SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
of Report: October 7, 2016
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
|214 W. Texas Avenue,|
|(Address of principal executive offices)||(Zip Code)|
Registrant’s telephone number, including area code: 432-682-1119
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|[ ]||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|[ ]||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|[ ]||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c))|
|[ ]||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Item 8.01 Other Events
On October 7, 2016, Mexco Energy Corporation issued a news release to announce the sale of acreage.
Copy of the news release is filed as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
|99.1||News release dated October 7, 2016.|
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|MEXCO ENERGY CORPORATION|
|Dated: October 7, 2016||By:||/s/ Tammy McComic|
|President and Chief Financial Officer|
October 7, 2016
FOR IMMEDIATE RELEASE
MEXCO ENERGY CORPORATION ANNOUNCES SALE OF ACREAGE TO PARSLEY ENERGY
MIDLAND, TEXAS, October 7, 2016 – Mexco Energy Corporation (NYSE MKT:MXC) today announced the sale of certain oil and gas properties in Glasscock County, Texas.
Mexco received approximately $2.187 million in cash from a sale of working interests to Parsley Energy, Inc. covering 50 net acres located in Glasscock County, Texas in the horizontal Wolfcamp trend of the Permian Basin in West Texas. These proceeds are part of a sale by several co-owners of 11,672 gross (9,140 net) acres containing 67 gross (60 net) vertical wells with net production of 270 barrels of oil equivalent plus 5 disposal wells and existing infrastructure.
Of these proceeds, approximately $1.887 million is to be applied to Mexco’s bank debt and the balance to working capital of Mexco.
The President of the Company commented, “I believe this sale indicates the potential value of certain of Mexco’s oil and gas properties which it continues to hold in the horizontal Wolfcamp area of the Permian Basin of West Texas.”
Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com .
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company’s actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherit risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company’s Form 10-K for the fiscal year ended March 31, 2016. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.
For additional information, please contact: Nicholas C. Taylor, Chairman and Chief Executive Officer or Tammy L. McComic, President and Chief Financial Officer, both of Mexco Energy Corporation, (432) 682-1119.