Production

Panhandle Oil and Gas Inc. Nine Month Update

Panhandle Oil and Gas Inc. Reports Fiscal Third Quarter And Nine Months 2016 Results And Operations Update

Oklahoma City, Panhandle Oil and Gas Inc. (NYSE: PHX) today reported financial and operating results for the Company’s fiscal third quarter and nine months ended June 30, 2016.

SIGNIFICANT ITEMS FOR THE PERIODS ENDED JUNE 30, 2016

  • Recorded net loss of $786,795 for the fiscal third quarter 2016, $0.05 per diluted share, as compared to net loss of$728,946, $0.04 per diluted share, for the 2015 quarter.
  • Recorded net loss of $11,024,074 for the 2016 nine months, $0.65 per diluted share, compared to net income of$10,209,022, $0.61 per diluted share, for the 2015 nine months.
  • Incurred noncash impairment provision for the 2016 nine months of $11,849,064.
  • Generated cash from operating activities of $13,058,724 for the 2016 nine months, well in excess of $3,359,518 of capital expenditures for drilling and equipping wells.
  • Received lease bonus proceeds of $4.3 million in the third quarter and $7.5 million in the first nine months of fiscal 2016.
  • Reported production for the 2016 third quarter and nine months of 2,887,821 Mcfe and 8,817,524 Mcfe, respectively.
  • Reduced debt $15.8 million from Sept. 30, 2015, to $49.2 million through June 30, 2016 (as of Aug. 8, 2016, balance is$44.8 million).

– Michael C. Coffman, President and CEO, said: “Our 2016 fiscal third quarter results again demonstrated the value of Panhandle’s mineral acreage asset base. The $4.3 million of lease bonus proceeds generated in the third quarter, combined with the $3.2 million generated in the first half of the year, was a significant piece of our overall operating cash flow this year. We have been able to fund our operations, continue to pay a dividend and reduce debt $15.8 million this fiscal year. Additional monetization of certain assets continues, and we will analyze and exploit appropriate opportunities that fit with our operating strategies.

Coffman continued: “We have been patient through this downturn, continuing to follow our proven operating strategies, which has positioned the Company to prosper as the industry begins a recovery.”

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