Mexco Energy Corporation Announces Sale of Acreage to Parsley Energy
October 07 2016 - 12:30PM
Marketwired
Mexco Energy Corporation Announces Sale of Acreage to Parsley
Energy
MIDLAND, TX-(Marketwired - Oct 7, 2016) - Mexco Energy
Corporation (NYSE MKT: MXC) today announced the sale of certain oil
and gas properties in Glasscock County, Texas.
Mexco received approximately $2.187 million in cash from a sale
of working interests to Parsley Energy, Inc. covering 50 net acres
located in Glasscock County, Texas in the horizontal Wolfcamp trend
of the Permian Basin in West Texas. These proceeds are part of a
sale by several co-owners of 11,672 gross (9,140 net) acres
containing 67 gross (60 net) vertical wells with net production of
270 barrels of oil equivalent plus 5 disposal wells and existing
infrastructure.
Of these proceeds, approximately $1.887 million is to be applied
to Mexco's bank debt and the balance to working capital of
Mexco.
The President of the Company commented, "I believe this sale
indicates the potential value of certain of Mexco's oil and gas
properties which it continues to hold in the horizontal Wolfcamp
area of the Permian Basin of West Texas."
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. 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
inherit 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, 2016. Mexco Energy Corporation disclaims any intention or
obligation to revise any forward-looking statements.
For additional information, please contact: Nicholas C. Taylor
Chairman and Chief Executive Officer Tammy L. McComic President and
Chief Financial Officer Mexco Energy Corporation (432) 682-1119
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