Announces Third Quarter Results

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PrimeEnergy Corporation (NASDAQ:PNRG) announced today the following
unaudited results for the periods ended September 30, 2018 and 2017:

The following table summarizes the primary components of production
volumes and average sales prices realized for the three and nine months
ended September 30, 2018 and 2017 (excluding realized gains and losses
from derivatives).

             
Three Months Ended September 30, Nine Months Ended September 30,
2018 2017

Increase /
(Decrease)

2018 2017

Increase /
(Decrease)

Barrels of Oil Produced 332,000 190,000 75 % 916,000 591,000 55 %
Average Price Received $ 63.13 $ 45.09 40 % $ 62.97 $ 46.50 35 %
 
Oil Revenue (In 000's) $ 20,960 $ 8,568 145 % $ 57,683 $ 27,479 110 %
Mcf of Gas Produced 906,000 947,000 (4 )% 2,777,000 2,641,000 5 %
Average Price Received $ 2.49 $ 2.64 (9 )% $ 2.35 $ 2.90 (19 )%
 
Gas Revenue (In 000's) $ 2,174 $ 2,502 (13 )% $ 6,526 $ 7,665 (15 )%
 
Barrels of Natural Gas Liquids sold 121,000 72,000 68 % 334,000 182,000 84 %
Average Price Received $ 32.15 $ 21.31 51 % $ 28.71 $ 21.43 34 %
Natural Gas Liquids Revenue (In 000's) $ 3,890 $ 1,534 154 % $ 9,588 $ 3,901 146 %
Total Oil & Gas Revenue (In 000's) $ 27,024 $ 12,605 114 % $ 73,797 $ 39,045 89 %
 

The following table summarizes revenue, net income and earnings per year
for the three and nine months ended September 30, 2018 and 2017.

     
Three Months Ended September 30, Nine Months Ended September 30,
2018   2017  

Increase /
(Decrease)

2018   2017  

Increase /
(Decrease)

Revenues (In 000's) $ 29,402 $ 17,184 $ 12,218 $ 80,256 $ 59,191 $ 21,065
Net Income (In 000's) $ 4,353 $ (2,012 ) $ 6,365 $ 7,115 $ 20,648 $ (13,533 )
Earnings per Common Share:
Basic $ 2.10 $ (0.92 ) $ 3.02 $ 3.38 $ 9.29 $ (5.91 )
Diluted $ 1.54 $ (0.92 ) $ 2.46 $ 2.49 $ 6.94 $ (4.45 )
Shares Used in Calculation of:
Basic EPS 2,069,231 2,187,894 2,102,853 2,223,399
Diluted EPS 2,825,597 2,187,894 2,857,411 2,974,130
 

Total assets at September 30, 2018 were $248,203,000 compared to
$246,765,000 at December 31, 2017.

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.

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.

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