Welcome to our dedicated page for Mexco Energy Cor news (Ticker: MXC), a resource for investors and traders seeking the latest updates and insights on Mexco Energy Cor stock.
Mexco Energy Corporation reports developments as an independent oil and gas company engaged in acquiring, exploring, developing and producing crude oil and natural gas properties, primarily in the Permian Basin. Company updates commonly address operating revenue, net income, oil and natural gas production volumes, realized commodity prices and the contribution of oil sales to revenue.
Recurring announcements also cover participation in drilling and completion of horizontal wells, royalty and mineral interest acquisitions, limited liability company investment income, proved reserves disclosed with annual results, and board-authorized cash dividends on common shares.
Mexco Energy declared a regular annual cash dividend of $0.10 per common share and authorized the use of up to $1,000,000 to repurchase shares of the Company's common stock. The Company's Board of Directors replaced the previously authorized $1,000,000 common stock repurchase program. Mexco Energy is an independent oil and gas company engaged in the acquisition, exploration, and development of oil and gas properties primarily in the Permian Basin.
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MGC Pharmaceuticals Ltd. has announced that its investigational medicinal product, CannEpil®, is now available to patients in the UK through Named Patient Request. This decision follows the success of Epidiolex, which generated $296 million in sales in 2019, highlighting the potential market for CannEpil® in treating refractory epilepsy. CannEpil®, a high-CBD and low-THC formulation, is currently in clinical development and has already been prescribed to hundreds of patients in Australia and the Republic of Ireland. The company aims to evaluate the safety and efficacy of CannEpil® through data collected from ongoing patient use, supporting future marketing authorization submissions. This expansion into the UK market represents a significant step for MGC Pharma and offers new treatment options for patients with unmet medical needs.
Mexco Energy Corporation (NYSE American: MXC) has declared a special cash dividend of $0.10 per common share, payable on May 15, 2023, to stockholders of record by May 1, 2023. In addition, the Board authorized a new share repurchase program of up to $1,000,000, replacing an earlier program that had $5,506 remaining. During the fiscal year ended March 31, 2023, the company repurchased 18,416 shares at an average price of $13.28 per share.
As an independent oil and gas company, Mexco engages primarily in the acquisition, exploration, and development of oil and gas properties in the Permian Basin.
MGC Pharmaceuticals Ltd. (LSE: MXC, OTC: MGCLF) announced that its product ArtemiC™ is now listed as an OTC drug in the US, according to the FDA National Drug Code (NDC) Database. This milestone, facilitated by US partner AMCPharma USA, allows ArtemiC™ to enter US Pharmacy Benefit Management (PBM) networks by April 2023. AMC has placed a US$2 million order, with deliveries scheduled for Q3 and Q4 2023. ArtemiC™, which has shown effectiveness in treating moderate COVID-19 and chronic inflammatory diseases, was developed with Grat Bio® SNEDD technology, ensuring high bioavailability and safety.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,244,785 or $0.56 per diluted share for Q3 fiscal 2023, up from $753,302 or $0.35 in Q3 fiscal 2022. Operating revenues reached $2,581,210. For the first nine months, net income rose 102% to $3,755,173, with revenues increasing 67% to $7,355,975. The average sales price of oil was $94.06 per barrel, a 35% increase. The company plans to drill approximately 50 wells at a cost of $4 million, a 214% increase compared to last year, with no debt and $1.5 million cash on hand.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,211,716 or $0.55 per diluted share for Q2 fiscal 2023, up from $708,828 or $0.33 per diluted share a year earlier. Total operating revenues rose to $2,324,792. For the first half of fiscal 2023, net income was $2,510,388, a 127% increase, with revenues growing 69% to $4,774,765, driven by increased production volumes and rising oil and gas prices. The company plans to drill approximately 48 horizontal wells at an estimated cost of $4.3 million, a 237% increase from the previous year.