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<SEC-DOCUMENT>0001144204-06-034187.txt : 20060816
<SEC-HEADER>0001144204-06-034187.hdr.sgml : 20060816
<ACCEPTANCE-DATETIME>20060816140807
ACCESSION NUMBER:		0001144204-06-034187
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060816
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060816
DATE AS OF CHANGE:		20060816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXCO ENERGY CORP
		CENTRAL INDEX KEY:			0000066418
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				840627918
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31785
		FILM NUMBER:		061037797

	BUSINESS ADDRESS:	
		STREET 1:		214 W TEXAS AVENUE
		STREET 2:		SUITE 1101
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701
		BUSINESS PHONE:		9156821119

	MAIL ADDRESS:	
		STREET 1:		214 W TEXAS AVENUE
		STREET 2:		SUITE 1101
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MILLER OIL CO
		DATE OF NAME CHANGE:	19800702
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v050513_8k.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       ----------------------------------

                                    FORM 8-K

                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934.

                         Date of Report: August 16, 2006
                        (Date of earliest event reported)

                            Mexco Energy Corporation
             (Exact name of registrant as specified in its charter)

       CO                                                     84-0627918
    (State or other              0-6694                     (IRS Employer
    jurisdiction of     (Commission File Number)        Identification Number)
    incorporation)

               214 W. Texas Avenue, Suite 1101
                         Midland, TX                              79701
          (Address of principal executive offices)              (Zip Code)

        Registrant's telephone number, including area code: 432-682-1119


                                 Not applicable
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.13e-4(c))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

- --------------------------------------------------------------------------------


<PAGE>

Item 2.02. Results of Operations and Financial Condition.

      On August 16, 2006, Mexco Energy Corporation (the "Registrant") issued a
press release reporting its financial results for the quarter ended June 30,
2006.

      The Registrant hereby incorporates by reference into this Item 2.02 the
information set forth in such press release, a copy of which is furnished as
Exhibit 99.1 to this Current Report. Pursuant to the rules and regulations of
the Securities and Exchange Commission, such exhibit and the information set
forth therein and herein are deemed to be furnished and shall not be deemed to
be "filed" under the Securities Exchange Act of 1934, as amended (the Exchange
Act).

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Exhibit
Number                       Description
- ------     ---------------------------------------------------------------------

99.1       Press release dated August 16, 2006.


                                   SIGNATURES

      Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                MEXCO ENERGY CORPORATION

Dated:  August 16, 2006         By:    /s/ Nicholas C. Taylor
                                      ------------------------------
                                      Nicholas C. Taylor
                                      Chief Executive Officer

                                INDEX TO EXHIBITS

Exhibit
Number                       Description
- ------     ---------------------------------------------------------------------

99.1       Press release dated August 16, 2006.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v050513_ex99-1.txt
<TEXT>
FOR IMMEDIATE RELEASE:


Mexco Energy Corporation Reports First Quarter Financials

MIDLAND, TX - 8/16/06 - Mexco Energy Corporation (AMEX: MXC) reported net income
for the first quarter of fiscal 2007 of $227,290, or $0.12 per diluted share, as
compared to net income of $160,918, or $0.09 per diluted share, for the first
quarter of fiscal 2006, a 41% increase.

Oil and gas sales decreased from $802,720 for the first quarter of fiscal 2006
to $777,412 for the same period of fiscal 2007. The average sales prices
received of $7.11 per Mcfe was up from $6.62 per Mcfe received in the first
quarter of fiscal 2006. Oil production increased 9% and gas production decreased
15% during the first quarter of fiscal 2007 as compared to the first quarter of
2006.

Total operating expenses for the first quarter of fiscal 2007 increased $116,323
to $632,635 from $516,312 in the first quarter of fiscal 2006. Included in
operating expenses was a 34% increase in general and administrative expense. The
increase in general and administrative expense was primarily attributable to
consulting costs associated with the Company's Russian activities, an increase
in Director's fees and the effects of applying FAS 123(R) for employee stock
option compensation. There will be no further expenses related to the Russian
venture in the foreseeable future.

The Company owns oil and gas properties in ten states, with the majority of its
activity centered in West Texas. The Company plans to continue to focus its
efforts to increase oil and natural gas reserves, through exploration and
development as well as acquisition of royalties in areas with significant
development potential.

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, 2006. Mexco Energy
Corporation disclaims any intention or obligation to revise any forward-looking
statements.

For additional information, please contact:

Nicholas C. Taylor, CEO
Tammy L. McComic, CFO
432-682-1119


<PAGE>

                    Mexco Energy Corporation and Subsidiaries
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                      June 30,        March 31,
                                                                        2006            2006
                                                                    ------------    ------------
                                                                     (Unaudited)
<S>                                                                 <C>             <C>
ASSETS
     Current assets
       Cash and cash equivalents                                    $     77,057    $     52,768
       Accounts receivable:
         Oil and gas sales                                               391,294         429,133
         Trade                                                             9,556             336
         Related parties                                                     327              73
       Prepaid costs and expenses                                         49,011          75,576
                                                                    ------------    ------------
           Total current assets                                          527,245         557,886

     Investment in GazTex, LLC                                            20,509          20,509

     Property and equipment, at cost
       Oil and gas properties, using the full cost method
         ($121,418 excluded from amortization
         as of June 30 and March 31, 2006)                            18,990,325      18,947,532
       Other                                                              40,984          39,848
                                                                    ------------    ------------
                                                                      19,031,309      18,987,380
       Less accumulated depreciation,
         depletion, and amortization                                  10,737,980      10,587,451
                                                                    ------------    ------------
           Property and equipment, net                                 8,293,329       8,399,929
                                                                    ------------    ------------
                                                                    $  8,841,083    $  8,978,324
                                                                    ============    ============

LIABILITIES AND STOCKHOLDERS' EQUITY
     Current liabilities
       Accounts payable - trade and accrued expenses                $     95,158    $    118,125
       Income tax payable                                                     --              --
                                                                    ------------    ------------
         Total current liabilities                                        95,158         118,125

     Long-term debt                                                      400,000         600,000
     Asset retirement obligation                                         317,015         352,416
     Deferred income tax liability                                       879,076       1,006,736
     Minority interest                                                     2,051           2,051

     Commitments and contingencies

     Stockholders' equity
       Preferred stock - $1.00 par value;
         10,000,000 shares authorized; none outstanding                       --              --
       Common stock - $0.50 par value;
         40,000,000 shares authorized;
         1,776,566 shares issued                                         888,283         888,283
       Additional paid-in capital                                      3,915,085       3,893,588
       Retained earnings                                               2,489,990       2,262,700
       Treasury stock, at cost (33,525 shares)                          (145,575)       (145,575)
                                                                    ------------    ------------
Total stockholders' equity                                             7,147,783       6,898,996
                                                                    ------------    ------------
                                                                    $  8,841,083    $  8,978,324
                                                                    ============    ============
</TABLE>


<PAGE>

                    Mexco Energy Corporation and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                       For the Three Months Ended June 30,
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                         2006            2005
                                                                    ------------    ------------
<S>                                                                 <C>             <C>
Operating revenues:
    Oil and gas                                                     $    777,412    $    802,720
    Other                                                                    167             372
                                                                    ------------    ------------
       Total operating revenues                                          777,579         803,092

Operating expenses:
    Production                                                           215,629         176,445
    Accretion of asset retirement obligation                               4,984           5,785
    Depreciation, depletion and amortization                             150,529         138,679
    General and administrative                                           261,493         195,403
                                                                    ------------    ------------
       Total operating expenses                                          632,635         516,312
                                                                    ------------    ------------

Operating profit                                                         144,944         286,780

Other income (expense):
    Interest income                                                          292             167
    Interest expense                                                     (10,099)        (29,982)
                                                                    ------------    ------------

       Net other expense                                                  (9,807)        (29,815)

Minority interest in loss of subsidiary                                    4,738           3,824
                                                                    ------------    ------------

Earnings before income taxes                                             139,875         260,789

Income tax expense (benefit):
    Current                                                               40,245          74,442
    Deferred                                                            (127,660)         25,429
                                                                    ------------    ------------
                                                                         (87,415)         99,871
                                                                    ------------    ------------

Net income                                                          $    227,290    $    160,918
                                                                    ============    ============

Net income per common share:

Basic:                                                              $       0.13    $       0.09
Diluted:                                                            $       0.12    $       0.09
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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