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: November 13, 2014
(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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[ ]
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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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(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 November 13, 2014.
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MEXCO ENERGY CORPORATION
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Dated: November 13, 2014
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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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(Unaudited)
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September 30,
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March 31,
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2014
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2014
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ASSETS
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Current assets
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Cash and cash equivalents
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$ | 154,986 | $ | 156,082 | ||||
Accounts receivable:
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Oil and gas sales
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601,195 | 628,098 | ||||||
Trade
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9,672 | 18,144 | ||||||
Prepaid costs and expenses
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104,860 | 28,804 | ||||||
Derivatives – Short-term
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3,010 | - | ||||||
Total current assets
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873,723 | 831,128 | ||||||
Property and equipment, at cost
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Oil and gas properties, using the full cost method
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36,415,229 | 35,460,741 | ||||||
Other
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98,401 | 94,356 | ||||||
Accumulated depreciation, depletion and amortization
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(19,098,685 | ) | (18,475,174 | ) | ||||
Property and equipment, net
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17,414,945 | 17,079,923 | ||||||
Other noncurrent assets
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19,692 | 7,239 | ||||||
Total assets
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$ | 18,308,360 | $ | 17,918,290 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable and accrued expenses
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$ | 343,266 | $ | 257,431 | ||||
Income tax payable
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- | 6,500 | ||||||
Derivative instruments
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- | 44,981 | ||||||
Total current liabilities
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343,266 | 308,912 | ||||||
Long-term debt
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2,600,000 | 2,425,000 | ||||||
Asset retirement obligations
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945,733 | 926,577 | ||||||
Deferred income tax liabilities
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850,546 | 858,449 | ||||||
Total liabilities
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4,739,545 | 4,518,938 | ||||||
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 - $0.50 par value; 40,000,000 shares authorized;
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2,104,266 shares issued and 2,038,266 shares outstanding
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as of September 30, 2014 and March 31, 2014, respectively
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1,052,133 | 1,052,133 | ||||||
Additional paid-in capital
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6,985,798 | 6,921,645 | ||||||
Retained earnings
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5,871,876 | 5,766,566 | ||||||
Treasury stock, at cost (66,000 shares)
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(340,992 | ) | (340,992 | ) | ||||
Total stockholders' equity
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13,568,815 | 13,399,352 | ||||||
Total liabilities and stockholders’ equity
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$ | 18,308,360 | $ | 17,918,290 |
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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2014
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2013
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2014
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2013
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Operating revenue:
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Oil and gas
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$ | 987,942 | $ | 1,108,102 | $ | 1,994,597 | $ | 2,092,371 | ||||||||
Other
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18,157 | 13,344 | 29,335 | 25,600 | ||||||||||||
Total operating revenues
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1,006,099 | 1,121,446 | 2,023,932 | 2,117,971 | ||||||||||||
Operating expenses:
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Production
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326,571 | 312,954 | 637,349 | 621,590 | ||||||||||||
Accretion of asset retirement obligation
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4,710 | 11,020 | 9,544 | 21,937 | ||||||||||||
Depreciation, depletion, and amortization
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322,696 | 298,489 | 623,511 | 593,522 | ||||||||||||
General and administrative
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291,994 | 286,615 | 642,330 | 598,085 | ||||||||||||
Total operating expenses
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945,971 | 909,078 | 1,912,734 | 1,835,134 | ||||||||||||
Operating profit
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60,128 | 212,368 | 111,198 | 282,837 | ||||||||||||
Other income (expenses):
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Interest income
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2 | 105 | 4 | 107 | ||||||||||||
Interest expense
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(15,776 | ) | (18,202 | ) | (31,546 | ) | (38,332 | ) | ||||||||
Gain (loss) on derivative instruments
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51,380 | (59,295 | ) | 17,751 | (86,687 | ) | ||||||||||
Net other income (expense)
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35,606 | (77,392 | ) | (13,791 | ) | (124,912 | ) | |||||||||
Earnings before provision for income taxes
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95,734 | 134,976 | 97,407 | 157,925 | ||||||||||||
Income tax expense (benefit):
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Current
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- | - | - | - | ||||||||||||
Deferred
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9,478 | (59,075 | ) | (7,903 | ) | (52,257 | ) | |||||||||
9,478 | (59,075 | ) | (7,903 | ) | (52,257 | ) | ||||||||||
Net income
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$ | 86,256 | $ | 194,051 | $ | 105,310 | $ | 210,182 | ||||||||
Earnings per common share:
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Basic
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$ | 0.04 | $ | 0.10 | $ | 0.05 | $ | 0.10 | ||||||||
Diluted
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$ | 0.04 | $ | 0.10 | $ | 0.05 | $ | 0.10 | ||||||||
Weighted average common shares outstanding:
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Basic
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2,038,266 | 2,036,866 | 2,038,266 | 2,036,866 | ||||||||||||
Diluted
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2,053,158 | 2,039,108 | 2,054,003 | 2,038,800 |