SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 0-9408
PRIMA ENERGY CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 84-1097578
(State or other jurisdiction of (I.R.S. Employer Identification No.)
corporation or organization)
1801 Broadway, Suite 500, Denver CO 80202
(Address of principal executive offices) (Zip Code)
(303) 297-2100
(Registrant's telephone number, including area code)
No Change
Former name, former address and former fiscal year, if changed from last
report.)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes [x] No [ ]
As of July 31, 1996 the Registrant had 3,880,396 shares of Common Stock,
$0.015 Par Value, outstanding.
<PAGE>
PRIMA ENERGY CORPORATION
INDEX
Part I - Financial Information Page
Item 1. Financial Statements
Unaudited consolidated balance sheets .................. 3
Unaudited consolidated statements of income ............ 5
Unaudited consolidated statements of cash flows ........ 6
Notes to unaudited consolidated financial statements ... 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations .... 8
Part II - Other Information
Item 1. Legal Proceedings ................................. 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 6. Exhibits and Reports on Form 8-K .................. 13
Signatures ................................................. 14
<PAGE>
PRIMA ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
JUNE 30, DECEMBER 31,
1996 1995
----------- -----------
CURRENT ASSETS
Cash and cash equivalents....................... $ 5,716,000 $ 3,977,000
Available for sale securities, at market........ 1,325,000 1,180,000
Receivables (net of allowance for doubtful
accounts: 6/30/96, $43,000; 12/31/95, $43,000) 3,533,000 3,087,000
Tubular goods inventory......................... 345,000 217,000
Deferred tax asset.............................. 38,000 101,000
Other........................................... 72,000 230,000
---------- ----------
Total current assets............................ 11,029,000 8,792,000
---------- ----------
OIL AND GAS PROPERTIES, at cost, accounted
for using the full cost method................ 47,052,000 45,774,000
Less accumulated depreciation,
depletion and amortization.................... (19,857,000) (17,730,000)
---------- ----------
Oil and gas properties - net.................... 27,195,000 28,044,000
---------- ----------
PROPERTY AND EQUIPMENT, at cost
Oilfield service equipment...................... 1,999,000 1,888,000
Furniture and equipment......................... 543,000 518,000
Field office, shop and land..................... 339,000 334,000
---------- ----------
2,881,000 2,740,000
Less accumulated depreciation................... (1,821,000) (1,666,000)
---------- ----------
Property and equipment - net.................... 1,060,000 1,074,000
---------- ----------
OTHER ASSETS
Cash, designated................................ 159,000 326,000
Other........................................... 333,000 329,000
---------- ----------
Total other assets.............................. 492,000 655,000
---------- ----------
$39,776,000 $38,565,000
========== ==========
See accompanying notes to unaudited consolidated financial statements.
<PAGE>
PRIMA ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS (cont'd.)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
JUNE 30, DECEMBER 31,
1996 1995
----------- -----------
CURRENT LIABILITIES
Accounts payable................................ $ 406,000 $ 1,746,000
Amounts payable to oil and gas property owners.. 1,065,000 1,086,000
Production taxes payable........................ 1,123,000 1,239,000
Accrued and other liabilities................... 175,000 429,000
---------- ----------
Total current liabilities....................... 2,769,000 4,500,000
PRODUCTION TAXES, non-current................... 450,000 1,012,000
DEFERRED TAX LIABILITY.......................... 3,729,000 3,137,000
---------- ----------
Total liabilities............................... 6,948,000 8,649,000
---------- ----------
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value,
2,000,000 shares authorized;
no shares issued or outstanding............... 0 0
Common stock, $0.015 par value, 8,000,000
shares authorized; 3,880,396 shares
issued and outstanding........................ 58,000 58,000
Additional paid-in capital...................... 4,251,000 4,251,000
Retained earnings............................... 28,614,000 25,684,000
Unrealized loss on available for sale securities (95,000) (77,000)
---------- ----------
Total stockholders' equity...................... 32,828,000 29,916,000
---------- ----------
$39,776,000 $38,565,000
========== ==========
See accompanying notes to unaudited consolidated financial statements.
<PAGE>
PRIMA ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------ ------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
REVENUES
Oil and gas sales...... $ 3,024,000 $ 2,780,000 $ 6,408,000 $ 6,075,000
Trading revenues....... 1,813,000 477,000 4,008,000 2,053,000
Oilfield services...... 654,000 296,000 1,073,000 792,000
Management and
operator fees....... 252,000 293,000 517,000 556,000
Interest and
dividend income..... 87,000 25,000 167,000 51,000
Other.................. 45,000 83,000 87,000 129,000
---------- ---------- ---------- ----------
5,875,000 3,954,000 12,260,000 9,656,000
---------- ---------- ---------- ----------
EXPENSES
General, administrative
and cost of oilfield
services............ 832,000 748,000 1,639,000 1,604,000
Depreciation, depletion
and amortization.... 1,106,000 1,024,000 2,282,000 2,230,000
Lease operating expense 361,000 411,000 743,000 802,000
Production taxes....... 254,000 183,000 493,000 392,000
Cost of trading........ 1,491,000 297,000 3,283,000 1,705,000
---------- ---------- ---------- ----------
4,044,000 2,663,000 8,440,000 6,733,000
---------- ---------- ---------- ----------
INCOME BEFORE INCOME
TAXES............... 1,831,000 1,291,000 3,820,000 2,923,000
PROVISION FOR INCOME
TAXES............... 430,000 290,000 890,000 665,000
---------- ---------- ---------- ----------
NET INCOME............. $ 1,401,000 $ 1,001,000 $ 2,930,000 $ 2,258,000
========== ========== ========== ===========
NET INCOME PER SHARE:
Primary............. $ 0.36 $ 0.26 $ 0.75 $ 0.58
========== ========== ========== ===========
Fully Diluted....... $ 0.36 $ 0.26 $ 0.75 $ 0.58
========== ========== ========== ===========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING AND
COMMON SHARE EQUIVALENTS:
Primary............. 3,892,720 3,894,748 3,882,337 3,881,971
========== ========== ========== ==========
Fully Diluted....... 3,896,922 3,900,104 3,896,922 3,900,104
========== ========== ========== ==========
See accompanying notes to unaudited consolidated financial statements.
<PAGE>
PRIMA ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30,
-------------------------
1996 1995
---------- -----------
OPERATING ACTIVITIES
Net income ................................. $ 2,930,000 $ 2,258,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and
amortization............................ 2,282,000 2,230,000
Deferred income taxes.................... 666,000 478,000
Other.................................... (399,000) (285,000)
---------- ----------
5,479,000 4,681,000
Changes in current assets and liabilities:
Receivables............................ (446,000) 1,631,000
Inventory.............................. (128,000) 42,000
Other current assets................... 158,000 39,000
Payables............................... (1,477,000) (3,340,000)
Accrued and other liabilities.......... (254,000) (15,000)
---------- ----------
Net cash provided by operating
activities......................... 3,332,000 3,038,000
---------- ----------
INVESTING ACTIVITIES
Additions to oil and gas properties......... (1,415,000) (2,098,000)
Purchases of other property................. (141,000) (113,000)
Purchases of available for sale securities.. (174,000) (25,000)
Proceeds from sales of property............. 137,000 14,000
---------- ----------
Net cash used by investing activities (1,593,000) (2,222,000)
---------- ----------
FINANCING ACTIVITIES
Payments on line of credit.................. 0 (1,000,000)
---------- ----------
Net cash used by financing activities 0 (1,000,000)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS......................... 1,739,000 (184,000)
CASH AND CASH EQUIVALENTS, beginning
of period................................ 3,977,000 1,558,000
---------- ----------
CASH AND CASH EQUIVALENTS, end of period.... $ 5,716,000 $ 1,374,000
========== ==========
See accompanying notes to unaudited consolidated financial statements.
<PAGE>
PRIMA ENERGY CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
The financial information contained herein is unaudited but includes all
adjustments (consisting of only normal recurring accruals) which, in the
opinion of management, are necessary to present fairly the information set
forth. The unaudited consolidated financial statements should be read in
conjunction with the Notes to Consolidated Financial Statements which are
included in the Annual Report on Form 10-K of Prima Energy Corporation for
the year ended December 31, 1995.
The results for interim periods are not necessarily indicative of
results to be expected for the fiscal year of the Company ending December 31,
1996. The Company believes that the six month report filed on Form 10-Q is
representative of its financial position, its results of operations and its
cash flows for the periods ended June 30, 1996 and 1995 covered thereby.
2. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include the
accounts of Prima Energy Corporation ("Prima") and its subsidiaries, herein
collectively referred to as the "Company." All significant intercompany
transactions have been eliminated. Certain amounts in prior years have been
reclassified to conform with the classifications at June 30, 1996.
3. LINE OF CREDIT
Prima maintains an $8,000,000 unsecured line of credit with a commercial
bank. The line bears interest at the bank's prime rate (8.25% at June 30,
1996), with interest payable monthly. Funds are available on a revolving
basis until April 30, 1998. The balance of principal plus accrued interest is
payable at maturity, May 1, 1998. At December 31, 1995 and June 30, 1996,
there were no amounts outstanding on the line of credit.
4. SUBSEQUENT EVENTS
The Board of Directors of Prima declared a special dividend of $.25 per
common share to be paid to stockholders of record as of the close of business
on August 26, 1996. The dividend is payable August 30, 1996.
<PAGE>
PRIMA ENERGY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Company's principal internal sources of liquidity are cash flows
generated from operating activities and existing cash and cash equivalents.
Net cash provided by operating activities before working capital changes for
the six months ended June 30, 1996 was $5,479,000 compared to $4,681,000 for
the same six month period of 1995. Net working capital at June 30, 1996 was
$8,260,000 compared to $4,292,000 at December 31, 1995. Current liabilities
at June 30, 1996 decreased from December 31, 1995 levels by $1,731,000 while
current assets increased by $2,237,000 for the same period. The increase in
working capital of $3,968,000 was primarily generated by cash flows from
operations during the six months ended June 30, 1996.
The Company has external borrowing capacity through an $8,000,000
unsecured line of credit with a commercial bank, all of which is available to
be drawn.
The Company invested $1,556,000 in property and equipment during the six
months ended June 30, 1996 compared to $2,211,000 for the 1995 six month
period. The Company expended $1,086,000 during the 1996 six month period
for its proportionate share of the costs of drilling and completing wells,
$271,000 for undeveloped acreage, $58,000 for purchases of producing
properties and $141,000 for other property and equipment. These expenditures
compare to $873,000 for well costs, $1,225,000 for undeveloped acreage and
$113,000 for other property and equipment in the 1995 six month period. The
Company drilled and completed two wells (1.87 net) in the Wattenberg Field in
northeastern Colorado in the first quarter of 1996. The Company also
participated in the drilling and completion of nine non-operated development
wells (1.6 net) in the Bonny Field in eastern Colorado during the six months
ended June 30, 1996. The three wells in the Cave Gulch Unit in central
Wyoming which were waiting on completion at December 31, 1995, were completed
during the first quarter of 1996.
The Board of Directors of Prima declared a special dividend of $.25 per
common share to be paid to stockholders of record as of the close of business
on August 26, 1996. The dividend is payable August 30, 1996.
The Company regularly reviews opportunities for acquisition of assets or
companies related to the oil and gas industry which could expand or enhance
its existing business. The Company expects its operations, including
acquisition, drilling, completion and recompletion well costs, will be
financed by funds provided by operations, working capital, borrowings on the
line of credit, various cost-sharing arrangements, or from other financing
alternatives.
<PAGE>
Results of Operations
For the quarter ended June 30, 1996, the Company earned net income of
$1,401,000, or $.36 per share, on revenues of $5,875,000, compared to net
income of $1,001,000, or $.26 per share on revenues of $3,954,000 for the
comparable quarter of 1995. Expenses were $4,044,000 for the 1996 second
quarter compared to $2,663,000 for the 1995 second quarter. Revenues
increased $1,921,000, or 48.6%, expenses increased $1,381,000, or 51.9%, and
net income increased $400,000, or 40.0%.
For the six months ended June 30, 1996, the Company earned net income of
$2,930,000, or $.75 per share, on revenues of $12,260,000, compared to net
income of $2,258,000, or $.58 per share on revenues of $9,656,000 for the six
months ended June 30, 1995. Expenses were $8,440,000 for the 1996 six month
period compared to $6,733,000 for the 1995 six month period. Revenues
increased $2,604,000, or 27.0%, expenses increased $1,707,000, or 25.4%, and
net income increased $672,000, or 29.8%.
Oil and gas sales for the quarter ended June 30, 1996 were $3,024,000
compared to $2,780,000 for the same quarter of 1995, an increase of $244,000
or 8.8%. The Company's net natural gas production was 1,149,000 Mcf and
1,016,000 Mcf for the second quarters of 1996 and 1995, respectively, an
increase of 133,000 Mcf or 13.1%. Its net oil production was 55,000 barrels
compared to 69,000 barrels for the same periods, a decrease of 14,000 barrels
or 20.3%. The average price received for natural gas production was $1.69
per Mcf for the 1996 quarter compared to $1.50 per Mcf for the 1995 quarter,
an increase of $.19 per Mcf or 12.7%. Approximately 5% of natural gas
production for the three months ended June 30, 1996 was attributable to
production sold under a fixed contract price of $5.90 per MMBtu. The average
price for the Company's natural gas production exclusive of the fixed price
contract gas was $1.45 per Mcf for the 1996 quarter compared to $1.34 per Mcf
for the 1995 quarter. The average price received for oil in the second
quarter of 1996 was $19.88 per barrel compared to $18.06 per barrel for the
second quarter of 1995, an increase of $1.82 per barrel or 10.1%.
Oil and gas sales for the six months ended June 30, 1996 were $6,408,000
compared to $6,075,000 for the six months ended June 30, 1995, an increase of
$333,000 or 5.5%. The Company's net natural gas production was 2,358,000 Mcf
and 2,134,000 Mcf for the first six months of 1996 and 1995, respectively, an
increase of 224,000 Mcf or 10.5%. Its net oil production was 123,000 barrels
compared to 156,000 barrels for the same six month periods, a decrease of
33,000 barrels or 21.2%. The average price received for natural gas
production was $1.72 per Mcf for the six months ended June 30, 1996 compared
to $1.57 per Mcf for the six months ended June 30, 1995, an increase of $.15
per Mcf or 9.6%. Approximately 5% of natural gas production for the six
months ended June 30, 1996 was attributable to production sold under the
fixed contract price of $5.90 per MMBtu. The average price for the Company's
natural gas production exclusive of the fixed price contract gas was $1.49
per Mcf for the six months ended June 30,1996 compared to $1.44 for the six
months ended June 30, 1995. The average price received for oil for the first
six months of 1996 was $19.03 per barrel compared to $17.47 per barrel for
the same period of 1995, an increase of $1.56 per barrel or 8.9%.
<PAGE>
Trading revenues and cost of trading represent the marketing of third
party natural gas by Prima Natural Gas Marketing, Inc., a wholly owned
subsidiary. Trading revenues were $1,813,000 for the three months ended June
30, 1996, a $1,336,000 increase (280.1%) over the $477,000 reported for the
three months ended June 30, 1995. The Company marketed 1,217,000 MMBtu's for
the second quarter of 1996 compared to 209,000 MMBtu's marketed during the
comparable quarter of 1995. Costs of trading were $1,491,000 for the 1996
quarter compared to $297,000 for the 1995 quarter, an increase of $1,194,000
or 402.0%.
Trading revenues were $4,008,000 for the six months ended June 30, 1996,
an increase of $1,955,000 or 95.2% over the $2,053,000 reported for the six
months ended June 30, 1995. The Company marketed 2,486,000 MMBtu's for the
six month period of 1996 compared to 969,000 MMBtu's marketed during the
comparable period of 1995. Costs of trading were $3,283,000 for the 1996 six
month period compared to $1,705,000 for the 1995 six month period, an
increase of $1,578,000 or 92.6%. Trading activities fluctuate with natural
gas markets and the Company's ability to develop markets that meet the
Company's trading criteria.
Oilfield services represent the revenues earned by Action Oilfield
Services, Inc., a wholly owned subsidiary. These revenues include well
servicing fees from completion and swab rigs, trucking, water hauling and
rental equipment, and other related activities. Revenues were $654,000 for
the quarter ended June 30, 1996 compared to $296,000 for the comparable
quarter of 1995, an increase of $358,000, or 120.9%. Activity levels in the
Wattenberg Field Area, where the service company is active, increased during
the second quarter of 1996. For the quarter ended June 30, 1996, 9.4% of the
fees billed by Action were for Company owned wells compared to 20.9% for the
quarter ended June 30, 1995.
Oilfield services revenues were $1,073,000 for the six months ended June
30, 1996 compared to $792,000 for the comparable six month period of 1995, an
increase of 281,000 or 35.5%. For the six months ended June 30, 1996, 15.3%
of the fees billed by Action were for Company owned wells compared to 20.4%
for the six months ended June 30, 1995. The Company's share of fees paid to
Action on Company owned properties and the costs associated with providing
the services are eliminated in consolidation.
Management and operator fees are earned pursuant to the Company's roles
as operator for approximately 310 oil and natural gas wells located primarily
in the Wattenberg Field area of Weld County, Colorado and as managing
venturer of a joint venture which owns gas gathering and pipeline facilities
in the Bonny Field in Yuma County, Colorado. The Company is a working
interest owner in each of the operated wells. The Company is paid operating
and management fees by the other working interest owners in the properties.
Fees fluctuate with the number of wells operated, the percentage working
interest in a property owned by third parties, and the amount of drilling
activity during the period. Fees for the quarter ended June 30, 1996 were
$252,000 compared to $293,000 for the 1995 quarter, a decrease of $41,000 or
14.0%. Fees for the six months ended June 30, 1996 were $517,000 compared to
$556,000 for the 1995 six month period, a decrease of $39,000 or 7.0%.
<PAGE>
General, administrative and cost of oilfield services includes the costs
of payroll, insurance, rent, office, maintenance, etc. as well as the direct
and indirect expenses of the Company's service business. These expenses were
$832,000 for the quarter ended June 30, 1996 compared to $748,000 for the
quarter ended June 30, 1995, an increase of $84,000, or 11.2%. Costs for the
six months ended June 30, 1996 have increased $35,000, or 2.2%, to $1,639,000
from $1,604,000 at June 30, 1995. The cost of oilfield services has
increased consistent with the increased activity levels experienced in the
second quarter of 1996.
Lease operating expenses and production taxes ("LOE") were $615,000 for
the quarter ended June 30, 1996 compared to $594,000 for the quarter ended
June 30, 1995, an increase of $21,000 or 3.5%. Depreciation, depletion and
amortization ("DD&A") was $1,106,000 for the second quarter of 1996 compared
to $1,024,000 for the second quarter of 1995, an increase of $82,000 or 8.0%.
Production for the quarter ended June 30, 1996 was 246,000 barrels of oil
equivalent ("BOE") compared to 239,000 BOE for the quarter ended June 30,
1995. LOE per equivalent barrel of production was $2.51 for the second
quarter of 1996 compared to $2.49 for the comparable quarter of 1995. DD&A
applicable to oil and gas properties was $4.17 per equivalent barrel of
production for the 1996 quarter compared to $3.95 per equivalent barrel of
production for the 1995 quarter. Depreciation of other property and
equipment was $80,000 and $81,000 for the quarters ended June 30, 1996 and
1995, respectively.
LOE was $1,236,000 for the six months ended June 30, 1996 compared to
$1,194,000 for the six months ended June 30, 1995, an increase of $42,000 or
3.5%. DD&A was $2,282,000 for the six month period of 1996 compared to
$2,230,000 for the six month period of 1995, an increase of $52,000 or 2.3%.
Production for the 1996 six month period was 516,000 BOE compared to 511,000
BOE for the 1995 six month period. LOE per equivalent barrel of production
was $2.39 for 1996 compared to $2.33 for 1995. DD&A applicable to oil and
gas properties was $4.12 per equivalent barrel of production for the 1996 six
month period compared to $4.05 per equivalent barrel of production for the
1995 six month period. Depreciation of other property and equipment was
$155,000 and $162,000 for the six months ended June 30, 1996 and 1995,
respectively.
The provision for income taxes was $430,000 for the quarter ended June
30, 1996, compared to $290,000 for the quarter ended June 30, 1995. The
provision for the six months ended June 30, 1996 was $890,000 compared to
$665,000 for the same six month period of 1995. Income before income taxes
increased $539,000 for the 1996 quarter, and the effective tax rate increased
to 23.5% from 22.5%. Income before income taxes for the six month period of
1996 increased by $897,000, and the effective tax rate increased to 23.3%
from 22.8%. Effective tax rates are affected by amounts of temporary and
permanent differences in financial and taxable income and by statutory
depletion deductions and section 29 tax credits.
Historically, oil and natural gas prices have been volatile and are
likely to continue to be volatile. Prices are affected by, among other
things, market supply and demand factors, market uncertainty, and actions of
the United States and foreign governments and international cartels. These
factors are beyond the control of the Company. To the extent that oil and
natural gas prices decline, the Company's revenues, cash flows, earnings and
operations would be adversely impacted. The Company is unable to accurately
predict oil and natural gas prices.
<PAGE>
The Company's main source of revenues is from the sale of oil and
natural gas production. Levels of revenues and earnings are affected by
prices at which oil and natural gas are sold. As a result, the Company's
operating results for any period are not necessarily indicative of future
operating results because of fluctuations in oil and natural gas prices and
production volumes.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
On January 31, 1994, Prima and certain other producers at the Bonny
Field filed suit seeking declaratory judgment establishing Williams Natural
Gas Company's ("Williams") obligation to purchase natural gas under the terms
of the parties Gas Purchase Contracts following the conclusion of the primary
term of those contracts. Defendant Williams contends that it has an option
to continue purchasing natural gas rather than an obligation.
Prima and the other producers filed a Motion for Summary Judgment. On
January 16, 1995, the Court issued its opinion finding in favor of Prima and
the other producers, holding that Williams is obligated under the language of
the contracts to continue to purchase gas past the primary term of the
contracts in accordance with the terms and conditions of the contracts.
On January 31, 1995, Williams filed an appeal with the Tenth Circuit
Court of Appeals. On December 5, 1995, the Tenth Circuit Court of Appeals
affirmed the District Court's decision in favor of Prima and the other
producers.
On March 5, 1996, Williams filed a Petition for Writ of Certiorari with
the United States Supreme Court. On June 24, 1996, the United States Supreme
Court denied the petition for Writ of Certiorari.
Item 4. Submission of Matters to a Vote of Security Holders
On June 12, 1996, the Company held an annual meeting of stockholders.
The following table sets forth certain information relating to each matter
voted upon at the meeting.
Votes
-------------------------------------
Withheld/ Broker
Matters Voted Upon For Against Abstain Non-Votes
- ------------------------------- --------- ------- ------- ---------
Election of Robert E. Childress 3,488,827 12,893
as Class II Director.
Election of Douglas J. Guion 3,478,260 23,460
as Class II Director.
Ratification of the selection 3,484,608 2,614 14,498
of Deloitte & Touche as
independent auditors for 1996.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The following exhibit is filed herewith pursuant to rule 601 of
Regulation S-K.
Exhibit No. Document
27 Financial Data Schedules
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the Registrants' fiscal quarter
ended June, 30, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRIMA ENERGY CORPORATION
(Registrant)
Date August 14, 1996 By /s/Richard H. Lewis
--------------- ---------------------------
Richard H. Lewis,
President and
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM
10-Q FOR PRIMA ENERGY CORPORATION FOR THE SIX MONTHS ENDED JUNE 30, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 5,716,000
<SECURITIES> 1,325,000
<RECEIVABLES> 3,576,000
<ALLOWANCES> (43,000)
<INVENTORY> 345,000
<CURRENT-ASSETS> 11,029,000
<PP&E> 49,933,000
<DEPRECIATION> (21,678,000)
<TOTAL-ASSETS> 39,776,000
<CURRENT-LIABILITIES> 2,769,000
<BONDS> 0
<COMMON> 58,000
0
0
<OTHER-SE> 32,770,000
<TOTAL-LIABILITY-AND-EQUITY> 39,776,000
<SALES> 10,416,000
<TOTAL-REVENUES> 12,260,000
<CGS> 6,801,000
<TOTAL-COSTS> 6,801,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,820,000
<INCOME-TAX> 890,000
<INCOME-CONTINUING> 2,930,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,930,000
<EPS-PRIMARY> .75
<EPS-DILUTED> .75
</TABLE>
