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First Quarter (1Q) Update | Quarterly / Earnings Reports | Drilling Activity | Financial Results | Capital Markets

Panhandle Ramps Up Output 36% to 37.2 Mmcfe/d; Talks Near-Term Drilling Plans

Friday,February 09,2018

Panhandle Oil and Gas reported its fiscal Q1 2018 results.

Highlights:

First quarter 2018 production increased 4% over the previous quarter to 37.2 Mmcfe per day, a 36% increase as compared to the 2017 quarter.

Drilling Activity Outlook

A total of 13 wells are currently being drilled on our mineral holdings in Oklahoma. We have a royalty interest in 10 of those wells, a working interest in one and have not yet elected on the remaining two. Seven of the wells are in the STACK/Cana area, five are in the SCOOP area and one is in the southeastern Oklahoma Woodford. There is currently no drilling underway in our two Permian projects.

We have approved the drilling of 19 gross wells and the re-fracturing of one of our Eagle Ford wells, none of which have yet started. These projects are estimated to be a net investment of $1.7 million. We are currently evaluating an additional 23 well proposals on our holdings. These wells have a total projected net cost of $1.3 million.

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