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PRIMEENERGY REPORTS RESULTS

 STAMFORD, Conn., May 21 /PRNewswire/ -- PrimeEnergy Corporation (OTC: PNRG) announced today it had net income for the quarter ended March 31, 1993, or $216,000, or $.03 per share, compared to $571,000, or $.08 per share, for the corresponding period in 1992. Revenues for the first quarter of 1993 were $3,884,000, compared to $4,262,000 for 1992. Net income for the year ended Dec. 31, 1992, was $1,224,000 or $.18 per share, compared to $619,000 or $.09 per share for 1991. Total assets at Dec. 31, 1992, were $17,486,000 compared to $18,103,000 at Dec. 31, 1991.
 Mr. Charles E. Drimal, Jr., president and CEO of PrimeEnergy stated that the company had repurchased an aggregate of 207,000 shares of its common stock in open market and private purchase transactions during the current year, which shares are held as treasury shares, and had canceled 697,500 outstanding options for the purchase of the options from a prior director and chairman of the company.
 Mr. Drimal noted that the company owns interests in over 2,700 producing oil and gas wells located primarily in Oklahoma, Texas, West Virginia, New Mexico, Montana and Wyoming and acts as operator of about 1,400 of such wells. Through its subsidiaries, the company is the sponsor and manager of 54 public and privately held drilling and exploration and income fund ventures, with over 11,000 participants. Mr. Drimal concluded that the company is actively pursuing the acquisition of producing oil and gas properties to enhance the company's reserve base.
 The company's common stock is traded in the over-the-counter market, trading symbol "PNRG."
 -0- 5/21/93
 /CONTACT: Yvonne Hayford of PrimeEnergy, 203-358-5700/
 (PNRG)


CO: PrimeEnergy Corporation ST: Connecticut IN: OIL SU: ERN

TM-PS -- NY063 -- 1342 05/21/93 17:10 EDT
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Publication:PR Newswire
Date:May 21, 1993
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