Mexco Energy Corporation posted net income of $1.36 per diluted share, for fiscal year 2022, compared to $0.08 per diluted share for fiscal 2021.
Operating revenues in fiscal 2022 rose +135% to $6,587,780, on the back of 22% increase in barrels of oil equivalent (BOE) production and a 93% increase in BOE prices.
The Company was engaged in the drilling of 40 wells consisting of 36 horizontal wells and 4 vertical wells at a cost of around $1,275,000 for the fiscal year ending March.
Mexco’s estimated proved oil reserves at March 31, 2022 climbed +10% to 809 thousand barrels of oil and natural gas liquids, and natural gas reserves was up 5% to 4.842 billion cubic feet over the prior fiscal year.