EXHIBIT 99.1

March 24, 2004

FOR IMMEDIATE RELEASE
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        MEXCO ENERGY CORPORATION ANNOUNCES SIGNING OF AGREEMENT REGARDING
                          EXPLORATION FOR GAS IN RUSSIA


      MIDLAND, TEXAS - Mexco Energy Corporation announced today the signing in
Moscow, Russia, of an agreement to begin a preliminary feasibility study for
exploration and development of natural gas reserves in Russia.

      In April of this year, a team of U.S. and Russian experts will commence a
feasibility study of a number of undeveloped natural gas fields located in the
vicinity of Gasprom pipelines which serve Russia.

      This agreement contemplates operations through a Russian company which
would be owned jointly by Mexco Energy Corporation, three individuals, and a
Russian corporation, Yava-Stroi. For further information please refer to the
Company's Form 8-K filed with this press release posted on the Securities and
Exchange Commission's Electronic Data Gathering Analysis, and Retrieval
("EDGAR") System.

      Mexco Energy Corporation's stock trades on the American Stock Exchange
under the symbol MXC.

      This news release contains forward-looking statements that involve risks,
uncertainties and assumptions. All statements other than statements of
historical fact are statements that could be regarded as forward-looking
statements. Actual events may differ materially from statements made herein.
Such forward-looking statements are qualified by factors discussed herein and in
the filings that Mexco Energy Corporation makes from time to time with the
Securities and Exchange Commission and in news releases issued by Mexco. The
risks, uncertainties and assumptions identified therein could cause actual
results to differ materially from those contained in projections or
forward-looking statements. Copies of the SEC filings are available from Mexco
Energy Corporation upon request or by accessing the Edgar filing system.


Contact:

Tammy L. McComic, Vice President of Finance
Mexco Energy Corporation
(432) 682-1119