Mexco Energy Corp 8-K, filed Nov 7, 2024
Mexco Energy Corp (MXC)
About this 8-K
Mexco Energy Corp filed this 8-K on November 7, 2024.
Items reported
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
Date
of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Item 2.02 | Results of Operations and Financial Condition. |
On November 7, 2024, Mexco Energy Corporation (the “Registrant”) issued a news release to announce its financial results for the six months ended September 30, 2024.
| Item 8.01 | Other Events |
On November 7, 2024, Mexco Energy Corporation issued a news release to announce further development of properties.
Copy of the news release is filed as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit | |||
| Number | Document | ||
| 99.1 | News release dated November 7, 2024. | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MEXCO ENERGY CORPORATION | ||
| Dated: November 7, 2024 | By: | /s/ Tammy McComic |
| Tammy McComic | ||
| President and Chief Financial Officer | ||
EXHIBIT 99.1
November 7, 2024
FOR IMMEDIATE RELEASE
Mexco Energy Corporation Reports Financial Results for first Six Months
MIDLAND, TX – 11/7/2024 – Mexco Energy Corporation (NYSE American: MXC) today reported net income of $608,237, or $0.29 per diluted share, for the six months ending September 30, 2024.
Operating revenues in the first six months of fiscal 2025 were $3,477,062, an increase of 10% when compared to the first six months of fiscal 2024. This increase was primarily due to an increase in oil and natural gas production volumes and an increase in average oil prices partially offset by a decrease in average natural gas prices. Oil contributed 87% of our operating revenues for the first six months of fiscal 2025.
Net income of $317,198, or $0.15 per diluted share, for the Company’s second quarter of fiscal 2025 compared with $269,433, or $0.12 per diluted share for the comparable quarter ending September 30, 2023. Operating revenues in the second quarter of fiscal 2025 were $1,749,227.
The Company currently expects to participate in the drilling of 30 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $2.3 million for the fiscal year ending March 31, 2025, of which approximately $890,000 has been expended to date. The Company is evaluating other prospects for participation during this fiscal year.
During fiscal 2025, the Company has expended to date, approximately $1.5 million for royalty and mineral interest acquisitions in approximately 600 producing wells with additional potential development located in 37 counties in 9 states.
Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration, and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company’s actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company’s Form 10-K for the fiscal year ended March 31, 2024. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.
For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer of Mexco Energy Corporation, (432) 682-1119.