Mexco Buys Non-Op WI

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

Purchase of non-operated working interest in 200 wells in Texas, New Mexico and North Dakota.

Mexco Energy Corp. (NYSE Mkt: MXC) has closed on the purchase of non-operated working interest in more than 200 wells in Texas, New Mexico and North Dakota from an undisclosed seller for $1.15 million.

A statement from the company did not reveal the reserve base or production data, but said the current production was predominantly oil. The purchase was financed from the company’s $4.9 million bank credit.

The effective date is Jan. 1, 2013.

"This primarily established production is located in the Permian Basin of West Texas and Southeastern New Mexico as well as North Dakota. We also see opportunities for further horizontal drilling and development on certain of these properties in the Bakken of North Dakota, and Wolfcamp, Avalon and Bone Springs of Texas and New Mexico," said Tammy L. McComic, president and chief financial officer of Mexco.

Mexco Energy Corporation, is an independent oil and gas company located in Midland, Texas.