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Mexco Sees Upswing in Revenues for Fiscal Year 2014
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Mexco Energy Corporation has reported results on its Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended March 31, 2014.
The Company reported net income of $301,113, or $.15 per diluted share, for fiscal year 2014, an increase from a net loss of $176,374, or ($0.09) per diluted share, for fiscal 2013.
Operating revenues in fiscal 2014 were $4,041,941, an increase of 31% when compared to fiscal 2013 operating revenues of $3,096,415. This is the result of a 17% increase in oil production, a 13% increase in oil prices and a 41% increase in natural gas prices partially offset by a 10% decrease in natural gas production. The average sales price received was $7.61 per Mcfe compared to $5.67 per Mcfe received in fiscal 2013, a 34% increase.
The Company reported operating profit of $88,425 for the quarter ending March 31, 2014, the Company's fourth quarter of fiscal 2014, a 40% increase from the comparable quarter of fiscal 2013. Oil and gas revenues in the fourth quarter were $953,291 compared to $924,098 for the same quarter in fiscal 2013, an increase of 3%. This is primarily the result of increased oil and natural gas prices and revenue generated from the multiple acquisitions effective March 1, 2014.
The Company's estimated present value of proved reserves at March 31, 2014 was approximately $25 million based on estimated future net revenues discounted at 10% per annum, pricing and other assumptions set forth in "Item 2 – Properties" of the Company's Form 10-K, an increase of 39% as compared to the same at March 31, 2013. The Company's total estimated proved reserves at March 31, 2014 were 502,000 barrels of oil and natural gas liquids, an increase of 37% over the prior fiscal year, and 6.259 billion cubic feet of natural gas, a decrease of 20% over the prior fiscal year. For fiscal 2014, natural gas constituted approximately 68% of the Company's total proved reserves and approximately 35% of the Company's revenues.
Tammy McComic, President of the Company, stated, "The Company's prospects for current and future development of its properties in the Permian Basin of West Texas and New Mexico by horizontal drilling and multi-stage fracturing are extensive."