Profile: Mexco Energy Corp (MXC)
7 Mar 2014
Mexco Energy Corporation (Mexco), incorporated in April 12, 1972, is an independent oil and gas company engaged in the exploration, development and production of natural gas and crude oil properties located in the United States. On December 31, 2012, it acquired ownership interests of TBO Oil & Gas, LLC, which owns non-operated working interests producing primarily oil. During fiscal year ended March 31, 2013(fiscal 2013), the Company added proved reserves of 348,000 thousand cubic feet equivalent through extensions and discoveries, added 359, thousand cubic feet equivalent through acquisitions and had downward revisions of previous estimates of 649,000 thousand cubic feet equivalent.
The Company owns oil and gas properties in other states, the majority of its activities are centered in West Texas. The Company acquires interests in producing and non-producing oils and gas leases from landowners and leaseholders in areas considered favorable for oil and gas exploration, development and production. In addition, the Company may acquire oil and gas interests by joining in oil and gas drilling prospects generated by third parties. As of March 31, 2013, natural gas constituted approximately 78% of the Company's total proved reserves and approximately 36% of its revenues for fiscal 2013.
The Comapny's Newark East (Barnett Shale) Gas Field properties consists of 6,512 gross acres, 62 net acres, 154 gross producing wells and one net well in Denton, Johnson, Tarrant and Wise Counties, Texas. El Cinco Gas Field properties, encompassing 1,166 gross acres, 886 net acres, eight gross producing wells and six net wells in Pecos County, Texas. Gomez Gas Field properties, encompassing 13,058 gross acres, 72 net acres and 26 gross wells in Pecos County, Texas. The Haynesville area natural gas properties consists of 5,135 gross acres, 13 net acres and eight gross producing wells in DeSoto Parish, Louisiana. The Fuhrman-Mascho field oil properties consists 160 gross acres, 19 net acres and nine gross producing wells in Andrews County, Texas.
The Company owns approximately 1,477 gross and 737 net acres of material undeveloped acreage located above and below the Pembrook Unit of Upton County, Texas which is operated by Pioneer Natural Resources USA, Inc. and held by production from approximately 200 wells. This acreage has the potential for development in the horizontal Wolfcamp formation centered in the southern Midland Basin. The Company owns interests in and operates 18 producing wells and one water injection well. The Company owns partial interests in an additional 3,269 producing wells located in the states of Texas, New Mexico, Oklahoma, Louisiana, Alabama, Mississippi, Arkansas, Wyoming, Kansas, Colorado, Montana and North Dakota.
Mexco Energy Corp
Suite 1101, 214 W. Texas Avenue
MIDLAND TX 79701