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Panhandle Reports Results for Fiscal 1Q; Production Dips 9%
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Panhandle Oil and Gas Inc. reported financial and operating results for the 2016 fiscal first quarter ending Dec. 31, 2015.
Highlights: Recorded first quarter 2016 net loss of $2,799,118, $0.17 per share, compared to net income of $10,233,761, $0.61 per share, for the 2015 first quarter. Recorded production of 3,143,400 Mcfe, compared to 3,737,483 Mcfe for the 2015 first quarter. Funded capital expenditures of $1.3 million for drilling and equipping wells for the 2016 first quarter with cash generated by operating activities of $7.7 million during the quarter. Collected $2.7 million from leasing out mineral acreage in the 2016 quarter (not included in $7.7 million of cash generated by operating activities). Reduced debt $8 million in the 2016 first quarter.For the 2016 first quarter…
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