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Panhandle Ups Production in Fiscal 4Q; Cuts Debt
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Panhandle Oil and Gas Inc. has reported financial and operating results for the fiscal year ended Sept. 30, 2015, and for the fiscal fourth quarter, as well as provided an update on its bank line-of-credit borrowing base.
Highlights: Recorded fiscal year 2015 net income of $9,321,341, 0.56 per share, compared to a net income of $25,001,462, 1.49 per share, for fiscal 2014. Posted total fiscal 2015 production of 13.7 billion cubic feet equivalent (Bcfe). Increased fiscal year 2015 oil production 31% over 2014 volumes. Generated cash from operating activities of $45.6 million for the year, well in excess of capital expenditures of $30.8 million. Reduced debt $13 million during fiscal 2015. Fiscal Year 2015 ResultsFor fiscal 2015, the Company recorded net income of $9,321,341…
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