-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OWKrARHHXXOmr2Kruzd2AR04w0dVwd6DbRS6zinRmCBxiDpl3tyUK8ap9cmZqcU7 yCNAs9ueiJ9LdC39bFe6qA== 0001144204-06-034187.txt : 20060816 0001144204-06-034187.hdr.sgml : 20060816 20060816140807 ACCESSION NUMBER: 0001144204-06-034187 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060816 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060816 DATE AS OF CHANGE: 20060816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXCO ENERGY CORP CENTRAL INDEX KEY: 0000066418 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 840627918 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31785 FILM NUMBER: 061037797 BUSINESS ADDRESS: STREET 1: 214 W TEXAS AVENUE STREET 2: SUITE 1101 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 9156821119 MAIL ADDRESS: STREET 1: 214 W TEXAS AVENUE STREET 2: SUITE 1101 CITY: MIDLAND STATE: TX ZIP: 79701 FORMER COMPANY: FORMER CONFORMED NAME: MILLER OIL CO DATE OF NAME CHANGE: 19800702 8-K 1 v050513_8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Date of Report: August 16, 2006 (Date of earliest event reported) Mexco Energy Corporation (Exact name of registrant as specified in its charter) CO 84-0627918 (State or other 0-6694 (IRS Employer jurisdiction of (Commission File Number) Identification Number) incorporation) 214 W. Texas Avenue, Suite 1101 Midland, TX 79701 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 432-682-1119 Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- Item 2.02. Results of Operations and Financial Condition. On August 16, 2006, Mexco Energy Corporation (the "Registrant") issued a press release reporting its financial results for the quarter ended June 30, 2006. The Registrant hereby incorporates by reference into this Item 2.02 the information set forth in such press release, a copy of which is furnished as Exhibit 99.1 to this Current Report. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and herein are deemed to be furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934, as amended (the Exchange Act). Item 9.01. Financial Statements and Exhibits. (c) Exhibits Exhibit Number Description - ------ --------------------------------------------------------------------- 99.1 Press release dated August 16, 2006. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MEXCO ENERGY CORPORATION Dated: August 16, 2006 By: /s/ Nicholas C. Taylor ------------------------------ Nicholas C. Taylor Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description - ------ --------------------------------------------------------------------- 99.1 Press release dated August 16, 2006. EX-99.1 2 v050513_ex99-1.txt FOR IMMEDIATE RELEASE: Mexco Energy Corporation Reports First Quarter Financials MIDLAND, TX - 8/16/06 - Mexco Energy Corporation (AMEX: MXC) reported net income for the first quarter of fiscal 2007 of $227,290, or $0.12 per diluted share, as compared to net income of $160,918, or $0.09 per diluted share, for the first quarter of fiscal 2006, a 41% increase. Oil and gas sales decreased from $802,720 for the first quarter of fiscal 2006 to $777,412 for the same period of fiscal 2007. The average sales prices received of $7.11 per Mcfe was up from $6.62 per Mcfe received in the first quarter of fiscal 2006. Oil production increased 9% and gas production decreased 15% during the first quarter of fiscal 2007 as compared to the first quarter of 2006. Total operating expenses for the first quarter of fiscal 2007 increased $116,323 to $632,635 from $516,312 in the first quarter of fiscal 2006. Included in operating expenses was a 34% increase in general and administrative expense. The increase in general and administrative expense was primarily attributable to consulting costs associated with the Company's Russian activities, an increase in Director's fees and the effects of applying FAS 123(R) for employee stock option compensation. There will be no further expenses related to the Russian venture in the foreseeable future. The Company owns oil and gas properties in ten states, with the majority of its activity centered in West Texas. The Company plans to continue to focus its efforts to increase oil and natural gas reserves, through exploration and development as well as acquisition of royalties in areas with significant development potential. 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, 2006. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements. For additional information, please contact: Nicholas C. Taylor, CEO Tammy L. McComic, CFO 432-682-1119 Mexco Energy Corporation and Subsidiaries CONSOLIDATED BALANCE SHEETS
June 30, March 31, 2006 2006 ------------ ------------ (Unaudited) ASSETS Current assets Cash and cash equivalents $ 77,057 $ 52,768 Accounts receivable: Oil and gas sales 391,294 429,133 Trade 9,556 336 Related parties 327 73 Prepaid costs and expenses 49,011 75,576 ------------ ------------ Total current assets 527,245 557,886 Investment in GazTex, LLC 20,509 20,509 Property and equipment, at cost Oil and gas properties, using the full cost method ($121,418 excluded from amortization as of June 30 and March 31, 2006) 18,990,325 18,947,532 Other 40,984 39,848 ------------ ------------ 19,031,309 18,987,380 Less accumulated depreciation, depletion, and amortization 10,737,980 10,587,451 ------------ ------------ Property and equipment, net 8,293,329 8,399,929 ------------ ------------ $ 8,841,083 $ 8,978,324 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable - trade and accrued expenses $ 95,158 $ 118,125 Income tax payable -- -- ------------ ------------ Total current liabilities 95,158 118,125 Long-term debt 400,000 600,000 Asset retirement obligation 317,015 352,416 Deferred income tax liability 879,076 1,006,736 Minority interest 2,051 2,051 Commitments and contingencies Stockholders' equity Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding -- -- Common stock - $0.50 par value; 40,000,000 shares authorized; 1,776,566 shares issued 888,283 888,283 Additional paid-in capital 3,915,085 3,893,588 Retained earnings 2,489,990 2,262,700 Treasury stock, at cost (33,525 shares) (145,575) (145,575) ------------ ------------ Total stockholders' equity 7,147,783 6,898,996 ------------ ------------ $ 8,841,083 $ 8,978,324 ============ ============
Mexco Energy Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended June 30, (Unaudited)
2006 2005 ------------ ------------ Operating revenues: Oil and gas $ 777,412 $ 802,720 Other 167 372 ------------ ------------ Total operating revenues 777,579 803,092 Operating expenses: Production 215,629 176,445 Accretion of asset retirement obligation 4,984 5,785 Depreciation, depletion and amortization 150,529 138,679 General and administrative 261,493 195,403 ------------ ------------ Total operating expenses 632,635 516,312 ------------ ------------ Operating profit 144,944 286,780 Other income (expense): Interest income 292 167 Interest expense (10,099) (29,982) ------------ ------------ Net other expense (9,807) (29,815) Minority interest in loss of subsidiary 4,738 3,824 ------------ ------------ Earnings before income taxes 139,875 260,789 Income tax expense (benefit): Current 40,245 74,442 Deferred (127,660) 25,429 ------------ ------------ (87,415) 99,871 ------------ ------------ Net income $ 227,290 $ 160,918 ============ ============ Net income per common share: Basic: $ 0.13 $ 0.09 Diluted: $ 0.12 $ 0.09
-----END PRIVACY-ENHANCED MESSAGE-----