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UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM
8-K
CURRENTREPORT
Pursuantto Section 13 or 15(d) of the
SecuritiesExchange Act of 1934.
Dateof Report:
August 10, 2023
(Dateof earliest event reported)
MexcoEnergy Corporation
(Exactname of registrant as specified in its charter)
CO 1-31785 84-0627918
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
415 W. Wall Street 79701
,
Suite 475
Midland
,
TX
(Address of principal executive offices) (Zip Code)
Registrant'stelephone number, including area code:
432
-
682-1119
Checkthe appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant underany 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
Item2.02 Results of Operations and Financial Condition.
OnAugust 10, 2023, Mexco Energy Corporation (the "Registrant") issued a news
release to announce its financial results forthe three months ended June 30,
2023.
Item8.01 Other Events
OnAugust 10, 2023, Mexco Energy Corporation issued a news release to announce
further development of properties.
Copyof the news release is filed as Exhibit 99.1.
Item9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit Document
Number
99.1 News release dated August 10, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuantto the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalfby the
undersigned hereunto duly authorized.
MEXCO ENERGY CORPORATION
Dated: August 10, 2023 By: /s/ Tammy McComic
Tammy McComic
President and Chief Financial Officer
Exhibit99.1
August10, 2023
FORIMMEDIATE RELEASE
MexcoEnergy Corporation Reports Financial Results for First Quarter
MIDLAND,TX - 08/10/2023 - Mexco Energy Corporation (NYSE American: MXC) today
reported net income of $465,614, or $0.21 per dilutedshare, for the quarter
ending June 30, 2023, compared to $1,298,672 or $0.59 per diluted share, for
the comparable quarter ending June30, 2022.
Operatingrevenues in the first quarter of fiscal 2024 were $1,748,419, a
decrease of 29% from the first quarter of fiscal 2023. This was due toa 33%
decrease in the average sales price of oil and a 69% decrease in the average
sales price of natural gas. This was partially offsetby a 37% increase in oil
production and a 9% increase in natural gas production. Oil contributed 82% of
our operating revenues for thefirst quarter of fiscal 2024.
TheCompany currently expects to participate in the drilling and completion of
40 horizontal wells and the completion of 21 horizontal wellsdrilled in the
prior fiscal year. The estimated aggregate cost is approximately $2.2 million
for the fiscal year ending March 31, 2024,of which approximately $1.3 million
has been expended to date.
ThePresident and Chief Financial Officer of the Company stated, "We currently
have $2.6 million cash on hand, no bank debt and areevaluating an increased
number of attractive opportunities."
MexcoEnergy 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.
Inaccordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, Mexco Energy Corporation cautionsthat
statements in this press release which are forward-looking and which provide
other than historical information involve risks anduncertainties that may
impact the Company's actual results of operations. These risks include, but
are not limited to, productionvariance from expectations, volatility of oil
and gas prices, the need to develop and replace reserves, exploration risks,
uncertaintiesabout estimates of reserves, competition, government regulation,
and mechanical and other inherent risks associated with oil and gasproduction.
A discussion of these and other factors, including risks and uncertainties, is
set forth in the Company's Form 10-Kfor the fiscal year ended March 31, 2023.
Mexco Energy Corporation disclaims any intention or obligation to revise any
forward-lookingstatements.
Foradditional information, please contact: Tammy L. McComic, President and
Chief Financial Officer of Mexco Energy Corporation, (432) 682-1119.
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