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filename2.txt
January 22, 2025
Tamala McComic
Chief Financial Officer
Mexco Energy Corporation
415 West Wall Street, Suite 475
Midland, Texas 79701
Re: Mexco Energy Corporation
Form 10-K for the Fiscal Year ended March 31, 2024
Filed June 27, 2024
File No. 001-31785
Dear Tamala McComic:
We have reviewed your filing and have the following comments.
Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.
After reviewing your response to this letter, we may have additional
comments.
Form 10-K for the Fiscal Year ended March 31, 2024
Oil and Natural Gas Property Development, page 24
1. We note your disclosures on pages 24 and 25 indicating that during 2024,
you
expended $2 million for new participations in 52 wells, $450 thousand
for
completions of 21 wells that had been drilled the year before, and about
$1.8 million
for acquisitions of royalty interests in various producing wells.
Please reconcile the $4.3 million indicated by these disclosures to the
$3.3 million in
costs incurred for oil and gas properties reported on pages F-7 and
F-13.
2. We note your disclosure on page 26 indicating that you entered into two
3-year Term
Assignments of leasehold interests covering certain acres in Texas and
New Mexico
during December 2023, for which you received about $1 million.
Please expand the disclosures in the notes to your financial statements
to include the
accounting policy applied to Term Assignments generally, and to provide
details
January 22, 2025
Page 2
sufficient to understand the impact of these specific assignments on the
individual line
items reflecting these transactions during 2024.
Management's Discussion and Analysis, page 23
Results of Operations
Fiscal 2024 Compared to Fiscal 2023, page 25
3. Please discuss and analyze the reasons for the increase in Other income
in 2024
compared to 2023 to comply with Item 303(b)(2)(i) of Regulation S-K.
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.
Please contact Lily Dang at 202-551-3867 or Gus Rodriguez at
202-551-3752 if you
have questions regarding comments on the financial statements and related
matters.
Sincerely,
Division of
Corporation Finance
Office of Energy &
Transportation