Mexco Energy Corporation announces acquisition
Monday, Dec 31, 2012
MIDLAND, Texas, Dec. 28, 2012 /PRNewswire/ -- On December 28, 2012, Mexco Energy Corporation (NYSE Market: MXC) ("Mexco or the "Company") purchased all of the outstanding ownership interests of a limited liability company which owns non-operated working interests in over 200 wells producing primarily oil. The cash purchase price of $1,150,000 was funded from the Company's $4.9 million bank credit facility. This purchase is effective January 1, 2013.
These properties are located in 16 counties of Texas, New Mexico and North Dakota.
"This primarily established production is located in the Permian Basin of West Texas and Southeastern New Mexico as well as North Dakota. We also see opportunities for further horizontal drilling and development on certain of these properties in the Bakken of North Dakota, and Wolfcamp, Avalon and Bone Springs of Texas and New Mexico," said Tammy L. McComic, President and CFO of Mexco.
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.
SOURCE Mexco Energy Corporation
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