Mexco Energy Corporation Reports Financial Results for the Third Quarter and New Properties
12 Février 2020 - 8:30PM
Mexco Energy Corporation (NYSE American: MXC) today reported net
income of $35,196 for the quarter ending December 31, 2019, the
Company’s third quarter of fiscal 2020. This compares to a net loss
of $13,076 for the quarter ending December 31, 2018.
Operating revenues, in the third quarter of
fiscal 2020 were $769,778, an increase of 19% from $644,316 for the
third quarter of fiscal 2019. This is a result of a 42% increase in
oil production, a 6% increase in gas production and a 14% increase
in oil prices partially offset by a 38% decrease in gas prices.
The average sales price of oil and natural gas
respectively for the quarter ending December 31, 2019 was $55.91
per barrel and $1.61 per Mcf compared to $49.15 per barrel and
$2.59 per Mcf, respectively for the quarter ending December 31,
2018.
For the nine months ended December 31, 2019, the
Company reported a net loss of $101,777 compared to net income of
$23,375 for the nine months ended December 31, 2018. Operating
revenues decreased 1% to $2,094,291 for the nine months ended
December 31, 2019 of which 84% was attributable to oil revenues and
the balance to natural gas.
During the first nine months of fiscal 2020,
Mexco participated with various percentage interests in the
drilling and completion of 36 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
$850,000. The latest two of these wells were completed in January
2020 and tested at an average rate of 2,524 barrels of oil; 6,423
barrels of water; and 7,513,500 cubic feet of gas per day, or 3,776
barrels of oil equivalent per day.
Subsequently, in January 2020, Mexco expended an
additional $348,000 for participation in the completion of four of
these wells and the drilling and completion of an additional 2
wells. In February 2020, Mexco expended another $47,250 for the
drilling of 2 more wells.
Also during the first nine months of fiscal
2020, Mexco participated in the drilling and completion of 6
vertical wells in Winkler County, TX at an aggregate cost of
approximately $20,000.
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
144 gross wells of which 136 are Utica gas wells and 8 are
Marcellus oil wells either producing, drilling or in process. An
additional $25,000 was invested in this joint venture in January
2020.
Mexco’s bank indebtedness as of February 12,
2020 was $795,000, resulting in a debt to equity ratio of 10%.
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, 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)
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