MIDLAND, Texas, June 25, 2014 /PRNewswire/ -- Mexco Energy Corporation (NYSE Market: MXC) reported results on its Annual Report on Form 10-K to the Securities and Exchange Commission ("SEC") for the fiscal year ended March 31, 2014.

The Company reported net income of $301,113, or $.15 per diluted share, for fiscal year 2014, an increase from a net loss of $176,374, or ($0.09) per diluted share, for fiscal 2013.  

Operating revenues in fiscal 2014 were $4,041,941, an increase of 31% when compared to fiscal 2013 operating revenues of $3,096,415.  This is the result of a 17% increase in oil production, a 13% increase in oil prices and a 41% increase in natural gas prices partially offset by a 10% decrease in natural gas production.  The average sales price received was $7.61 per Mcfe compared to $5.67 per Mcfe received in fiscal 2013, a 34% increase.   

The Company reported operating profit of $88,425 for the quarter ending March 31, 2014, the Company's fourth quarter of fiscal 2014, a 40% increase from the comparable quarter of fiscal 2013.  Oil and gas revenues in the fourth quarter were $953,291 compared to $924,098 for the same quarter in fiscal 2013, an increase of 3%.  This is primarily the result of increased oil and natural gas prices and revenue generated from the multiple acquisitions effective March 1, 2014. 

The Company's estimated present value of proved reserves at March 31, 2014 was approximately $25 million based on estimated future net revenues discounted at 10% per annum, pricing and other assumptions set forth in "Item 2 – Properties" of the Company's Form 10-K, an increase of 39% as compared to the same at March 31, 2013.  The Company's total estimated proved reserves at March 31, 2014 were 502,000 barrels of oil and natural gas liquids, an increase of 37% over the prior fiscal year, and 6.259 billion cubic feet of natural gas, a decrease of 20% over the prior fiscal year.  For fiscal 2014, natural gas constituted approximately 68% of the Company's total proved reserves and approximately 35% of the Company's revenues.          

Tammy McComic, President of the Company, stated, "The Company's prospects for current and future development of its properties in the Permian Basin of West Texas and New Mexico by horizontal drilling and multi-stage fracturing are extensive." 

Also, the Company today reported the Board of Directors (the "Board") appointed Michael J. Banschbach to the Company's Board of Directors effective July 1, 2014.  Mr. Banschbach is expected to stand for election at the 2014 Annual Meeting of Shareholders on September 9, 2014 for a term of one year. 

Mr. Banschbach graduated from the Colorado School of Mines in 1980 with a BS degree in Chemical Engineering.  Thereafter, Mr. Banschbach served with Atlantic Richfield (ARCO) for twenty years, primarily in the gas processing midstream sector, as both a petroleum engineer and as a commercial representative.  From 2001 until the present time, he has represented numerous independent oil and gas producing companies in negotiations with midstream companies for the connection of production, transmission and sales for oil and gas wells. 

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, 2014.  Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.

SOURCE Mexco Energy Corporation