Date of Report: August 14, 2013
(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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[ ]
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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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[ ]
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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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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
Number
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Document
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99.1
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News Release dated August 14, 2013.
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MEXCO ENERGY CORPORATION
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Date: August 14, 2013
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By:
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/s/ Tammy McComic
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Tammy McComic
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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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2013
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2013
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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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$ | 105,774 | $ | 166,406 | ||||
Accounts receivable:
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Oil and gas sales
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643,368 | 538,971 | ||||||
Trade
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19,618 | 16,370 | ||||||
Prepaid costs and expenses
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57,895 | 19,281 | ||||||
Total current assets
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826,655 | 741,028 | ||||||
Property and equipment, at cost
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Oil and gas properties, using the full cost method
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34,657,164 | 34,309,328 | ||||||
Other
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93,257 | 92,326 | ||||||
Accumulated depreciation, depletion and amortization
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(17,618,724 | ) | (17,323,692 | ) | ||||
Property and equipment, net
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17,131,697 | 17,077,962 | ||||||
Derivative instruments – long term
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6,167 | - | ||||||
Other noncurrent assets
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6,974 | 116,454 | ||||||
$ | 17,971,493 | $ | 17,935,444 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable and accrued expenses
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$ | 364,637 | $ | 431,848 | ||||
Derivative instruments
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27,224 | - | ||||||
Total current liabilities
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391,861 | 431,848 | ||||||
Long-term debt
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2,950,000 | 2,950,000 | ||||||
Asset retirement obligations
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777,127 | 763,412 | ||||||
Deferred income tax liabilities
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860,017 | 853,199 | ||||||
Total liabilities
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4,979,005 | 4,998,459 | ||||||
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 - $0.50 par value; 40,000,000 shares authorized;
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2,102,866 shares issued and 2,036,866 shares outstanding as of June 30, 2013 and March 31, 2013
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1,051,433 | 1,051,433 | ||||||
Additional paid-in capital
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6,800,463 | 6,761,091 | ||||||
Retained earnings
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5,481,584 | 5,465,453 | ||||||
Treasury stock, at cost (66,000 shares)
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(340,992 | ) | (340,992 | ) | ||||
Total stockholders' equity
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12,992,488 | 12,936,985 | ||||||
Total liabilities and stockholders’ equity
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$ | 17,971,493 | $ | 17,935,444 |
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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2013
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2012
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Operating revenues:
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Oil and gas
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$ | 984,269 | $ | 623,870 | ||||
Other
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12,256 | 3,251 | ||||||
Total operating revenues
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996,525 | 627,121 | ||||||
Operating expenses:
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Production
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308,636 | 215,850 | ||||||
Accretion of asset retirement obligations
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10,917 | 9,538 | ||||||
Depreciation, depletion and amortization
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295,033 | 231,536 | ||||||
General and administrative
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311,470 | 292,269 | ||||||
Total operating expenses
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926,056 | 749,193 | ||||||
Operating profit (loss)
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70,469 | (122,072 | ) | |||||
Other income (expense):
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Interest income
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2 | 130 | ||||||
Interest expense
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(20,130 | ) | (10,859 | ) | ||||
Loss on derivative instruments
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(27,392 | ) | - | |||||
Net other expense
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(47,520 | ) | (10,729 | ) | ||||
Earnings (loss) before provision for income taxes
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22,949 | (132,801 | ) | |||||
Income tax expense (benefit):
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Current
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- | - | ||||||
Deferred
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6,818 | (69,584 | ) | |||||
6,818 | (69,584 | ) | ||||||
Net income (loss)
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$ | 16,131 | $ | (63,217 | ) | |||
Earnings (loss) per common share:
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Basic
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$ | 0.01 | $ | (0.03 | ) | |||
Diluted
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$ | 0.01 | $ | (0.03 | ) | |||
Weighted average common shares outstanding:
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Basic
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2,036,866 | 2,035,949 | ||||||
Diluted
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2,038,491 | 2,035,949 |