HOUSTON--(BUSINESS WIRE)--

PrimeEnergy Corporation (PNRG) announced today the following audited results for the years ended December 31, 2014 and 2013:

Total assets at December 31, 2014 were $264,900,000 compared to $242,922,000 at December 31, 2013. In 2014, PrimeEnergy participated in drilling 25 wells of which all were successfully completed. Proved reserves at December 31, 2014 were 20,948,000 barrels of oil, 6,482,000 barrels of natural gas liquids and 58,958,000 thousand cubic feet of natural gas; or 37,197,000 barrels of oil equivalent (“Boe”) with 37% of these reserves developed as compared to 30,250,000 Boe and 47% of these reserves developed at December 31, 2013. During 2014, the Company repurchased 55,380 shares of its common stock and as of March 18, 2015 has 2,316,459 shares outstanding.

The net increase in revenues as compared to 2013 was largely due to gains on derivative instruments related to the decrease in commodity prices and an increase in field service income while average oil price declines were partially offset with an increase in oil production in 2014. The increase in net income in 2014 was primarily due to the increase in revenues and gains on the sale of non-essential assets partially offset by an increase in depreciation and depletion expenses as well as an increase in related tax provisions.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the years ended December 31, 2014 and 2013 were as follows:

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. 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.