Form 8-K - Current report

 

 

 

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.

 

Date of Report: August 10, 2023

(Date of earliest event reported)

 

Mexco Energy Corporation

(Exact name of registrant as specified in its charter)

 

CO		1-31785		84-0627918
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification Number)

 

415 W. Wall Street, Suite 475 Midland, TX		79701
(Address of principal executive offices)		(Zip 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 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
Common Stock, par value $0.50 per share		MXC		NYSE American

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On August 10, 2023, Mexco Energy Corporation (the “Registrant”) issued a news release to announce its financial results for the three months ended June 30, 2023.

 

Item 8.01 Other Events

 

On August 10, 2023, 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 August 10, 2023.
	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: August 10, 2023	By:	/s/ Tammy McComic
		Tammy McComic
		President and Chief Financial Officer

 

 

Exhibit 99.1

 

August 10, 2023

 

FOR IMMEDIATE RELEASE

 

Mexco Energy Corporation Reports Financial Results for First Quarter

 

MIDLAND, TX – 08/10/2023 – Mexco Energy Corporation (NYSE American: MXC) today reported net income of $465,614, or $0.21 per diluted share, for the quarter ending June 30, 2023, compared to $1,298,672 or $0.59 per diluted share, for the comparable quarter ending June 30, 2022.

 

Operating revenues in the first quarter of fiscal 2024 were $1,748,419, a decrease of 29% from the first quarter of fiscal 2023. This was due to a 33% decrease in the average sales price of oil and a 69% decrease in the average sales price of natural gas. This was partially offset by a 37% increase in oil production and a 9% increase in natural gas production. Oil contributed 82% of our operating revenues for the first quarter of fiscal 2024.

 

The Company currently expects to participate in the drilling and completion of 40 horizontal wells and the completion of 21 horizontal wells drilled in the prior fiscal year. The estimated aggregate cost is approximately $2.2 million for the fiscal year ending March 31, 2024, of which approximately $1.3 million has been expended to date.

 

The President and Chief Financial Officer of the Company stated, “We currently have $2.6 million cash on hand, no bank debt and are evaluating an increased number of attractive opportunities.”

 

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, 2023. 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, [phone].

 

Cover	Aug. 10, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 10, 2023
Entity File Number	1-31785
Entity Registrant Name	Mexco Energy Corporation
Entity Central Index Key	0000066418
Entity Tax Identification Number	84-0627918
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	415 W. Wall Street
Entity Address, Address Line Two	Suite 475
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	682-1119
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.50 per share
Trading Symbol	MXC
Security Exchange Name	NYSEAMER

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