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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 8, 2024
(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 |
|
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 August 8, 2024, Mexco Energy Corporation (the “Registrant”) issued a news release to announce its financial results for the three months ended June 30, 2024.
Item 8.01 Other Events
On August 8, 2024, Mexco Energy Corporation issued a news release to announce further development of properties.
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 August 8, 2024. | ||
| 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: August 8, 2024 | By: | /s/ Tammy McComic |
| Tammy McComic | ||
| President and Chief Financial Officer | ||
EXHIBIT 99.1
August 8, 2024
FOR IMMEDIATE RELEASE
Mexco Energy Corporation Reports Financial Results for First Quarter
MIDLAND, TX – 08/08/2024 – Mexco Energy Corporation (NYSE American: MXC) today reported net income of $291,039, or $0.14 per diluted share, for the quarter ending June 30, 2024, the Company’s first quarter of fiscal 2025.
Operating revenues in the first quarter of fiscal 2025 were $1,727,835, a decrease of 1% from the first quarter of fiscal 2024. This was primarily due to a 36% decrease in the average sales price of natural gas and a 3.5% decrease in oil and natural gas production partially offset by a 9% increase in the average sales price of oil. Oil contributed 87% of our operating revenues for the first quarter of fiscal 2025.
The Company currently expects to participate in the drilling of 30 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $2.2 million for the fiscal year ending March 31, 2025, of which approximately $320,000 has been expended to date. The Company is evaluating other prospects for participation during this fiscal year.
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, 2024. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.
For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer of Mexco Energy Corporation, (432) 682-1119.