panhandle oil and gas inc-a (PHX) Key Developments
Panhandle Oil and Gas Inc. Increases Bank Credit Facility from $80,000,000 to $200,000,000 and Increases Borrowing Base from $35,000,000 to $130,000,000
Jun 19 14
Effective June 17, 2014, Panhandle Oil and Gas Inc. has amended its bank credit facility with Bank of Oklahoma (who also is the administrative agent) and MidFirst Bank to include BancFirst and Amarillo National Bank, as well as increase the revolving loan from $80,000,000 to $200,000,000 and increase the borrowing base from $35,000,000 to $130,000,000. Under the amended credit facility, the company is required to mortgage not less than 80% of the total value of its proved, developed and producing properties and the maturity date has been extended from November 30, 2017 to November 30, 2018. All other terms of the amended credit facility remain materially the same.
Panhandle Oil and Gas Approves Quarterly Dividend, Payable on June 10, 2014
May 15 14
Panhandle Oil and Gas Inc. announced that its Board of Directors, at its May 14, 2014 meeting, approved payment of the regular quarterly dividend of 8 cents per share. The dividend will be payable on June 10, 2014, to shareholders of record on May 27, 2014.
Panhandle Oil and Gas Inc. Reports Unaudited Earnings and Production Results for the Second Quarter and Six Months Ended March 31, 2014
May 8 14
Panhandle Oil and Gas Inc. reported unaudited earnings and production results for the second quarter and six months ended March 31, 2014. For the quarter, the company reported revenues of $19,752,045 against $12,581,986 a year ago. Income before provision for income taxes was $8,445,573 against $1,761,487 a year ago. Net income was $5,654,573 or $0.68 per basic and diluted share against $1,022,487 or $0.12 per basic and diluted share a year ago.
For the six months, the company reported revenues of $38,148,801 against $26,762,421 a year ago. Income before provision for income taxes was $15,609,891 against $4,586,785 a year ago. Net income was $10,580,891 or $1.27 per basic and diluted share against $3,170,785 or $0.38 per basic and diluted share a year ago. Net cash provided by operating activities was $21,733,352 against $15,434,819 a year ago. Capital expenditures, including dry hole costs were $17,606,988 against $12,719,947 a year ago. Acquisition of working interest properties was $1,550,205.
For the second quarter, the company reported oil production increased 26% in the 2014 quarter to 66,239 barrels versus 52,567 barrels in the 2013 quarter, while gas production of 2,788,768 Mcf for the 2014 quarter was basically flat compared to the 2013 quarter. In addition, 51,670 barrels of NGL were sold in the 2014 quarter as compared to 25,190 barrels in the 2013 quarter.
For the six months, the company reported oil production increased 51% in the 2014 six months to 149,652 barrels from 99,223 barrels in the 2013 six months while gas production increased 251,466 Mcf, or 5%, compared to the 2014 six months. In addition, 88,810 barrels of NGL were sold in the 2014 six months which was a 59% increase compared to 2013 NGL volumes. Drilling expenditures over the last 18 months targeting the oil and NGL rich plays are responsible for the increased oil and NGL volumes.
Panhandle Oil and Gas Inc. Presents at East Coast IDEAS Investor Conference, Jun-05-2014 11:30 AM
May 2 14
Panhandle Oil and Gas Inc. Presents at East Coast IDEAS Investor Conference, Jun-05-2014 11:30 AM. Venue: Metro Meeting Center, 101 Federal St. Fl. 4, Boston, MA 02110, United States.
Panhandle Oil and Gas Inc. to Report Q2, 2014 Results on May 08, 2014
Apr 25 14
Panhandle Oil and Gas Inc. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on May 08, 2014