UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
Date
of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
|
||
(Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code:
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 | ||
Item 8.01 Other Events.
On April 10, 2023, Mexco Energy Corporation issued a news release to announce that its board of directors declared a special cash dividend of $0.10 per share payable on May 15, 2023 to stockholders of record on May 1, 2023; and, authorized the repurchase of its common stock, par value $0.50, up to an aggregate purchase amount of $1,000,000. Attached as Exhibit 99.1 is a copy of the press release relating to the announcement, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit | |||
Number | Document | ||
99.1 | News release dated April 10, 2023. | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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: April 10, 2023 | By: | /s/ Tammy McComic |
Tammy McComic | ||
President and Chief Financial Officer |
EXHIBIT 99.1
April 10, 2023
FOR IMMEDIATE RELEASE
Mexco Energy Corporation Declares Special Dividend on Common Shares
MIDLAND, TX – 04/10/2023 – Mexco Energy Corporation (NYSE American: MXC) announced today that its Board of Directors declared a special cash dividend of $0.10 per common share. The special dividend is payable May 15, 2023 to the stockholders of record at the close of business on May 1, 2023.
The Company’s Board of Directors also authorized the use of up to $1,000,000 to repurchase shares of the Company’s common stock, par value $0.50, for the treasury account. This authorization replaces the previously authorized $250,000 common stock repurchase program which had $5,506 remaining at the time it was replaced. During the year ended March 31, 2023, the Company repurchased 18,416 shares at an average price of $13.28 per share.
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.
Dividends are authorized and determined by the Company’s Board of Directors in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation, the Company’s liquidity and capital resources, the Company’s results of operations and anticipated future results of operations, the level of cash reserves the Company maintains to fund future capital expenditures or other needs, and other factors that the Board of Directors deems relevant. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends.
Amount authorized for the repurchase program is determined by the Company’s Board of Directors in its sole discretion. Under Mexco Energy Corporation’s common stock repurchase program, the Company may repurchase shares in accordance with applicable securities laws. The stock repurchase program does not have an expiration date and may be modified, suspended or terminated at any time by the Board of Directors.
For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.
Cover |
Apr. 10, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 10, 2023 |
Entity File Number | 1-31785 |
Entity Registrant Name | Mexco Energy Corporation |
Entity Central Index Key | 0000066418 |
Entity Tax Identification Number | 84-0627918 |
Entity Incorporation, State or Country Code | CO |
Entity Address, Address Line One | 415 W. Wall Street |
Entity Address, Address Line Two | Suite 475 |
Entity Address, City or Town | Midland |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 79701 |
City Area Code | 432 |
Local Phone Number | 682-1119 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.50 per share |
Trading Symbol | MXC |
Security Exchange Name | NYSEAMER |
PU7N3I2SD P?*,^/ZA3O#GWZ@
M'>]7A*]5\K4P]>%G%>90BX8L#RFO@\/#>Y=?$(B@A A0E1$01 7%7 -8?20$3;8T.P6BP^0"X99K>]9!:G
FPW'YH!Q$'@-,0A
M\.B,#!H_R2BDP\HK85Y(^L;2+= UTW]H![26WQC?OE7L1J
MC_P/4$L! A0#% @ K%J*5F5!2PL_!@ !!L H ( !
M &5X.3DM,2YH=&U02P$"% ,4 " "L6HI6^_!RE>X0 #\CP "P
M @ %G!@ 9F]R;3@M:RYH=&U02P$"% ,4 " "L6HI61_7,
M[D\# "_# $ @ %^%P ;7AC+3(P,C,P-#$P+GAS9%!+
M 0(4 Q0 ( *Q:BE: ^6?Z_@H ("& 4 " ?L: !M
M>&,M,C R,S T,3!?;&%B+GAM;%!+ 0(4 Q0 ( *Q:BE;*13]Z6@< -I7
M 4 " 2LF !M>&,M,C R,S T,3!?<')E+GAM;%!+!08
1 !0 % #,! "W+0 !
end