Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update
Panhandle's Oil Production Takes Off in Q1; Jumps 79%
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Panhandle Oil and Gas Inc. reported financial and operating results for the 2014 fiscal first quarter ending Dec. 31, 2013.
First Quarter 2014 Highlights: Recorded first quarter 2014 net income of $4,926,318, $0.59 per share, compared to net income of $2,148,298, $0.26 per share, for the 2013 first quarter. Recorded highest quarterly Mcfe production in Company history of 3,509,270 Mcfe, compared to 3,008,365 Mcfe for the 2013 first quarter. Increased quarterly oil production by 79% to 83,413 barrels, a Company record, compared to 46,656 barrels for the 2013 first quarter. Increased quarterly NGL production by 21% to 37,140 barrels, compared to 30,674 barrels for the 2013 first quarter. Fully funded capital expenditures of $9.9 million for drilling and equipping wells for the 2014 first…Finish this article — free account or subscription
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