Credit: Shutterstock photoMexco Energy Corp. ( MXC ) has purchased all of the outstanding ownership interest of a limited liability company that owns non-operated working interests in more than 200 wells producing primarily oil.
The cash purchase price of $1.15 million was funded from the company's $4.9 million bank credit facility. This purchase is effective January 1, 2013. The properties are located in 16 counties of Texas, New Mexico and North Dakota.
MXC is down 0.9% at $5.30, trading in a 52-week range of $4.50 - $11.48. Shares have fallen 26% in the last 12 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
