PrimeEnergy Notes Year-End Drilling, Financial Results
PrimeEnergy reported year-end drilling and financial results. The company participated in drilling and successfully completing 13 wells in 2009. 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.
Total assets at December 31, 2009 were $217,518,000 compared to $267,830,000 at December 31, 2008.
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.