Mexco Energy Corporation - MXC STOCK NEWS

Mexco Energy (NYSE American: MXC) reported financial results for its first quarter of fiscal 2025 ending June 30, 2024. The company achieved net income of $291,039, or $0.14 per diluted share. Operating revenues were $1,727,835, a slight decrease of 1% compared to the same quarter last year. This decline was primarily attributed to a 36% decrease in average natural gas sales prices and a 3.5% decrease in oil and natural gas production. However, these factors were partially offset by a 9% increase in average oil sales prices.

Oil contributed 87% of the company's operating revenues for the quarter. Mexco Energy plans to participate in the drilling of 30 and completion of 19 horizontal wells at an estimated cost of $2.2 million for the fiscal year ending March 31, 2025, with $320,000 already expended.

Mexco Energy (NYSE American: MXC) released its fiscal 2024 financial results on June 27, 2024. The company reported a net income of $1,344,952, or $0.64 per diluted share, and operating revenues of $6,604,884. The average realized prices for oil and natural gas were $76.40 per barrel and $2.22 per thousand cubic feet, respectively.

Mexco participated in drilling 52 wells, with 51 horizontal and 1 vertical well, at a cost of approximately $2.3 million. An additional $450,000 was spent to complete 21 wells from fiscal 2023. The company expects to drill 30 and complete 19 horizontal wells in fiscal 2025, with an estimated cost of $2.2 million.

The present value of proved reserves is approximately $29 million, with oil reserves increasing by 9% and natural gas reserves decreasing by 8%. Approximately 28% of revenues were produced from royalties. Mexco holds $2.4 million in cash, with no outstanding debt on its bank line of credit.

Throughout the year, Mexco acquired royalty and mineral interests in 348 gross wells for around $1.8 million, funded from cash on hand.

Mexco Energy declared a regular annual cash dividend of $0.10 per common share and authorized the use of up to $1,000,000 to repurchase shares of the Company's common stock. The Company's Board of Directors replaced the previously authorized $1,000,000 common stock repurchase program. Mexco Energy is an independent oil and gas company engaged in the acquisition, exploration, and development of oil and gas properties primarily in the Permian Basin.

Mexco Energy Corporation (MXC) reported a 28% increase in net income for the third quarter of fiscal 2024 compared to the previous quarter. Operating revenues were $1,656,443 with an average sales price of $78.65 per barrel of oil and $1.82 per Mcf of natural gas. However, net income for the nine months ending December 31, 2023, decreased by 71% compared to the same period in fiscal 2023. Operating revenues for the first nine months of fiscal 2024 also decreased by 35% due to lower production volumes and decreased sales prices. Mexco plans to participate in drilling multiple wells with an estimated cost of $2,200,000 for the fiscal year ending March 31, 2024.

Mexco Energy Corporation (MXC) reports a 71% decrease in net income for the six months ending September 30, 2023, with operating revenues decreasing by 34%. The company attributes this to a decrease in average sales prices of oil and natural gas, partially offset by a 7% increase in production volumes. Mexco plans to participate in the drilling of 40 horizontal wells at an estimated cost of $1.7 million for the fiscal year ending March 31, 2024.

Mexco Energy Corporation (MXC) reported a net income of $465,614, or $0.21 per diluted share, for the quarter ending June 30, 2023, compared to $1,298,672 or $0.59 per diluted share, for the comparable quarter ending June 30, 2022. Operating revenues in the first quarter of fiscal 2024 were $1,748,419, a decrease of 29% from the first quarter of fiscal 2023. This was due to a 33% decrease in the average sales price of oil and a 69% decrease in the average sales price of natural gas. The company expects to participate in the drilling and completion of 40 horizontal wells and the completion of 21 horizontal wells drilled in the prior fiscal year, with an estimated aggregate cost of approximately $2.2 million for the fiscal year ending March 31, 2024. Mexco Energy Corporation is an independent oil and gas company located in Midland, Texas, primarily engaged in the acquisition, exploration, and development of oil and gas properties in the Permian Basin.

MGC Pharmaceuticals Ltd. has announced that its investigational medicinal product, CannEpil®, is now available to patients in the UK through Named Patient Request. This decision follows the success of Epidiolex, which generated $296 million in sales in 2019, highlighting the potential market for CannEpil® in treating refractory epilepsy. CannEpil®, a high-CBD and low-THC formulation, is currently in clinical development and has already been prescribed to hundreds of patients in Australia and the Republic of Ireland. The company aims to evaluate the safety and efficacy of CannEpil® through data collected from ongoing patient use, supporting future marketing authorization submissions. This expansion into the UK market represents a significant step for MGC Pharma and offers new treatment options for patients with unmet medical needs.

Mexco Energy Corporation (NYSE American: MXC) has declared a special cash dividend of $0.10 per common share, payable on May 15, 2023, to stockholders of record by May 1, 2023. In addition, the Board authorized a new share repurchase program of up to $1,000,000, replacing an earlier program that had $5,506 remaining. During the fiscal year ended March 31, 2023, the company repurchased 18,416 shares at an average price of $13.28 per share.

As an independent oil and gas company, Mexco engages primarily in the acquisition, exploration, and development of oil and gas properties in the Permian Basin.