8-K
Mexco Energy Corp (MXC)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934.
Dateof Report: February 7, 2025
(Date of earliest event reported)
MexcoEnergy Corporation
(Exact name of registrant as specified in its charter)
| CO | 1-31785 | 84-0627918 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> of incorporation) | (Commission<br><br> File Number) | (IRS<br> Employer<br><br> Identification Number) |
| 415 W. Wall Street,<br><br> <br>Suite 475<br><br> Midland,TX | 79701 | |
| --- | --- | |
| (Address<br> of principal executive offices) | (Zip<br> Code) |
Registrant’s telephone number, including area code: 432-682-1119
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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Title<br> of each class | Trading<br> Symbol(s) | Name<br> of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.50 per share | MXC | NYSE American |
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On February 7, 2025, Mexco Energy Corporation (the “Registrant”) issued a news release to announce its financial results for the nine months ended December 31, 2023.
| Item 8.01 | Other Events |
|---|
On February 7, 2025, 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 February 7, 2025. |
| 104 | Cover<br> 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:<br> February 7, 2025 | By: | /s/ Tammy McComic |
| Tammy<br> McComic | ||
| President<br> and Chief Financial Officer |
Exhibit99.1
February 7, 2025
FORIMMEDIATE RELEASE
MexcoEnergy Corporation Reports Financial Results for Third Quarter
MIDLAND, TX – 02/7/2025 – Mexco Energy Corporation (NYSE American: MXC) today reported net income of $1,077,370, or $0.51 per diluted share, for the nine months ending December 31, 2024.
Operating revenues in the first nine months of fiscal 2025 were $5,368,327, an increase of 12% when compared to the first nine months of fiscal 2024. This increase was primarily due to an increase in oil and natural gas production volumes and partially offset by a decrease in the average sales prices of oil and natural gas. Natural gas prices have been low due to limited pipeline capacities in the Permian Basin. Oil contributed to 86% of our operating revenues for the first nine months of fiscal 2025.
Net income of $469,133, or $0.22 per diluted share, for the Company’s third quarter of fiscal 2025, an increase of 36% compared to $345,610, or $0.16 per diluted share, for the third quarter of fiscal 2024. Operating revenues in the third quarter of fiscal 2025 were $1,891,265.
The Company currently expects to participate in the drilling of 28 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $1.8 million for the fiscal year ending March 31, 2025, of which $1.1 million has been expended to date.
Also, the Company has expended to date, approximately $2 million for royalty and mineral interest acquisitions in approximately 700 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.
Inaccordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautionsthat statements in this press release which are forward-looking and which provide other than historical information involve risks anduncertainties that may impact the Company’s actual results of operations. These risks include, but are not limited to, productionvariance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertaintiesabout estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gasproduction. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company’s Form 10-Kfor the fiscal year ended March 31, 2024. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-lookingstatements.
For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.