Mexco Energy reported its financial results for the third quarter of fiscal 2012 as well as an operational update on the company's oil and gas activity in the United States. The company is active mostly in Texas, but also has interests in properties in 11 other states.
Mexco Energy reported sales of $757,560 in the quarter ending December 31, 2011, up marginally from the $756,576 reported in the corresponding quarter of fiscal 2011. The company reported net income of $50,961 in the most recent quarter, compared to net income of $26,898 in the third quarter of fiscal 2011.
Mexco Energy attributed the higher net income to an increase in realized prices for sales of natural gas, and an increase in production of crude oil. The company reported an average sales price of $6.10 per Mcfe in the third quarter of fiscal 2012, compared to $5.34 per Mcfe last year. Mexco Energy also reported a 13% increase in the production of crude oil on a year over year basis.
Mexco Energy participated in the drilling of three wells in Texas at the Fuhrman-Mascho Field. The company targeted the Grayburg and San Andres formations on its acreage and currently has interests in seven producing wells in that field.
For more information on the company, go to mexcoenergy.com
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