Profile: Mexco Energy Corp (MXC)
26 Sep 2016
Mexco Energy Corporation, incorporated on April 12, 1972, is an independent oil and gas company. The Company is engaged in the exploration, development and production of natural gas and crude oil properties located in the United States. At March 31, 2016, its total estimated proved reserves were approximately 2.051 million barrels of oil equivalent (Boe) of which 53% was oil and natural gas liquids and 47% was natural gas. The Company also owns producing properties and undeveloped acreage in approximately 10 states. It acquires interests in producing and non-producing oil and gas leases from landowners and leaseholders in areas considered favorable for oil and gas exploration, development and production. In addition, it may acquire oil and gas interests by joining in oil and gas drilling prospects generated by third parties. It owns interests in and operates approximately 10 producing wells and a water injection well. It owns partial interests in an additional 6,461 producing wells all of which are located within the United States in the states of Texas, New Mexico, Oklahoma, Louisiana, Alabama, Mississippi, Arkansas, Wyoming, Kansas, Colorado, Montana, Virginia and North Dakota.
The Company is focused on the Midland Basin located in the Eastern portion of the Permian Basin, including Reagan, Upton, Midland, Martin, Howard, Glasscock and Crockett Counties, Texas, and the Delaware Basin located in the Western portion of the Permian Basin, including Lea and Eddy Counties, New Mexico and Loving County, Texas. The Midland Basin properties, encompassing approximately 71,480 gross acres, over 285 net acres, approximately 530 gross producing wells and over 2.5 net wells account for approximately 42% of its discounted future net cash flows from proved reserves as of March 31, 2016. The Delaware Basin properties, encompassing approximately 29,640 gross acres, over 620 net acres, approximately 460 gross producing wells and over 5.2 net wells account for approximately 18% of its discounted future net cash flows from proved reserves as of March 31, 2016. Of these discounted future net cash flows from proved reserves, approximately 2% are attributable to proven undeveloped reserves, which will be developed through new drilling.
The Company's Gomez Gas Field properties, encompassing approximately 13,060 gross acres, over 70 net acres, approximately 30 gross wells and over 13 net wells in Pecos County, Texas, account for approximately 3% of its discounted future net cash flows from proved reserves as of March 31, 2015. The Goldsmith North Field (San Andres formation) long-lived oil producing properties, encompassing approximately 240 gross acres, over 150 net acres, approximately three gross wells in Ector County, Texas, account for 7.3% of its discounted future net cash flows from proved reserves as of March 31, 2016. Its subsidiaries include Forman Energy Corporation, Southwest Texas Disposal Corporation and TBO Oil & Gas, LLC.
Mexco Energy Corp
214 W Texas Ave Ste 1101
MIDLAND TX 79701-4600