Exploration & Production | Quarterly / Earnings Reports | Production | Fourth Quarter (4Q) Update
Panhandle Touts Record Reserves, Production & Income
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Panhandle Oil and Gas Inc. reported financial and operating results for the fiscal fourth quarter and twelve months ended Sept. 30, 2014.
Highlights: Recorded 12-month net income of $25,001,462, or $1.49 per share, the largest in Company history, compared to a net income of $13,960,049, or $0.84 per share, for fiscal 2013. Increased fiscal 2014 production by 9% over fiscal 2013 to 14.1 billion cubic feet equivalent (Bcfe), the largest in Company history. Increased fiscal year 2014 oil production 48% over 2013 volumes. Generated cash from operating activities of $52.6 million for the year, well in excess of drilling capital expenditures of $38.6 million. Increased oil, NGL and natural gas sales revenues 37% in fiscal 2014 as compared to fiscal 2013. Reduced debt $7.9 million during the…Finish this article — free account or subscription
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