Mexco Energy (US:MXC) Newsfilterยท2024-06-27 21:25Financial Performance - Mexco Energy Corporation reported a net income of $1,344,952, or $0.64 per diluted share, for the fiscal year ended March 31, 2024, with operating revenues of $6,604,884 [1] - The average realized price for oil was $76.40 per barrel, while the average realized price for natural gas was $2.22 per thousand cubic feet for the same period [2] Reserves and Production - The estimated present value of proved reserves as of March 31, 2024, was approximately $29 million, with proved oil reserves increasing by 9% to 791 thousand barrels and natural gas reserves decreasing by 8% to 4.537 billion cubic feet compared to the prior fiscal year [3] - Oil constituted approximately 51% of the total proved reserves and about 83% of the company's oil and gas sales for fiscal 2024 [3] Drilling and Exploration Activities - The company participated in the drilling of 52 wells, including 51 horizontal wells and 1 vertical well, at a cost of approximately $2,300,000 for the fiscal year ending March 31, 2024 [7] - The company expects to participate in the drilling of 30 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $2.2 million for the fiscal year ending March 31, 2025 [10] Financial Position - The company reported having approximately $2.4 million cash on hand and no outstanding indebtedness on its bank line of credit [8] - The company acquired various royalty and mineral interests in 348 gross wells for an aggregate purchase price of approximately $1.8 million, funded from cash on hand [11] Revenue Sources - Approximately 28% of the fiscal 2024 revenues were produced from royalties free of operational costs to Mexco [9]