Mexco Energy Corporation Announces Royalty Purchase
MIDLAND, Texas, Aug. 4 /PRNewswire-FirstCall/ -- Mexco Energy Corporation
(AMEX:MXC) announced today the purchase of partially developed royalty
interests for $500,000 in Freestone County, Texas. These properties, operated
by XTO and Anadarko Energy, Inc., contain 31 producing wells and an additional
seven (7) permitted and/or drilling wells in the Cotton Valley formation. This
acreage contains approximately 19 potential undrilled locations on 40 acre
spacing. This purchase furthers the primary goal of the Company acquiring
natural gas reserves. Previous acquisitions of partially developed royalty
interests generally have provided high yield and high quality reserves at
favorable fixed costs to the Company. As of March 31, 2004, approximately 17%
of the Company's revenues were from royalty interests.
Mexco Energy Corporation's stock trades on the American Stock Exchange under
the symbol MXC. DATASOURCE: Mexco Energy Corporation CONTACT: Tammy McComic of Mexco Energy Corporation, +1-432-682-1119
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