Form 8-K - Current report

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: November 8, 2023
(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 Identification Number)

415 W. Wall Street,
Suite 475		79701
Midland, TX		(Zip Code)
(Address of principal executive offices)

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 November 8, 2023, Mexco Energy Corporation (the “Registrant”) issued a news release to announce its financial results for the six months ended September 30, 2023.

Item 8.01 Other Events

On November 8, 2023, 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 November 8, 2023.
	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: November 8, 2023	By:	/s/ Tammy McComic
		Tammy McComic
		President and Chief Financial Officer

EXHIBIT 99.1

November 8, 2023

FOR IMMEDIATE RELEASE

Mexco Energy Corporation Reports Financial Results for Six Months

MIDLAND, TX – 11/8/2023 – Mexco Energy Corporation (NYSE American: MXC) today reported net income for the six months ending September 30, 2023 was $735,047, or $0.34 per diluted share, a decrease of 71% compared to the same six-month period of fiscal 2023. Operating revenues in the first six months of fiscal 2024 decreased 34% to $3,155,029. This decrease resulted from a 26% decrease in the average sales price of oil and a 68% decrease in the average sales price of natural gas. This was partially offset by a 7% increase in barrels of oil equivalent (“BOE”) production volumes. Oil contributed 82% of our operating revenues for the first six months of fiscal 2024.

Net income of $269,433, or $0.12 per diluted share, for the Company’s second quarter of fiscal 2024 compared with $1,211,716, or $0.55 per diluted share for the comparable quarter ending September 30, 2022. Operating revenues in the second quarter of fiscal 2024 were $1,406,610.

The Company currently expects to participate in the drilling and completion of approximately 40 horizontal wells at an estimated aggregate cost of approximately $1,700,000 for the fiscal year ending March 31, 2024. Mexco participated with various percentage interests in the drilling of 26 of these wells in the Delaware Basin located in the western portion of the Permian Basin in Lea County, New Mexico with aggregate costs of approximately $1,350,000 to date.

The Company also expended approximately $450,000 to date for the additional completion costs of 21 drilled but uncompleted horizontal wells located in Lea County, New Mexico, that the Company participated in drilling during fiscal 2023. Fourteen of these wells began producing in October 2023 with initial average production rates of 1,324 barrels of oil, 2,936 barrels of water and 2,263,000 cubic feet of gas per day, or, 1,701 barrels of oil equivalent per well per day.

The President and Chief Financial Officer of the Company stated, “We currently have $2.5 million cash on hand, no bank debt and are finding attractive opportunities.”

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, 2023. 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.

Cover	Nov. 08, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 08, 2023
Entity File Number	1-31785
Entity Registrant Name	Mexco Energy Corporation
Entity Central Index Key	0000066418
Entity Tax Identification Number	84-0627918
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	415 W. Wall Street
Entity Address, Address Line Two	Suite 475
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	682-1119
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.50 per share
Trading Symbol	MXC
Security Exchange Name	NYSEAMER