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Panhandle Spins Bit at Permian Midland Well; Leases New Acreage
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Panhandle Oil and Gas has reported an operations update.
Operations UpdateThe Company entered into a land lease agreement in the northwestern shelf area of the Permian Basin in late December 2015. We leased out 4,052 acres of our undeveloped minerals in a 34.5-square-mile block located in southern Cochran County, Texas. The block is prospective for horizontal San Andres development and is adjacent to theLevelland and Slaughter fields, which have cumulative production from the San Andres of 2.2 billion barrels of oil equivalent (Boe). This general area has experienced an acceleration of horizontal San Andres drilling during 2015. The lease generated a $2.0 million cash bonus for Panhandle during the first fiscal quarter of 2016, and the Company will receive a proportionately reduced 25%…
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