PANHANDLE OIL AND GAS INC. (NYSE:PHX) Files An 8-K Other EventsITEM 8.01Other Events
On May 24, 2018, the Board of Directors of Panhandle Oil and Gas Inc. (the “Company”) approved an amendment to the Company’s existing stock repurchase program (the “Repurchase Program”).
As amended, the Repurchase Program will continue to allow management to repurchase up to $1.5 million of the Company’s common stock at their discretion. The repurchase of an additional $1.5 million of the Company’s common stock continues to be authorized and approved effective when the previous amount is utilized, and the Board added language to clarify that this is intended to be an evergreen provision. The number of shares allowed to be purchased by the Company under the Repurchase Program is no longer capped at an amount equal to the aggregate number of shares of common stock (i) awarded to the Company’s Amended 2010 Restricted Stock Plan, (ii) contributed by the Company to its ESOP, and (iii) credited to the accounts of directors to the Deferred Compensation Plan for Non-Employee Directors. The purpose of this amendment is to provide the Company with greater flexibility to grow its long-term value per share. The Company has no current plans to repurchase shares of its common stock.
Depending on market conditions and other factors, stock repurchases may be commenced or suspended at any time, or from time to time, without prior notice and may be made in open market transactions or through privately negotiated transactions. The repurchase authorization does not require the purchase of a specific number of shares. As of May 29, 2018, the Company had repurchased 384,354 shares of its common stock under the Repurchase Program, at an average price of $15.28 per share.
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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.
