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Mexco Energy announces development of properties, acquisition of oil interests

Mexco Energy Corporation announced an increased drilling program of 91 infill wells in the Dodd-Federal Unit in the Grayburg San Andres Jackson Field of Eddy County, New Mexico. Of these wells, 37 have been drilled, 42 vertical and 2 horizontal will be drilled in the Paddock formation, 1 vertical in the San Andres and 9 horizontal in the Blinebry. The unit, operated by Concho Resources, currently contains approximately 117 producing wells. The company's working interest in this unit is .1848%. The company also announced the purchase of an additional 5% for a total of approximately 16% working interest in 160 gross acres in the Fuhrman-Mascho Field of Andrews County, Texas. The approximate purchase price of $275,000 was funded primarily from its $4.9M credit facility and the balance from working capital.