Thursday, March 28, 2024
HomeSmall BusinessMEXCO ENERGY CORPORATION REPORTS FINANCIAL RESULTS FOR

MEXCO ENERGY CORPORATION REPORTS FINANCIAL RESULTS FOR


MIDLAND, TX, June 27, 2022 (GLOBE NEWSWIRE) — Mexco Energy Corporation (NYSE American: MXC) reported results on its Annual Report, Form 10-K to the Securities and Exchange Commission for the fiscal year ended March 31, 2022.

The Company reported net income of $2,855,066 or $1.36 per diluted share, for fiscal year 2022, compared to net income of $155,932, or $0.08 per diluted share, for fiscal 2021.

Operating revenues in fiscal 2022 were $6,587,780, an increase of 135% when compared to fiscal 2021 operating revenues of $2,799,004. This is the result of a 22% increase in barrels of oil equivalent (“BOE”) production and a 93% increase in BOE prices.

Mexco reported net income of $997,930 for the quarter ending March 31, 2022, a 32% increase over the prior quarter ending December 31, 2021 primarily due to increases in oil and natural gas prices and production volumes.

The Company participated in the drilling of 40 wells consisting of 36 horizontal wells and 4 vertical wells at a cost of approximately $1,275,000 for the fiscal year ending March 31, 2022, of which 11 are to be completed this fiscal year. All of the horizontal wells are in the Delaware Basin located in the western portion of the Permian Basin in Lea and Eddy Counties, New Mexico and Reeves County, Texas. In addition, the Company expended approximately $165,000, the balance required to complete 12 horizontal wells located in Lea and Eddy Counties, New Mexico, which were…



Source link

RELATED ARTICLES

Most Popular

Recent Comments