PANHANDLE OIL AND GAS INC. (NYSE:PHX) Files An 8-K Other EventsITEM 8.01 Other Events
Panhandle Oil and Gas Inc. (the “Company”) reported that on November 30, 2018, it closed on the divestiture of the mineral acreage and associated royalty production announced in its November 5, 2018, press release and on Form 8-K filed with the Securities and Exchange Commission on November 6, 2018. The payment of $9.3 million for the 206 net mineral acres ($45,000 per net mineral acre) located in Lea and Eddy Counties, New Mexico, will initially be used to reduce the Company’s bank debt.
ITEM 9.01 Financial Statements and Exhibits
(d)Exhibits
Exhibit
NumberDescription
PANHANDLE OIL & GAS INC ExhibitEX-99.1 2 phx-ex991_6.htm EX-99.1 phx-ex991_6.htm EXHIBIT 99.1 FOR IMMEDIATE RELEASE PLEASE CONTACT: Paul F. Blanchard Jr. 405.948.1560 Website: www.panhandleoilandgas.com PANHANDLE OIL AND GAS INC. Announces the Closing of the Sale of 206 Net Mineral Acres and Associated Royalty Production in New Mexico for $9.3 Million OKLAHOMA CITY,…To view the full exhibit click here
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.