MEXCO ENERGY CORPORATION REPORTS FINANCIAL RESULTS FOR FISCAL 2024

Core Insights - Mexco Energy Corporation reported a net income of $1,344,952, or $0.64 per diluted share, with operating revenues of $6,604,884 for the fiscal year ending March 31, 2024 [9] 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 $2.3 million for the fiscal year ending March 31, 2024, with 19 wells to be completed this fiscal year [1] - For the fiscal year ending March 31, 2025, the Company expects to participate in the drilling of 30 horizontal wells at an estimated cost of approximately $2.2 million, with $300,000 already expended [6] 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, while natural gas reserves decreased by 8% to 4.537 billion cubic feet compared to the prior fiscal year [2] - Oil constituted approximately 51% of the Company's total proved reserves and about 83% of the Company's oil and gas sales for fiscal 2024 [2] Financial Position - The average realized price for oil was $76.40 per barrel, and for natural gas, it was $2.22 per thousand cubic feet for the fiscal year ending March 31, 2024 [5] - The Company has approximately $2.4 million cash on hand and no outstanding indebtedness on its bank line of credit [11] Acquisitions - Throughout the year, 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 [7] - Approximately 28% of the fiscal 2024 revenues were produced from royalties free of operational costs to the Company [10]