Mexco Energy Corporation Reports Results for Second Quarter and Property Developments

Mexco participated in the drilling and completion of three horizontal development wells and one salt water disposal well in the Avalon Shale portion of the Bone Spring formation in Lea County, New Mexico.  This unit, consisting of 3 currently producing wells, is operated by Concho Resources, Inc.   The most recent of these wells flowed at the rate of 941 barrels of oil and 1,142,000 cubic feet of gas on a twenty-four hour test.  Mexco's share of the costs through September 30, 2015 for these four wells as well as purchase of additional interests was approximately $167,000.  Mexco's working interests in these wells now range from .74% to 1.18% (.63% to .87% net revenue interest). 

Mexco is a working interest owner in two horizontal wells, one producing at approximately 320 barrels of oil and 1,600,000 cubic feet of natural gas per day and the second of which is in process of drilling and completion.  These wells are in the Lower Avalon formation located in Lea County, New Mexico and operated by Concho Resources, Inc.  Mexco has expended $46,200 in the first six months of fiscal 2016 for our approximate .60% working interest (.45% net revenue interest).

These initial rates of production are not necessarily indicative of actual future rates of production.

Mexco recently executed a term lease assignment extension to an independent operator for a period of three years for payment to Mexco of $640,000.  Such assignment covers 320 acres located in the northeast corner of Upton County, Texas south of the Midland County and west of the Reagan County lines.  This acreage covers an undivided one-half interest in a 640 acre tract the other half of which is held by Apache Corporation.  This acreage has potential for development of the horizontal Wolfcamp.  Mexco retains a 1% overriding royalty interest in the assigned acreage. 

Pioneer Natural Resources Company has drilled two wells under a term assignment from Mexco of a leasehold interest from Mexco in 417.33 net acres (837.33 gross acres) also in the Northeast corner of Upton County, Texas.  Mexco retains a 1% royalty which is free of drilling, completion and operation costs.

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.  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, 2015.  Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.

Mexco Energy Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
					September 30,		March 31,
					2015		2015
ASSETS
	Current assets
		Cash and cash equivalents			$          59,828		$        96,084
		Accounts receivable:
			Oil and gas sales		392,036		384,485
			Trade		14,903		64,584
		Prepaid costs and expenses			29,541		44,618
				Total current assets	496,308		589,771
	Property and equipment, at cost
		Oil and gas properties, using the full cost method			41,293,845		40,563,443
		Other			107,484		106,792
		Accumulated depreciation, depletion and amortization			(21,540,455)		(19,838,036)
				Property and equipment, net	19,860,874		20,832,199
	Other noncurrent assets				41,018		48,980
				Total assets	$   20,398,200		$ 21,470,950
LIABILITIES AND STOCKHOLDERS' EQUITY
	Current liabilities
		Accounts payable and accrued expenses			$        576,168		$      423,121
	Long-term debt				6,250,000		5,950,000
	Asset retirement obligations				1,246,526		1,230,216
	Deferred income tax liabilities				147,539		660,870
				Total liabilities	8,220,233		8,264,207
	Commitments and contingencies
	Stockholders' equity
		Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding			-		-
		Common stock - $0.50 par value; 40,000,000 shares authorized; 2,104,266 shares issued and 2,037,266 shares outstanding as of September 30, 2015 and March 31, 2015
					1,052,133		1,052,133
		Additional paid-in capital			7,146,928		7,075,031
		Retained earnings			4,324,907		5,425,580
		Treasury stock, at cost (67,000 shares)			(346,001)		(346,001)
	Total stockholders' equity				12,177,967		13,206,743
				Total liabilities and stockholders' equity	$   20,398,200 Werbung Mehr Nachrichten zur Mexco Energy Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 22.04.24 - PR Newswire Mid Wynd International Investment Trust Plc - Transaction in Own Shares 22.04.24 - PR Newswire Ashtead Group Plc - Transaction in Own Shares 22.04.24 - PR Newswire Rightmove Plc - Transaction in Own Shares Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59