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.
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Date of Report: August 12, 2011
(Date of earliest event reported)
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Mexco Energy Corporation
(Exact name of registrant as specified in its charter)
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CO
(State or other jurisdiction of incorporation)
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0-6694
(Commission File Number)
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84-0627918
(IRS Employer Identification Number)
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214 W. Texas Avenue,
Suite 1101
Midland, TX
(Address of principal executive offices)
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79701
(Zip Code)
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Registrant's telephone number, including area code: 432-682-1119
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits
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Exhibit
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Number
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Document
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99.1
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News release dated August 12, 2011.
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MEXCO ENERGY CORPORATION
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Dated: August 12, 2011
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By
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/s/ Tammy McComic
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Tammy McComic
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Executive Vice President and Chief Financial Officer
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Mexco Energy Corporation and Subsidiaries
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CONSOLIDATED BALANCE SHEETS
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June 30,
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March 31,
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2011
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2011
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(Unaudited)
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ASSETS
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Current assets
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Cash and cash equivalents
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$ | 123,513 | $ | 179,071 | ||||
Accounts receivable:
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Oil and gas sales
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437,698 | 384,215 | ||||||
Trade
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21,433 | 42,432 | ||||||
Prepaid costs and expenses
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90,082 | 64,479 | ||||||
Total current assets
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672,726 | 670,197 | ||||||
Property and equipment, at cost
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Oil and gas properties, using the full cost method
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30,086,663 | 30,426,817 | ||||||
Other
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78,520 | 78,520 | ||||||
30,165,183 | 30,505,337 | |||||||
Less accumulated depreciation, depletion and amortization
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15,472,236 | 15,227,063 | ||||||
Property and equipment, net
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14,692,947 | 15,278,274 | ||||||
$ | 15,365,673 | $ | 15,948,471 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable and accrued expenses
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$ | 281,391 | $ | 199,944 | ||||
Long-term debt
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950,000 | 1,800,000 | ||||||
Asset retirement obligation
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541,667 | 528,911 | ||||||
Deferred income tax liabilities
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882,744 | 912,663 | ||||||
Commitments and contingencies
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Stockholders' equity
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Preferred stock - $1.00 par value;
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10,000,000 shares authorized; none outstanding
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- | - | ||||||
Common stock - $0.50 par value; 40,000,000 shares authorized;
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2,089,116 shares issued and 2,029,949 shares
outstanding as of June 30, 2011 and March 31, 2011
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1,044,558 | 1,044,558 | ||||||
Additional paid-in capital
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6,551,759 | 6,453,226 | ||||||
Retained earnings
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5,416,219 | 5,311,834 | ||||||
Treasury stock, at cost (59,167 shares)
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(302,665 | ) | (302,665 | ) | ||||
Total stockholders' equity
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12,709,871 | 12,506,953 | ||||||
$ | 15,365,673 | $ | 15,948,471 |
Mexco Energy Corporation and Subsidiaries
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CONSOLIDATED STATEMENTS OF OPERATIONS
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For the Three Months Ended June 30,
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(Unaudited)
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2011
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2010
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Operating revenues:
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Oil and gas
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$ | 905,340 | $ | 832,010 | ||||
Other
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3,754 | 4,383 | ||||||
Total operating revenues
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909,094 | 836,393 | ||||||
Operating expenses:
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Production
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227,902 | 368,227 | ||||||
Accretion of asset retirement obligation
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9,038 | 8,430 | ||||||
Depreciation, depletion and amortization
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245,174 | 251,495 | ||||||
General and administrative
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270,300 | 248,139 | ||||||
Total operating expenses
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752,414 | 876,291 | ||||||
Operating income (loss)
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156,680 | (39,898 | ) | |||||
Other income (expense):
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Interest income
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1 | 4 | ||||||
Interest expense
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(10,919 | ) | (3,339 | ) | ||||
Net other expense
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(10,918 | ) | (3,335 | ) | ||||
Income (loss) before provision for income taxes
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145,762 | (43,233 | ) | |||||
Income tax expense (benefit):
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Current
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71,296 | - | ||||||
Deferred
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(29,919 | ) | (49,009 | ) | ||||
41,377 | (49,009 | ) | ||||||
Net income
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$ | 104,385 | $ | 5,776 | ||||
Earnings per common share:
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Basic
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$ | 0.05 | $ | 0.00 | ||||
Diluted
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$ | 0.05 | $ | 0.00 | ||||
Weighted average common shares outstanding:
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Basic
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2,029,949 | 1,922,152 | ||||||
Diluted
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2,046,061 | 1,946,847 |