2011-04-07-2011-04-01-2011-04-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
1MM
Description

Acquired interest in 160 gross acres in Fuhrman-Mascho Field in Andrews County.

Midland, Tex.-based Mexco Energy Corp. (Amex: MXC) has purchased working interests in 160 gross acres in Fuhrman-Mascho Field in Andrews County, Texas, for $670,000.

The assets include four wells, three of which are producing from the San Andres, and one recently drilled well from the Grayburg and San Andres formations. Cone and Petree Oil & Gas Exploration Inc. is operator. The company owns working interests of approximately 10.8% (7.77% net revenue interest) in this property.

Upside includes 11 potential drill sites in the Grayburg and San Andres formations.

The company funded the cash purchase price primarily from its $5-million credit facility and the balance from working capital.