Colorado
|
84-0627918
|
(State or other jurisdiction of
|
(IRS Employer
|
incorporation or organization)
|
Identification Number)
|
214 West Texas Avenue, Suite 1101
|
|
Midland, Texas
|
79701
|
(Address of principal executive offices)
|
(Zip code)
|
Large Accelerated Filer [ ]
|
Accelerated Filer [ ]
|
||
Non-Accelerated Filer [ ]
|
Smaller reporting company [√]
|
Table of Contents
|
||||
Page
|
||||
PART I. FINANCIAL INFORMATION
|
||||
Item 1.
|
Consolidated Balance Sheets (Unaudited) as of December 31, 2014 and March 31, 2014
|
3
|
||
Consolidated Statements of Operations (Unaudited) for the three months and nine months ended December 31, 2014 and December 31, 2013
|
4
|
|||
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
for the period ending December 31, 2014
|
5
|
|||
Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2014 and December 31, 2013
|
6
|
|||
Notes to Consolidated Financial Statements (Unaudited)
|
7
|
|||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
12
|
||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
16
|
||
Item 4.
|
Controls and Procedures
|
17
|
||
PART II. OTHER INFORMATION
|
||||
Item 1.
|
Legal Proceedings
|
18
|
||
Item 1A.
|
Risk Factors
|
18
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
||
Item 3.
|
Defaults upon Senior Securities
|
18
|
||
Item 4.
|
Mine Safety Disclosures
|
18
|
||
Item 5.
|
Other Information
|
18
|
||
Item 6.
|
Exhibits
|
18
|
||
SIGNATURES
|
18
|
|||
CERTIFICATIONS
|
19
|
Mexco Energy Corporation and Subsidiaries
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited) | ||||||||
December 31,
|
March 31,
|
|||||||
2014
|
2014
|
|||||||
|
||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
105,133
|
$
|
156,082
|
||||
Accounts receivable:
|
||||||||
Oil and gas sales
|
497,898
|
628,098
|
||||||
Trade
|
51,190
|
18,144
|
||||||
Prepaid costs and expenses
|
76,351
|
28,804
|
||||||
Derivatives – Short-term
|
57,849
|
-
|
||||||
Total current assets
|
788,421
|
831,128
|
||||||
Property and equipment, at cost
|
||||||||
Oil and gas properties, using the full cost method
|
40,140,057
|
35,460,741
|
||||||
Other
|
99,403
|
94,356
|
||||||
Accumulated depreciation, depletion and amortization
|
(19,451,843
|
)
|
(18,475,174
|
)
|
||||
Property and equipment, net
|
20,787,617
|
17,079,923
|
||||||
Other noncurrent assets
|
100,778
|
7,239
|
||||||
Total assets
|
$
|
21,676,816
|
$
|
17,918,290
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
$
|
433,719
|
$
|
257,431
|
||||
Income tax payable
|
-
|
6,500
|
||||||
Derivative instruments
|
-
|
44,981
|
||||||
Total current liabilities
|
433,719
|
308,912
|
||||||
Long-term debt
|
5,750,000
|
2,425,000
|
||||||
Asset retirement obligations
|
1,217,138
|
926,577
|
||||||
Deferred income tax liabilities
|
836,690
|
858,449
|
||||||
Total liabilities
|
8,237,547
|
4,518,938
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity
|
||||||||
Preferred stock - $1.00 par value;
|
||||||||
10,000,000 shares authorized; none outstanding
|
-
|
-
|
||||||
Common stock - $0.50 par value; 40,000,000 shares authorized;
|
||||||||
2,104,266 issued and 2,038,266 shares outstanding as
|
||||||||
of December 31, 2014 and March 31, 2014
|
1,052,133
|
1,052,133
|
||||||
Additional paid-in capital
|
7,031,573
|
6,921,645
|
||||||
Retained earnings
|
5,696,555
|
5,766,566
|
||||||
Treasury stock, at cost – (66,000 shares)
|
(340,992
|
)
|
(340,992
|
)
|
||||
Total stockholders' equity
|
13,439,269
|
13,399,352
|
||||||
Total liabilities and stockholders' equity |
$
|
21,676,816
|
$
|
17,918,290
|
Mexco Energy Corporation and Subsidiaries
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31
|
December 31
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Operating revenue:
|
||||||||||||||||
Oil and gas
|
$
|
790,335
|
$
|
948,633
|
$
|
2,784,932
|
$
|
3,041,004
|
||||||||
Other
|
9,349
|
13,393
|
38,684
|
38,993
|
||||||||||||
Total operating revenues
|
799,684
|
962,026
|
2,823,616
|
3,079,997
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Production
|
377,438
|
291,828
|
1,014,786
|
913,418
|
||||||||||||
Accretion of asset retirement obligation
|
8,119
|
11,074
|
17,663
|
33,011
|
||||||||||||
Depreciation, depletion, and amortization
|
353,158
|
277,557
|
976,669
|
871,079
|
||||||||||||
General and administrative
|
301,193
|
275,489
|
943,525
|
873,573
|
||||||||||||
Total operating expenses
|
1,039,908
|
855,948
|
2,952,643
|
2,691,081
|
||||||||||||
Operating (loss) income
|
(240,224
|
)
|
106,078
|
(129,027
|
)
|
388,916
|
||||||||||
Other income (expenses):
|
||||||||||||||||
Interest income
|
4
|
4
|
9
|
111
|
||||||||||||
Interest expense
|
(29,077
|
)
|
(15,353
|
)
|
(60,623
|
)
|
(53,685
|
)
|
||||||||
Gain (loss) on derivative instruments
|
80,120
|
7,404
|
97,871
|
(79,284
|
)
|
|||||||||||
Net other income (expense)
|
51,047
|
(7,945
|
)
|
37,257
|
(132,858
|
)
|
||||||||||
(Loss) earnings before provision for income taxes
|
(189,177
|
)
|
98,133
|
(91,770
|
)
|
256,058
|
||||||||||
Income tax (benefit) expense:
|
||||||||||||||||
Current
|
-
|
-
|
-
|
-
|
||||||||||||
Deferred
|
(13,856
|
)
|
9,474
|
(21,759
|
)
|
(42,783
|
)
|
|||||||||
(13,856
|
)
|
9,474
|
(21,759
|
)
|
(42,783
|
)
|
||||||||||
Net (loss) income
|
$
|
(175,321
|
)
|
$
|
88,659
|
$
|
(70,011
|
)
|
$
|
298,841
|
||||||
(Loss) earnings per common share:
|
||||||||||||||||
Basic
|
$
|
(0.09
|
)
|
$
|
0.04
|
$
|
(0.03
|
)
|
$
|
0.15
|
||||||
Diluted
|
$
|
(0.09
|
)
|
$
|
0.04
|
$
|
(0.03
|
)
|
$
|
0.15
|
||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
2,038,266
|
2,036,866
|
2,038,266
|
2,036,866
|
||||||||||||
Diluted
|
2,038,266
|
2,043,372
|
2,038,266
|
2,040,324
|
Mexco Energy Corporation and Subsidiaries
|
||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Common Stock
Par Value
|
Treasury
Stock
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Total Stockholders’ Equity
|
||||||||||||||||
Balance at March 31, 2014
|
$
|
1,052,133
|
$
|
(340,992
|
)
|
$
|
6,921,645
|
$
|
5,766,566
|
$
|
13,399,352
|
|||||||||
Net income
|
-
|
-
|
-
|
19,054
|
19,054
|
|||||||||||||||
Stock based compensation
|
-
|
-
|
24,276
|
-
|
24,276
|
|||||||||||||||
Balance at June 30, 2014
|
$
|
1,052,133
|
$
|
(340,992
|
)
|
$
|
6,945,921
|
$
|
5,785,620
|
$
|
13,442,682
|
|||||||||
Net income
|
-
|
-
|
-
|
86,256
|
86,256
|
|||||||||||||||
Stock based compensation
|
-
|
-
|
39,877
|
-
|
39,877
|
|||||||||||||||
Balance at September 30, 2014
|
$
|
1,052,133
|
$
|
(340,992
|
)
|
$
|
6,985,798
|
$
|
5,871,876
|
$
|
13,568,815
|
|||||||||
Net income
|
-
|
-
|
-
|
(175,321
|
)
|
(175,321
|
)
|
|||||||||||||
Stock based compensation
|
-
|
-
|
45,775
|
-
|
45,775
|
|||||||||||||||
Balance at December 31, 2014
|
$
|
1,052,133
|
$
|
(340,992
|
)
|
$
|
7,031,573
|
$
|
5,696,555
|
$
|
13,439,269
|
|||||||||
SHARE ACTIVITY
|
||||||||||||||||||||
Common stock shares, issued:
|
||||||||||||||||||||
Balance at March 31, 2014
|
2,104,266
|
|||||||||||||||||||
Issued
|
-
|
|||||||||||||||||||
Balance at June 30, 2014
|
2,104,266
|
|||||||||||||||||||
Issued
|
-
|
|||||||||||||||||||
Balance at Sept. 30, 2014
|
2,104,266
|
|||||||||||||||||||
Issued
|
-
|
|||||||||||||||||||
Balance at Dec. 31, 2014
|
2,104,266
|
|||||||||||||||||||
Common stock shares, held in treasury:
|
||||||||||||||||||||
Balance at March 31, 2014
|
(66,000
|
)
|
||||||||||||||||||
Acquisitions
|
-
|
|||||||||||||||||||
Balance at June 30, 2014
|
(66,000
|
)
|
||||||||||||||||||
Acquisitions
|
-
|
|||||||||||||||||||
Balance at Sept. 30, 2014
|
(66,000
|
)
|
||||||||||||||||||
Acquisitions
|
-
|
|||||||||||||||||||
Balance at Dec. 31, 2014
|
(66,000
|
)
|
||||||||||||||||||
Common stock shares, outstanding
|
||||||||||||||||||||
at December 31, 2014
|
2,038,266
|
Mexco Energy Corporation and Subsidiaries
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Nine Months Ended December 31,
|
||||||||
(Unaudited)
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income
|
$
|
(70,011
|
)
|
$
|
298,841
|
|||
Adjustments to reconcile net (loss) income to net cash
|
||||||||
provided by operating activities:
|
||||||||
Deferred income tax benefit
|
(21,759
|
)
|
(42,783
|
)
|
||||
Stock-based compensation
|
109,928
|
119,318
|
||||||
Depreciation, depletion and amortization
|
976,669
|
871,079
|
||||||
Accretion of asset retirement obligations
|
17,663
|
33,011
|
||||||
(Gain) loss on derivative instruments
|
(97,871
|
)
|
79,284
|
|||||
Changes in assets and liabilities:
|
||||||||
Decrease (increase) in accounts receivable
|
97,154
|
(211,598
|
)
|
|||||
Increase in prepaid expenses
|
(47,547
|
)
|
(28,541
|
)
|
||||
(Increase) decrease in non-current assets
|
-
|
46,778
|
||||||
Decrease in income taxes payable
|
(6,500
|
)
|
-
|
|||||
Decrease in accounts payable and accrued expenses
|
(10,729
|
)
|
(25,577
|
)
|
||||
Settlement of asset retirement obligations | (38,476 | ) | (2,655 | ) | ||||
Net cash provided by operating activities
|
908,521
|
1,137,157
|
||||||
Cash flows from investing activities:
|
||||||||
Additions to oil and gas properties
|
(4,289,799
|
)
|
(988,955
|
)
|
||||
Additions to other property and equipment
|
(5,047
|
)
|
(1,218
|
)
|
||||
Settlement of derivatives
|
(4,959
|
)
|
(41,261
|
)
|
||||
Proceeds from sale of oil and gas properties and equipment
|
15,335
|
963,344
|
||||||
Net cash used in investing activities
|
(4,284,470
|
)
|
(68,090
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Reduction of long-term debt
|
(150,000
|
)
|
(1,025,000
|
)
|
||||
Proceeds from long-term debt
|
3,475,000
|
-
|
||||||
Net cash provided by (used in) financing activities
|
3,325,000
|
(1,025,000
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(50,949
|
)
|
44,067
|
|||||
Cash and cash equivalents at beginning of period
|
156,082
|
166,406
|
||||||
Cash and cash equivalents at end of period
|
$
|
105,133
|
$
|
210,473
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
53,144
|
$
|
55,630
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
Non-cash investing and financing activities:
|
||||||||
Asset retirement obligations
|
$
|
270,924
|
$
|
13,057
|
Carrying amount of asset retirement obligations as of April 1, 2014
|
$
|
961,577
|
||
Liabilities incurred
|
270,924
|
|||
Liabilities settled
|
(23,026
|
)
|
||
Accretion expense
|
17,663
|
|||
Carrying amount of asset retirement obligations as of December 31, 2014
|
1,227,138
|
|||
Less: Current portion
|
10,000
|
|||
Non-Current asset retirement obligation
|
$
|
1,217,138
|
Nine Months Ended
December 31 |
||
2014
|
2013
|
|
Grant-date fair value
|
$ 5.59
|
$4.75
|
Volatility factor
|
76.23%
|
77.01%
|
Dividend yield
|
-
|
-
|
Risk-free interest rate
|
2.52%
|
1.74%
|
Expected term (in years)
|
10
|
7
|
Number
of Shares |
Weighted
Average Exercise Price |
Weighted Average Remaining Contract Life in Years
|
Aggregate
Intrinsic Value |
|||||||||||||
Outstanding at March 31, 2014
|
113,600
|
$
|
6.35
|
7.66
|
$
|
154,062
|
||||||||||
Granted
|
40,000
|
7.00
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Forfeited or Expired
|
-
|
-
|
||||||||||||||
Outstanding at December 31, 2014
|
153,600
|
$
|
6.52
|
7.61
|
$
|
-
|
||||||||||
Vested at December 31, 2014
|
77,350
|
$
|
6.42
|
6.44
|
$
|
-
|
||||||||||
Exercisable at December 31, 2014
|
77,350
|
$
|
6.42
|
6.44
|
$
|
-
|
Principal
|
||||
Balance at March 31, 2014:
|
$
|
2,425,000
|
||
Borrowings
|
3,475,000
|
|||
Repayments
|
(150,000
|
)
|
||
Balance at December 31, 2014:
|
$
|
5,750,000
|
Three Months Ended
December 31
|
Nine Months Ended
December 31
|
|||||||
2014
|
2013
|
2014
|
2013
|
|||||
Current income tax
|
$ -
|
$ -
|
$ -
|
$ -
|
||||
Deferred income tax expense (benefit)
|
(13,856)
|
9,474
|
(21,759)
|
(42,783)
|
||||
Total income tax provision:
|
$ (13,856)
|
$ 9,474
|
$ (21,759)
|
$ (42,783)
|
||||
Effective tax rate
|
(7%)
|
10%
|
(24%)
|
(17%)
|
Volume
(bbls)
|
Fixed Swap
Price |
|||||||
Production Period
|
||||||||
January 2015 – March 2015
|
1,500
|
$
|
90.00
|
As of
December 31,
2014
|
As of
March 31,
2014
|
|||||||
Current assets: Derivative instruments
|
$
|
57,849
|
$
|
-
|
||||
Noncurrent assets: Derivative instruments
|
-
|
7,239
|
||||||
Total assets
|
$
|
57,849
|
$
|
7,239
|
||||
Current liabilities: Derivative instruments
|
$
|
-
|
$
|
44,981
|
||||
Noncurrent liabilities: Derivative instruments
|
-
|
-
|
||||||
Total liabilities
|
$
|
-
|
$
|
44,981
|
Three Months Ended
December 31
|
Nine Months Ended
December 31
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Unrealized gain (loss) on open non-hedge
derivative instruments |
$
|
54,839
|
$
|
18,594
|
|
$
|
102,830
|
$
|
(38,023
|
)
|
||||||
Gain (loss) on settlement of non-hedge
derivative instruments |
25,281
|
(11,190
|
)
|
(4,959
|
)
|
(41,261
|
)
|
|||||||||
Total gain (loss) on derivative instruments
|
$
|
80,120
|
$
|
7,404
|
|
$
|
97,871
|
$
|
(79,284
|
)
|
Three Months Ended
December 31
|
Nine Months Ended
December 31
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net (loss) income
|
$
|
(175,321
|
)
|
$
|
88,659
|
$
|
(70,011
|
)
|
$
|
298,841
|
||||||
Shares outstanding:
|
||||||||||||||||
Weighted avg. common shares outstanding – basic
|
2,038,266
|
2,036,866
|
2,038,266
|
2,036,866
|
||||||||||||
Effect of the assumed exercise of dilutive stock options
|
-
|
6,506
|
-
|
3,458
|
||||||||||||
Weighted avg. common shares outstanding – dilutive
|
2,038,266
|
2,043,372
|
2,038,266
|
2,040,324
|
||||||||||||
(Loss) earnings per common share:
|
||||||||||||||||
Basic
|
$
|
(0.09
|
)
|
$
|
0.04
|
$
|
(0.03
|
)
|
$
|
0.15
|
||||||
Diluted
|
$
|
(0.09
|
)
|
$
|
0.04
|
$
|
(0.03
|
)
|
$
|
0.15
|
Payments Due In:
|
||||||||||||||||
Total
|
less than 1 year
|
1-3 years
|
3 years
|
|||||||||||||
Contractual obligations:
|
||||||||||||||||
Secured bank line of credit (1)
|
$
|
5,750,000
|
$
|
—
|
$
|
5,750,000
|
$
|
—
|
||||||||
Leases (2)
|
$
|
33,719
|
$
|
23,442
|
$
|
10,277
|
$
|
—
|
(1) | These amounts represent the balances outstanding under the bank line of credit. These repayments assume that interest will be paid on a monthly basis, no additional funds will be drawn and does not include estimated interest of $153,468 less than 1 year and $140,679 1-3 years. |
(2) | The lease amount represents the monthly rent amount for our principal office space in Midland, Texas under one three year lease agreement effective April 1, 2013 and a second three year lease agreement effective April 1, 2014. The total obligation for the remainder of the leases is $45,270 which includes $11,550 billed to and reimbursed by our majority shareholder for his portion of the shared office space. |
2014
|
2013
|
% Difference
|
||||||||||
Oil:
|
||||||||||||
Revenue
|
$
|
465,325
|
$
|
629,765
|
(26.1
|
%)
|
||||||
Volume (bbls)
|
7,379
|
6,808
|
8.4
|
%
|
||||||||
Average Price (per bbl)
|
$
|
63.06
|
$
|
92.51
|
(31.8
|
%)
|
||||||
Gas:
|
||||||||||||
Revenue
|
$
|
325,010
|
$
|
318,868
|
1.9
|
%
|
||||||
Volume (mcf)
|
94,962
|
89,059
|
6.6
|
%
|
||||||||
Average Price (per mcf)
|
$
|
3.42
|
$
|
3.58
|
(4.5
|
%)
|
(1) | After giving effect to our derivative instruments, the average sales price per Bbl of oil was $66.49 for the quarter ended December 31, 2014 compared to $90.86 for the quarter ended December 31, 2013. |
2014
|
2013
|
% Difference
|
||||||||||
Oil:
|
||||||||||||
Revenue
|
$
|
1,741,229
|
$
|
2,018,523
|
(13.7
|
%)
|
||||||
Volume (bbls)
|
21,716
|
20,947
|
3.7
|
%
|
||||||||
Average Price (per bbl)
|
$
|
80.18
|
$
|
96.36
|
(16.8
|
%)
|
||||||
Gas:
|
||||||||||||
Revenue
|
$
|
1,043,703
|
$
|
1,022,481
|
2.1
|
%
|
||||||
Volume (mcf)
|
273,467
|
281,643
|
(2.9
|
%)
|
||||||||
Average Price (per mcf)
|
$
|
3.82
|
$
|
3.63
|
5.2
|
%
|
(1) | After giving effect to our derivative instruments, the average sales price per Bbl of oil was $79.95 for the nine months ended December 31, 2014 compared to $94.39 for the nine months ended December 31, 2013. |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
31.1 | Certification of the Chief Executive Officer of Mexco Energy Corporation |
31.2 | Certification of the Chief Financial Officer of Mexco Energy Corporation |
32.1 | Certification of the Chief Executive Officer and Chief Financial Officer of Mexco Energy Corporation pursuant to 18 U.S.C. §1350 |
MEXCO ENERGY CORPORATION
|
||
(Registrant)
|
||
Dated: February 13, 2015
|
/s/ Nicholas C. Taylor
|
|
Nicholas C. Taylor
|
||
Chairman of the Board and Chief Executive Officer
|
||
Dated: February 13, 2015
|
/s/ Tamala L. McComic
|
|
Tamala L. McComic
|
||
President, Chief Financial Officer, Treasurer and Assistant Secretary
|
1. | I have reviewed this quarterly report on Form 10-Q of Mexco Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 13, 2015
|
/s/Nicholas C. Taylor
|
|
Nicholas C. Taylor
|
||
Chairman of the Board and Chief Executive Officer
|
1. | I have reviewed this quarterly report on Form 10-Q of Mexco Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 13, 2015
|
/s/Tamala L. McComic
|
|
Tamala L. McComic
|
||
President and Chief Financial Officer
|
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Mexco Energy Corporation as of the dates and for periods presented as required by such Report. |
Date: February 13, 2015
|
/s/Nicholas C. Taylor
|
|
Nicholas C. Taylor
|
||
Chairman of the Board and Chief Executive Officer
|
||
Date: February 13, 2015
|
/s/Tamala L. McComic
|
|
Tamala L. McComic
|
||
President and Chief Financial Officer
|
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