Date of Report: November 13, 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 8.01
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Other Events
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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 No.
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Document
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99.1
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News Release dated November 13, 2013.
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MEXCO ENERGY CORPORATION
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Date: November 13, 2013 | |||
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By:
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/s/ Tammy McComic | |
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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September 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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$ | 222,630 | $ | 166,406 | ||||
Accounts receivable:
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Oil and gas sales
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703,103 | 538,971 | ||||||
Trade
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16,240 | 16,370 | ||||||
Prepaid costs and expenses
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73,009 | 19,281 | ||||||
Total current assets
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1,014,982 | 741,028 | ||||||
Property and equipment, at cost
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Oil and gas properties, using the full cost method
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34,189,576 | 34,309,328 | ||||||
Other
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93,257 | 92,326 | ||||||
Accumulated depreciation, depletion and amortization
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(17,917,213 | ) | (17,323,692 | ) | ||||
Property and equipment, net
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16,365,620 | 17,077,962 | ||||||
Other noncurrent assets
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53,437 | 116,454 | ||||||
Total assets
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$ | 17,434,039 | $ | 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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$ | 326,873 | $ | 431,848 | ||||
Derivative instruments
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50,300 | - | ||||||
Total current liabilities
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377,173 | 431,848 | ||||||
Long-term debt
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2,225,000 | 2,950,000 | ||||||
Asset retirement obligations
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795,203 | 763,412 | ||||||
Derivative instruments – long term
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6,316 | - | ||||||
Deferred income tax liabilities
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800,942 | 853,199 | ||||||
Total liabilities
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4,204,634 | 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 - $0.50 par value; 40,000,000 shares authorized;
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2,102,866 shares issued and 2,036,866 shares outstanding
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as of September 30, 2013 and March 31, 2013, respectively
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1,051,433 | 1,051,433 | ||||||
Additional paid-in capital
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6,843,329 | 6,761,091 | ||||||
Retained earnings
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5,675,635 | 5,465,453 | ||||||
Treasury stock, at cost (66,000 shares)
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(340,992 | ) | (340,992 | ) | ||||
Total stockholders' equity
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13,229,405 | 12,936,985 | ||||||
Total liabilities and stockholders’ equity
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$ | 17,434,039 | $ | 17,935,444 |
Mexco Energy Corporation and Subsidiaries
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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Three Months Ended
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Six Months Ended
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September 30
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September 30
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2013
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2012
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2013
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2012
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Operating revenue:
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Oil and gas
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$ | 1,108,102 | $ | 734,313 | $ | 2,092,371 | $ | 1,358,183 | ||||||||
Other
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13,344 | 9,288 | 25,600 | 12,539 | ||||||||||||
Total operating revenues
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1,121,446 | 743,601 | 2,117,971 | 1,370,722 | ||||||||||||
Operating expenses:
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Production
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312,954 | 254,513 | 621,590 | 470,363 | ||||||||||||
Accretion of asset retirement obligation
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11,020 | 9,604 | 21,937 | 19,142 | ||||||||||||
Depreciation, depletion, and amortization
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298,489 | 259,780 | 593,522 | 491,316 | ||||||||||||
General and administrative
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286,615 | 236,708 | 598,085 | 528,977 | ||||||||||||
Total operating expenses
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909,078 | 760,605 | 1,835,134 | 1,509,798 | ||||||||||||
Operating profit (loss)
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212,368 | (17,004 | ) | 282,837 | (139,076 | ) | ||||||||||
Other income (expenses):
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Interest income
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105 | - | 107 | 130 | ||||||||||||
Interest expense
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(18,202 | ) | (10,767 | ) | (38,332 | ) | (21,626 | ) | ||||||||
Loss on derivative instruments
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(59,295 | ) | - | (86,687 | ) | - | ||||||||||
Net other expense
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(77,392 | ) | (10,767 | ) | (124,912 | ) | (21,496 | ) | ||||||||
Earnings (loss) before provision for income taxes
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134,976 | (27,771 | ) | 157,925 | (160,572 | ) | ||||||||||
Income tax benefit:
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Current
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- | - | - | - | ||||||||||||
Deferred
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(59,075 | ) | (28,534 | ) | (52,257 | ) | (98,118 | ) | ||||||||
(59,075 | ) | (28,534 | ) | (52,257 | ) | (98,118 | ) | |||||||||
Net income (loss)
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$ | 194,051 | $ | 763 | $ | 210,182 | $ | (62,454 | ) | |||||||
Earnings (loss) per common share:
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Basic
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$ | 0.10 | $ | 0.00 | $ | 0.10 | $ | (0.03 | ) | |||||||
Diluted
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$ | 0.10 | $ | 0.00 | $ | 0.10 | $ | (0.03 | ) | |||||||
Weighted average common shares outstanding:
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Basic
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2,036,866 | 2,035,949 | 2,036,866 | 2,035,949 | ||||||||||||
Diluted
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2,039,108 | 2,038,240 | 2,038,800 | 2,035,949 |