Mexco Energy's Last Quarter '09 Income Up by 27%



Mexco Energy Corporation reported net income of $167,145, or $0.09 per diluted share, for the quarter ending December 31, 2009, the Company's third quarter of fiscal 2010. This was a 27% increase from $131,501 for the same quarter of fiscal 2009. Operating revenues in the third quarter of fiscal 2010 were $865,169, a 7% decrease from $927,644 for the third quarter of fiscal 2009.

The average sales price for the third quarter of fiscal 2010 was $5.25 per Mcfe, an increase of 1% compared to $5.19 per Mcfe for the third quarter of fiscal 2009. Oil production increased 8% and gas production decreased 9% during the third quarter of fiscal 2010 as compared to the same period of fiscal 2009 due to a temporary shut-in of a gas property.

For the nine months ended December 31, 2009, the Company reported net income of $257,492, or $0.13 per diluted share, a 78% decrease from $1,181,405 for the same period of fiscal 2009. Operating revenues were $2,269,640 for the nine month period, a decrease of 46% from $4,208,771 for the same period of fiscal 2009. The average sales price for the nine months ended December 31, 2009 was $4.48 per Mcfe compared to $8.88 per Mcfe for the same period of fiscal 2009. Gas production increased 7% and oil production increased 3% during the nine months ended December 31, 2009 as compared to the same period of fiscal 2009.
 


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