Mexco Energy Corp. Files 2024 10-K

TL;DR

Mexco Energy filed its 2024 10-K. Check it for oil & gas ops details.

AI Summary

Mexco Energy Corp. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its oil and natural gas operations. The company's financial performance and operational details for the period are detailed within this comprehensive filing. Specific financial figures and operational highlights are available for review by investors and interested parties.

Why It Matters

This filing provides investors with a detailed look at Mexco Energy's financial health and operational performance for the fiscal year, crucial for understanding the company's current standing and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — As an oil and gas company, Mexco Energy is subject to inherent commodity price volatility and operational risks.

Key Numbers

• FY 2024-03-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-06-27 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• MEXCO ENERGY CORP (company) — Filer of the 10-K
• 0001493152-24-025472 (filing_id) — Accession Number for the filing
• 20240331 (date) — Fiscal year end date
• 20240627 (date) — Filing date
• Midland, TX (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.50 — ch registered Common Stock, par value $0.50 per share MXC NYSE American Indi
• $29 million — ue of proved reserves was approximately $29 million based on estimated future net revenues
• $501,000 — gregate purchase price of approximately $501,000 covering multiple wells in the Gomez (E
• $1,591,000 — n Energy Corporation, purchase price of $1,591,000 consisting primarily of working interes
• $304,000 — 2004 Royalty interests, purchase price $304,000 covering 37 producing wells in the Cott
• $500,000 — ns. Royalty interests, purchase price $500,000 covering 4 producing gas units in Frees
• $550,000 — 2005 Royalty interests, purchase price $550,000 covering 75 producing wells and additio
• $425,000 — rated working interests, purchase price $425,000 covering 2 properties in Lea County, Ne
• $1,850,000 — yalty (mineral) acreage, purchase price $1,850,000 covering 122 mineral acres in the Newar
• $429,000 — yalty (mineral) acreage, purchase price $429,000 covering 522 mineral acres in the Newar
• $49,000 — h 2009, purchased additional interests, $49,000. 4 2010 Southwest Texas Disposal C
• $478,000 — as Disposal Corporation, purchase price $478,000 consisting of royalty interests in over
• $1,650,000 — iding royalty interests, purchase price $1,650,000 covering 5,120 gross acres over 8 secti
• $1.46 million — developed drill sites. The Company paid $1.46 million in cash and the remainder was paid as 2
• $670,000 — ating working interests, purchase price $670,000 covering 160 gross acres in the Fuhrman

Filing Documents

• form10-k.htm (10-K) — 1184KB
• ex21-1.htm (EX-21.1) — 3KB
• ex23-1.htm (EX-23.1) — 2KB
• ex23-2.htm (EX-23.2) — 3KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 5KB
• ex99-1.htm (EX-99.1) — 45KB
• 0001493152-24-025472.txt ( ) — 6093KB
• mxc-20240331.xsd (EX-101.SCH) — 46KB
• mxc-20240331_cal.xml (EX-101.CAL) — 81KB
• mxc-20240331_def.xml (EX-101.DEF) — 162KB
• mxc-20240331_lab.xml (EX-101.LAB) — 419KB
• mxc-20240331_pre.xml (EX-101.PRE) — 318KB
• form10-k_htm.xml (XML) — 742KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. Reserved 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 31 Item 9A.

Controls and Procedures

Controls and Procedures 31 Item 9B. Other Information 32 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 32 PART III Item 10. Directors, Executive Officers and Corporate Governance 32 Item 11.

Executive Compensation

Executive Compensation 32 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 Item 13. Certain Relationships and Related Transactions, and Director Independence 32 Item 14. Principal Accounting Fees and Services 32 PART IV Item 15. Exhibits and Financial Statement Schedules 33 Item 16. Form 10-K Summary 33

Signatures

Signatures 34 Glossary of Abbreviations and Terms 35 2 As used in this document, "the Company", "Mexco", "we", "us" and "our" refer to Mexco Energy Corporation and its consolidated subsidiaries. Abbreviations or definitions of certain terms commonly used in the oil and gas industry and in this Form 10-K can be found in the "Glossary of Abbreviations and Terms". CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). These forward-looking statements are generally located in the material set forth under the headings "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Business", "Properties" but may be found in other locations as well, and are typically identified by the words "could", "should", "expect", "project", "estimate", "believe", "anticipate", "intend", "budget", "plan", "forecast", "predict" and other similar expressions. Forward-looking estimates of future oil and gas prices; estimates of oil and gas reserves; our future financial condition or results of operations; and our business strategy and other plans and objectives for future operations and are based upon our management's reasonable estimates of future results or trends. Actual results in future periods may differ materially from those expressed or implied by such forward-looking The factors that may affect our expectations regarding our operations include, among others, the following: our success in development, exploit

BUSINESS

BUSINESS General Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company engaged in the acquisition, exploration, development and production of crude oil and natural gas properties located in the United States. Incorporated in April 1972 under the name Miller Oil Company, the Company changed its name to Mexco Energy Corporation effective April 30, 1980. At that time, the shareholders of the Company also approved amendments to the Articles of Incorporation resulting in a one-for-fifty reverse stock split of the Company's common stock. Our total estimated proved reserves at March 31, 2024 were approximately 1.547 million barrels of oil equivalent ("MMBOE") of which 51% was oil and natural gas liquids and 49% was natural gas, and our estimated present value of proved reserves was approximately $29 million based on estimated future net revenues excluding taxes discounted at 10% per annum, pricing and other assumptions set forth in "Item 2 – Properties" below. Nicholas C. Taylor beneficially owns approximately 45% of the outstanding shares of our common stock. Mr. Taylor is also our Chairman of the Board and Chief Executive Officer. As a result, Mr. Taylor has significant influence in matters voted on by our shareholders, including the election of our Board members. Mr. Taylor participates in all facets of our business and has a significant impact on both our business strategy and daily operations. 3 Company Profile Since our inception, we have been engaged in acquiring and developing oil and gas properties and the exploration for and production of natural gas, crude oil, condensate and natural gas liquids ("NGLs") within the United States. We especially seek to acquire proved reserves that fit well with existing operations or in areas where Mexco has established production. Acquisitions preferably will contain most of their value in producing wells, behind pipe reserves and high quality proved undeveloped locations. Competit

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View this 10-K filing on SEC EDGAR