Mexco Energy Corp. reported net income of $0.4 million, or $0.21 per diluted share, in fiscal 2010, which ended 3/31/2010. The company reported net income of $1.2 million, or $0.61 per diluted share, in fiscal 2009.
Sales also showed a sharp decline in fiscal 2010 compared to fiscal 2009. Mexco Energy Corporation reported sales of $3.2 million in fiscal 2010 compared to $4.9 million in fiscal 2009.
The management of Mexco Energy Corporation attributed the reduced revenue and net income to the year over year decrease in prices realized for oil and gas production. The company realized an average price of $4.92 per Mcfe in fiscal 2010, compared to $7.57 per Mcfe in fiscal 2009.
Mexco Energy Corporation advanced its development program during the year, and had working interests in twenty-three gross wells in fiscal 2010, compared to fourteen gross wells in fiscal 2009. The company also cut its debt by fifty percent during fiscal 2010, from $1.4 million to $700,0000.
Mexco Energy Corporation was founded in 1972 and owns interests in oil and gas producing areas in the United States. The majority of its properties are located in the Permian Basin in Texas and New Mexico.
For more information on the company, go to www.mexcoenergy.com
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