Panhandle Oil and Gas Reports Increased Q1 Net Income

Panhandle Oil and Gas has reported net income of $3.4 million or $0.41 per share for the first fiscal quarter ended December 31, 2007, compared to $1.98 million or $0.23 per share for 2007 quarter.

Total revenues for the 2008 quarter amounted to $13.7 million, as compared to $8.93 million for the 2007 quarter. Net cash provided by operating activities was $7.72 million while additions to properties and equipment for drilling and equipping wells and leasehold acquisitions amounted to $8.72 million.

Production for the first quarter of 2008 increased 37% to 1.83 million cubic feet equivalent (mcfe), as compared to 1.33mcfe for the first quarter of 2007. The average sales price per mcfe increased 19% to $7.22.

Michael Coffman, president of Panhandle Oil and Gas, said: “The company is continuing the positive momentum generated in fiscal 2007. The 75% increase in net income resulted from a 37% increase in mcfe production and a $1.16 increase in the average sales price per mcfe of our oil and gas.”