Mexco Energy Corporation Reports Financial Results for First Quarter and Development of Properties
13 Novembre 2019 - 9:51PM
Mexco Energy Corporation (NYSE American: MXC) today reported a net
loss of $82,787 for the quarter ending September 30, 2019, the
Company’s second quarter of fiscal 2020. This compares to a
net income of $22,031 for the quarter ending September 30, 2018.
Operating revenues, in the second quarter of
fiscal 2020 were $625,884, a decrease of 12% from $714,508 for the
second quarter of fiscal 2019. Despite a 19% increase in oil
production with a 1% decrease in gas production, oil prices
decreased 10% and gas prices decreased 54%.
The average sales price of oil and natural gas
respectively for the quarter ending September 30, 2019 was $52.61
per barrel compared to $58.31 barrel and $1.30 per Mcf compared to
$2.80 per Mcf, respectively for the quarter ending September 30,
2018.
For the six months ended September 30, 2019, the
Company reported a net loss of $136,973 compared to net income of
$36,451 for the six months ended September 30, 2018.
Operating revenues decreased 9% to $1,325,475 for the six months
ended September 30, 2019 from $1,463,519 for the September 30, 2018
six month period.
The President of the Company, Tammy McComic,
noted, “The addition of a 2 Bcf per day, 42 inch pipeline from the
Permian Basin to the Gulf Coast should have a positive effect on
Mexco’s earnings in the second half which were penalized by lack of
pipeline capacity in the first six months of this fiscal
year.”
During the first six months of fiscal 2020,
Mexco participated with various percentage interests in the
drilling and completion of 27 horizontal wells in the Delaware
Basin located in the western portion of the Permian Basin in Lea
and Eddy Counties, New Mexico with aggregate costs of approximately
$786,000. Subsequently, Mexco expended an additional $61,000
for participation in the drilling of another four wells.
During this period the Company invested $100,000
of a $250,000 commitment in a joint venture to purchase royalty
interests consisting of minerals located in the state of Ohio with
70 gross dry gas wells in the Utica formation producing, drilling
or in process. There is also a potential for oil production
of crude oil from the Marcellus above the Utica on a portion of
this acreage.
Mexco’s bank indebtedness as of November 13,
2019 was $525,000, resulting in a debt to equity ratio of 6%.
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 inherit 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, 2019. Mexco Energy Corporation
disclaims any intention or obligation to revise any forward-looking
statements.
For additional information, please contact: Nicholas C.
Taylor, Chairman and Chief Executive Officer or Tammy L. McComic,
President and Chief Financial Officer, both of Mexco Energy
Corporation, (432) 682-1119.
Mexco Energy (AMEX:MXC)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Mexco Energy (AMEX:MXC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024