Mexco Energy Corporation reported net income of $70,040 for the quarter ending September 30, 2010.
Operating revenues in the second quarter of fiscal 2011 were $788,639, an increase of $42,345 or 6% from $746,294 for the first quarter of fiscal 2010.
During the quarter, Mexco made two significant acquisitions including overriding royalty interests averaging .28% in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate purchase price of $1.65 million. This acreage currently contains five horizontal wells producing from the Haynesville Shale formation and an additional 59 potential drill sites. Most of the wells will be operated by Petrohawk Operating Company with the balance operated by Chesapeake Energy. Other wells drilled in the Haynesville area show the presence of at least two other potential producing zones, the Bossier and Cotton Valley, which are held by production and available for development as conditions warrant. Any development of these royalties will be free to Mexco of expenses for drilling and operations.
Also during the second quarter of fiscal 2011, the Mexco acquired all of the outstanding stock of a Texas corporation which owns royalties producing primarily natural gas for a purchase price of $478,000. These royalties consist of over 200 properties covering 60 counties and parishes in Oklahoma, Texas, Louisiana, New Mexico, Mississippi and Alabama.
Mexco Energy Corporation owns oil and gas properties in twelve states, with the majority of its activity centered in West Texas. The Company plans to continue to focus its efforts to increase oil and natural gas reserves through exploration and development as well as acquisition of royalties with significant development potential.
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