Tuesday, July 3, 2012

Mexco Energy Corporation (AMEX:MXC) Reports Profitable Fiscal 2012

Mexco Energy Corporation (AMEX:MXC) Reports Profitable Fiscal 2012Shawshank, VA 7/3/12 (StreetBeat) -- Mexco Energy Corporation (AMEX:MXC) reported results on its Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended March 31, 2012.
The Company reported net income of $329,993, or $.16 per diluted share, for fiscal year 2012, an increase of 112%, as compared to $155,696, or $.08 per diluted share, for fiscal 2011.

Operating revenues in fiscal 2012 were $3,240,039, an increase of 2% when compared to 2011 operating revenues of $3,161,858. This is the result of a 14% increase in oil production and a 19% increase in oil price partially offset by a 14% decrease in natural gas production and a 10% decrease in natural gas price. The average sales price received was $6.29 per Mcfe compared to $5.60 per Mcfe received in fiscal 2011. Revenues from oil and gas royalty interests accounted for approximately 36% of the Company's revenues for fiscal 2012.

The Company's estimated present value of proved reserves at March 31, 2012 was approximately $25.0 million based on estimated future net revenues discounted at 10% per annum, pricing and other assumptions set forth in "Item 2 – Properties" of the Company's Form 10-K, an increase of 10% as compared to the same at March 31, 2011. The Company's total estimated proved reserves at March 31, 2012 were 8.445 billion cubic feet of natural gas, a decrease of 4% over the prior fiscal year, and 346,000 barrels of oil and natural gas liquids, an increase of 19% over the prior fiscal year. For fiscal 2012, natural gas constituted approximately 80% of the Company's total proved reserves and approximately 44% of the Company's revenues.

Nicholas C. Taylor, Chairman and Chief Executive Officer, stated, "Fiscal 2012 was a productive year for drilling including 54 gross wells (1.55 net wells). Expenditures for fiscal 2012 amounted to approximately $1,800,000 funded primarily out of cash flow. Also, in both drilling and acquisitions, Mexco shifted emphasis from natural gas to oil." The Company's debt is currently at $1,475,000, 11% of equity.

The Company owns oil and gas properties in twelve states, with the majority of its activity centered in West Texas. The Company continues to focus its efforts to increase oil and natural gas reserves, through acquisitions, exploration and development.

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