Panhandle Oil and Gas Inc. Reports Fiscal Third Quarter And Nine Months 2016 Results And Operations Update
Oklahoma City, Panhandle Oil and Gas Inc. (NYSE: PHX) today reported financial and operating results for the Company’s fiscal third quarter and nine months ended June 30, 2016.
SIGNIFICANT ITEMS FOR THE PERIODS ENDED JUNE 30, 2016
- Recorded net loss of $786,795 for the fiscal third quarter 2016, $0.05 per diluted share, as compared to net loss of$728,946, $0.04 per diluted share, for the 2015 quarter.
- Recorded net loss of $11,024,074 for the 2016 nine months, $0.65 per diluted share, compared to net income of$10,209,022, $0.61 per diluted share, for the 2015 nine months.
- Incurred noncash impairment provision for the 2016 nine months of $11,849,064.
- Generated cash from operating activities of $13,058,724 for the 2016 nine months, well in excess of $3,359,518 of capital expenditures for drilling and equipping wells.
- Received lease bonus proceeds of $4.3 million in the third quarter and $7.5 million in the first nine months of fiscal 2016.
- Reported production for the 2016 third quarter and nine months of 2,887,821 Mcfe and 8,817,524 Mcfe, respectively.
- Reduced debt $15.8 million from Sept. 30, 2015, to $49.2 million through June 30, 2016 (as of Aug. 8, 2016, balance is$44.8 million).
– Michael C. Coffman, President and CEO, said: “Our 2016 fiscal third quarter results again demonstrated the value of Panhandle’s mineral acreage asset base. The $4.3 million of lease bonus proceeds generated in the third quarter, combined with the $3.2 million generated in the first half of the year, was a significant piece of our overall operating cash flow this year. We have been able to fund our operations, continue to pay a dividend and reduce debt $15.8 million this fiscal year. Additional monetization of certain assets continues, and we will analyze and exploit appropriate opportunities that fit with our operating strategies.
Coffman continued: “We have been patient through this downturn, continuing to follow our proven operating strategies, which has positioned the Company to prosper as the industry begins a recovery.”