SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (date of earliest event reported): May 23, 2002
MEXCO ENERGY CORPORATION
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(Exact name of registrant as specified in its Charter)
Colorado 0-6694 84-0627918
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
214 W. Texas, Suite 1101, Midland, Texas 79701
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 915-682-1119
ITEM 5. OTHER EVENTS
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The estimates of the Company's proved oil and gas reserves, which are
located entirely within the United States, were prepared in accordance with the
guidelines established by the Securities and Exchange Commission and Financial
Accounting Standards Board. The estimates as of March 31, 2002, 2001 and 2000
are based on evaluations prepared by Joe C. Neal and Associates, Petroleum
Consultants. For information concerning costs incurred by the Company for oil
and gas operations, net revenues from oil and gas production, estimated future
net revenues attributable to the Company's oil and gas reserves, present value
of the future net revenues discounted at 10% and changes therein, see Notes to
the Company's consolidated financial statements. Financial statements for the
fiscal year ended March 31, 2002, will be available in late June, 2002. The
Company emphasizes that reserve estimates are inherently imprecise and there can
be no assurance that the reserves set forth below will be ultimately realized.
In estimating reserves as of March 31, 2002, average prices of $23.00 per
barrel for oil and $3.00 per mcf (thousand cubic feet) for gas were used, which
were the average actual prices in effect for the Company's production.
The Company has not filed any oil or gas reserve estimates or included any
such estimates in reports to any other federal or foreign governmental authority
or agency within the past twelve months.
The estimated proved oil and gas reserves and present value of
estimated future net revenues from proved oil and gas reserves for the Company
in the periods ended March 31 are summarized below.
PROVED RESERVES
March 31,
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2002 2001 2000
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Oil (Bbls):
Proved developed - Producing 143,003 145,954 138,839
Proved developed - Non-producing 1,404 88,700 --
Proved undeveloped 92,900 -- --
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Total 237,307 234,654 138,839
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Natural gas (Mcf):
Proved developed - Producing 3,822,715 4,447,379 4,165,396
Proved developed - Non-producing 1,336,190 1,889,833 589,951
Proved undeveloped 5,023,328 8,234 --
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Total 10,182,233 6,345,446 4,755,347
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Present value of estimated future
Net revenues before income taxes $ 11,925,260 $ 15,988,820 $ 6,144,644
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The preceding tables should be read in connection with the following
definitions:
PROVED RESERVES. Estimated quantities of oil and gas, based on geologic and
engineering data, appear with reasonable certainty to be economically
recoverable in future years from known reservoirs under existing economic
and operating conditions.
PROVED DEVELOPED RESERVES. Proved oil and gas reserves expected to be
recovered through existing wells with existing equipment and operating
methods. Developed reserves include both producing and non-producing
reserves. Producing reserves are those reserves expected to be recovered
from existing completion intervals producing as of the date of the reserve
report. Non-producing reserves are currently shut-in awaiting a pipeline
connection or in reservoirs behind the casing or at minor depths above or
below the producing zone and are considered recoverable by production
either from wells in the field, by successful drill-stem tests, or by core
analysis. Non-producing reserves require only moderate expense for
recovery.
PROVED UNDEVELOPED RESERVES. Proved oil and gas reserves expected to be
recovered from additional wells yet to be drilled or from existing wells
where a relatively major expenditure is required for completion.
Pursuant to the requirements of the Securities 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
Registrant
/s/ Nicholas C. Taylor
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Nicholas C. Taylor, President
Dated: May 23, 2002