0001493152-21-003249.txt : 20210210 0001493152-21-003249.hdr.sgml : 20210210 20210210153644 ACCESSION NUMBER: 0001493152-21-003249 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210210 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210210 DATE AS OF CHANGE: 20210210 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: 21613518 BUSINESS ADDRESS: STREET 1: 415 WEST WALL STREET STREET 2: SUITE 475 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 9156821119 MAIL ADDRESS: STREET 1: 415 WEST WALL STREET STREET 2: SUITE 475 CITY: MIDLAND STATE: TX ZIP: 79701 FORMER COMPANY: FORMER CONFORMED NAME: MILLER OIL CO DATE OF NAME CHANGE: 19800702 8-K 1 form8-k.htm

 

 

 

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: February 10, 2021

(Date of earliest event reported)

 

Mexco Energy Corporation

(Exact name of registrant as specified in its charter)

 

CO   1-31785   84-0627918

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

 

415 W. Wall Street,

Suite 475

Midland, TX

   79701
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: 432-682-1119

 

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))

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.50 per share   MXC   NYSE American

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 10, 2021, Mexco Energy Corporation (the “Registrant”) issued a news release to announce its financial results for the three and nine months ended December 31, 2020.

 

Copy of the news release is filed as Exhibit 99.1.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

  Exhibit    
  Number   Document
       
  99.1   News release dated February 10, 2021.

 

 

 

 

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: February 10, 2021 By: /s/ Tammy McComic
    Tammy McComic
    President and Chief Financial Officer

 

 

 

 EX-99.1 2 ex99-1.htm

 

EXHIBIT 99.1

 

February 10, 2021

 

FOR IMMEDIATE RELEASE

 

Mexco Energy Corporation Reports Financial Results for the Third Quarter

 

MIDLAND, TX – 2/10/2021 – Mexco Energy Corporation (NYSE American: MXC) today reported net income of $80,497 for the quarter ending December 31, 2020, the Company’s third quarter of fiscal 2021. This compares to net income of $35,196 for the quarter ending December 31, 2019.

 

Operating revenues, in the third quarter of fiscal 2021 were $699,894, compared to $769,778 for the second quarter of fiscal 2020. This is the result of a 13% increase in oil production, an 8% increase in gas production and a 29% increase in gas prices partially offset by a 28% decrease in oil prices.

 

The average sales price for the quarter ending December 31, 2020 was $2.08 per Mcf and $40.01 per barrel compared to $1.61 per Mcf and $55.91 per barrel, respectively for the quarter ending December 31, 2019.

 

For the nine months ended December 31, 2020, the Company reported a net loss of $261,143 compared to a net loss of $101,777 for the nine months ended December 31, 2019. Operating revenues were $1,774,966 for the nine months ended December 31, 2020, a 15% decrease from $2,095,253 for the December 31, 2019 nine month period resulting primarily from the COVID-19 pandemic.

 

The Company participated in the drilling of 20 horizontal wells for the fiscal year ending March 31, 2021. Eight of these wells have been completed and are currently producing. The remaining twelve wells are in various stages of drilling or completion.

 

In addition to the 20 wells mentioned above, the Company participated in the completion of 22 horizontal wells which were drilled during fiscal 2020 located in Eddy and Lea Counties, New Mexico. The Company has paid approximately $270,000, which is the balance of the completion costs for the 22 wells. Of these wells, 13 wells were completed during the first six months of fiscal 2021. In December 2020, four more of these wells were completed and initially produced at an average production rate of 1,171 barrels of oil; 4,004 barrels of water; and 2,517,000 cubic feet of gas per day, or 1,591 barrels of oil equivalent per day. Mexco’s working interest in these four wells is .36%. Another three of these wells were also completed in December 2020 and the remaining two wells were completed in January 2021.

 

Our working interests in the above mentioned 42 wells range from .03% to 1.2% with a total capital expenditure in fiscal 2021 to date of approximately $1,295,000. We expect 34 out of the 42 wells to be completed by the end of the fiscal year, March 31, 2021.

 

The President and Chief Financial Officer of the Company stated, “Based on our progress in completing the 22 wells drilled but uncompleted in fiscal 2020 and eight of the 20 wells drilled this fiscal year, we expect to continue to increase volumes of oil and gas produced. Also, we are pleased with the increases in oil and gas prices in the current quarter.”

 

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, 2020. 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.