Mexco Energy Corp. (MXC), an oil and gas exploration company, on Tuesday announced financial results for the fourth quarter and fiscal year 2008.
The Midland, Texas-based company's net income for the fourth quarter was $466.5 thousand or $0.27 per share. Operating revenues for the fourth quarter were $1.24 million.
For the fiscal year 2008, Mexco Energy's net income was $713.6 thousand or $0.40 per share, higher than $608.4 thousand or $0.33 per share in the previous year.
Total operating revenues for the fiscal year improved to $3.89 million from $2.97 million in the preceding year.
Operating profit for the fiscal year was $1.03 million, up from $594.9 thousand in the earlier year.
Total estimated proved reserves at March 31, 2008 were 7.857 Bcf of natural gas and 217,000 barrels of oil and natural gas liquids, and its estimated present value of proved reserves was approximately $41 million.
The average sales price received grew 19% to $8.03 per Mcfe from $6.75 per Mcfe in fiscal 2007. Oil and gas production volumes increased 5% and 12%, respectively, during fiscal 2008.
Shares of Mexco Energy are currently trading at $44.60, down $3.90 or 8.04%.
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