PrimeEnergy Successfully Drilled 71 Wells in 2008
In 2008, PrimeEnergy Corporation participated in drilling 71 wells with all 71 wells being successfully completed. The Company also retired 88,832 shares in 2008, which represents approximately 3% of the outstanding stock. Currently, in excess of 75% of the outstanding shares are held by the control group.
Total assets at December 31, 2008 were $267,830,000 compared to $305,665,000 at December 31, 2007.
Oil and gas sales were $135,036,000 in 2008 as compared to $122,361,000 in 2007. The average prices received in 2008 were $8.93 per Mcf of gas and $84.43 per barrel of oil, as compared to $7.50 per Mcf of gas and $66.94 per barrel of oil in 2007. In 2008, the Company produced 8,899,000 Mcf of gas and 658,000 Barrels of oil, as compared to 11,312,000 Mcf of gas and 561,000 barrels of oil in 2007. The decrease in net income was principally due to the higher DD&A rate for 2008.
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.