Mexco Energy Corporation Reports Financial Results for Profitable First Quarter
11 Août 2021 - 10:40PM
Mexco Energy Corporation (NYSE American: MXC) today reported
operating revenues in the first quarter of fiscal 2022 increased
241% to $1,264,198 from $370,456 for the first quarter of fiscal
2021. This increase resulted from a 34% increase in oil production
and a 13% increase in natural gas production as well as the average
sales price of oil and natural gas for the quarter ending June 30,
2021 to $63.94 per barrel (a 161% increase) and $2.98 per Mcf (a
189% increase), respectively.
Net income was $395,006, or $0.19 per diluted
share, for the quarter ending June 30, 2021, the Company’s first
quarter of fiscal 2022, versus a net loss of $299,670, or $0.15 per
diluted share, for the quarter ending June 30, 2020.
The Company currently plans to participate in
the drilling and completion of approximately 36 horizontal wells at
an estimated aggregate cost of approximately $1,250,000 for the
fiscal year ending March 31, 2022. During the first quarter of
fiscal 2022, Mexco participated with various percentage interests
in the drilling of ten of these 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
$200,000. Two of these wells, in which Mexco owns .56%, were
completed at the end of June 2021 with initial average production
rates of 1,184 barrels of oil, 4,380 barrels of water and 1,818,000
cubic feet of gas per day, or 1,444 barrels of oil equivalent per
day.
The Company also expended approximately $165,000
during the first quarter of fiscal 2022 for the additional
completion costs of 12 drilled but uncompleted horizontal wells
located in Lea and Eddy Counties, New Mexico that the Company
participated in drilling during fiscal 2021. Of these wells, 2 were
completed at the end of June 2021 and beginning of July and were
producing at an aggregate average rate of 1,406 barrels of oil,
3,214 barrels of water; and 2,146,000 cubic feet of gas per day, or
1,403 barrels of oil equivalent per day. Mexco’s working interest
in these wells is 1.2%. Two of these wells were also completed in
June 2021.
The President and Chief Financial Officer of the
Company stated, “We have been rewarded by improved commodity
prices, increased oil and natural gas production volumes and a
favorable debt to equity ratio currently at 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 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, 2021. 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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