• SEC Filings

Appointment of Chad L. Stephens as President

On May 5, 2020, the Company’s board of directors (the “Board”) appointed Chad L. Stephens as the Company’s President. Mr. Stephens, 65, currently serves as the Company’s Chief Executive Officer (“CEO”), a position he has held since January 16, 2020. Prior to his appointment as CEO, he had served as the Company’s Interim CEO since August 2019. Mr. Stephens also currently serves as a member of the Company’s Board. He was appointed to the Board in 2017 and previously served as its Lead Independent Director. In addition to assuming the position of President of the Company, Mr. Stephens will continue to serve as the Company’s CEO and as a director on the Company’s Board.

Mr. Stephens previously served as Senior Vice President – Corporate Development of Range Resources Corporation (“Range Resources”), an independent natural gas company, which position he held from 2002 until his retirement effective December 31, 2018. Mr. Stephens joined Range Resources in 1990 as Senior Vice President – Southwest. While at Range Resources, he was responsible for the origination, valuation, and acquisition or divestiture of over $6.0 billion of oil and gas producing properties. Mr. Stephens served on the internal hedging committee and was responsible for the oversight of all oil, gas, and NGL marketing and sales for Range Resources. Range Resources is not a parent, subsidiary, or other affiliate of the Company. Mr. Stephens holds a Bachelor of Arts degree in Finance and Land Management from the University of Texas.

In connection with his appointment as President of the Company, there were no material changes to the Company’s Amended and Restated Change-in-Control Agreement with Mr. Stephens. A copy of the Company’s Amended and Restated Change-in-Control Agreement with Mr. Stephens is attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on February 25, 2020. Furthermore, there were no changes to Mr. Stephens’ remuneration for his service to the Company as a result of his appointment as President.

There are no arrangements or understandings between Mr. Stephens and any other person to which he was selected as President. There are no family relationships between Mr. Stephens and any of the Company’s directors or executive officers, and there are no relationships between Mr. Stephens and the Company that would require disclosure under Item 404(a) of Regulation S-K of the Securities Act of 1933, as amended (the “Securities Act”).

(d) Exhibits

About PANHANDLE OIL AND GAS INC. (NYSE:PHX)

Panhandle Oil and Gas Inc. is engaged in the acquisition, management and development of non-operated oil and natural gas properties, including wells located on its mineral and leasehold acreage. The Company’s mineral and leasehold properties are located primarily in Arkansas, New Mexico, North Dakota, Oklahoma and Texas, with properties also located in various other states. The Company’s oil, natural gas liquids (NGLs) and natural gas production is primarily from wells located in Arkansas, Oklahoma and Texas. As of September 30, 2015, the Company’s principal properties consisted of perpetual ownership of 255,411 net mineral acres, held principally in Arkansas, New Mexico, North Dakota, Oklahoma, Texas and six other states; leases on 19,575 net acres primarily in Oklahoma, and working interests, royalty interests, or both, in 6,195 producing oil and natural gas wells, and 65 wells in the process of being drilled or completed.