Mexco Energy Corporation announced further developments on the $1,850,000 purchase of a 21.45% royalty interest in a 122 acre tract in Tarrant County, Texas.
This property, operated by Chesapeake Operating, Inc., at the time of purchase in December of 2007 contained one (1) producing well in the Newark East (Barnett Shale) Field. This well which was initially tested at a rate of 2,267,000 cubic feet on December 1, 2006 was producing at an average rate of 862,000 cubic feet of natural gas per day during the month of November 2007. Subsequently, two (2) additional wells have been completed and were tested initially at rates of 3,307,000 cubic feet and 3,508,000 cubic feet per day in December 2007. All three of these wells are now producing natural gas into the sales pipeline.
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