PANHANDLE OIL AND GAS INC. Reports Third Quarter And Nine Mo

|Aug 13|magazine52 min read

OKLAHOMA CITY, Aug. 13, 2020 /PRNewswire/ -- PANHANDLE OIL AND GAS INC., "Panhandle" or the "Company," (NYSE: PHX), today reported financial and operating results for the third quarter and nine months ended June 30, 2020.

Chad L. Stephens, President and CEO, commented, "Clearly the third quarter was challenging given the effects of the global pandemic on the economy and the energy markets. Our sales volumes were down as operators curtailed production and brought fewer wells online due to low commodity prices. While we have made significant strides in reducing costs in the quarter, it was not enough to offset lower revenue. In spite of these challenges, we managed to generate free cash flow which we used to further reduce debt. The energy sector is stabilizing as the rig count seems to have found a floor and operators are talking about bringing curtailed wells back on line and setting reasonable drilling plans going forward. The deal flow for mineral assets is also picking up, and we expect more opportunities to come to market in the second half of 2020. We will continue to focus on areas that we can control such as cost discipline, debt reduction and sourcing mineral acquisition opportunities, which we believe will create value for our shareholders in the long run."

SUMMARY OF RESULTS FOR THE PERIODS ENDED JUNE 30, 2020, AND SUBSEQUENT EVENTS

  • Total volumes sold decreased in the third quarter 2020 by 0.47 Bcfe, or 20%, and royalty volumes decreased by 0.16 Bcfe, or 16%, from the second quarter 2020, primarily due to timing of payments from operators as a higher number of new wells were paid in the second quarter compared to the third quarter.
  • Net loss in the third quarter 2020 was $3.6 million, or $0.21 per share, as compared to net loss of $20.5 million, or $1.24 per share, in the second quarter 2020.
  • Adjusted EBITDA(1) for the third quarter 2020 was $1.2 million, as compared to $2.4 million in the second quarter 2020, mainly due to 20% lower production volumes and 39% lower realized prices.
  • Reduced debt from $35.4 million, as of Sept. 30, 2019, to $30.0 million, as of June 30, 2020. Net debt has been further reduced to approximately $26.9 million as of Aug. 11, 2020.
  • Debt to adjusted EBITDA (TTM) ratio was 1.48x at June 30, 2020.
  • Subsequent to June 30, 2020, the Company sold 5,925 open and non-producing net mineral acres for $793,617 with the proceeds applied toward further debt reduction.
  • Total G&A decreased by $265,871 from the second quarter as a result of the Company's ongoing cost reduction efforts.
  • Approved a payment of a one cent per share dividend payable on Sept. 11, 2020, to stockholders of record on Aug. 27, 2020.

(1)  This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

 

OPERATING HIGHLIGHTS














Third Quarter Ended



Third Quarter Ended



Nine Months Ended



Nine Months Ended



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019


Mcfe Sold


1,903,752




2,618,369




6,555,378




7,804,424


Average Sales Price per Mcfe

$

1.85



$

3.74



$

2.80



$

4.00


Oil Barrels Sold


55,138




96,065




214,159




253,265


Average Sales Price per Barrel

$

25.94



$

57.50



$

42.43



$

55.01


Gas Mcf Sold


1,361,909




1,718,561




4,539,103




5,300,594


Average Sales Price per Mcf

$

1.36



$

2.00



$

1.73



$

2.68


NGL Barrels Sold


35,169




53,903




121,887




164,040


Average Sales Price per Barrel

$

6.62



$

15.33



$

11.26



$

18.88


 

FINANCIAL HIGHLIGHTS
















Third Quarter Ended



Third Quarter Ended



Nine Months Ended



Nine Months Ended




June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019


    Working Interest Sales


$

1,876,489



$

6,659,237



$

9,976,274



$

20,164,713


    Royalty Interest Sales


$

1,641,072



$

3,123,100



$

8,352,743



$

11,049,662


Oil, NGL and Natural Gas Sales


$

3,517,561



$

9,782,337



$

18,329,017



$

31,214,375



















Lease Bonuses and Rental Income


$

22,996



$

229,075



$

572,787



$

952,378


Total Revenue


$

2,705,383



$

16,342,394



$

24,593,201



$

50,307,601



















LOE per Mcfe


$

0.60



$

0.62



$

0.59



$

0.59


Transportation, Gathering and Marketing per Mcfe


$

0.50



$

0.58



$

0.56



$

0.59


Production Tax per Mcfe


$

0.07



$

0.19



$

0.13



$

0.20


G&A Expense per Mcfe


$

1.00



$

0.69



$

0.96



$

0.75


Interest Expense per Mcfe


$

0.13



$

0.20



$

0.15



$

0.20


DD&A per Mcfe


$

1.29



$

1.67



$

1.34



$

1.51


Total Expense per Mcfe


$

3.59



$

3.95



$

3.73



$

3.84



















Impairment


$

358,826



$

-



$

29,904,528



$

-


Net Income (Loss)


$

(3,555,215)



$

4,604,236



$

(22,117,915)



$

15,408,842


Adj. Pre-Tax Net Income (Loss) (1)


$

(1,536,925)



$

4,024,933



$

990,306



$

14,039,317


Adjusted EBITDA (1)


$

1,168,834



$

8,934,653



$

10,742,522



$

27,411,853



















Cash Flow from Operations


$

3,717,398



$

5,271,897



$

9,825,740



$

14,332,951


CapEx - Drilling & Completing


$

56,413



$

(810,043)



$

196,168



$

3,349,640


CapEx - Mineral Acquisitions


$

50,000



$

3,310,691



$

10,304,016



$

5,120,466



















Borrowing Base










$

32,000,000



$

80,000,000


Debt










$

30,000,000



$

41,500,000


Debt/Adjusted EBITDA (TTM) (1)











1.48




1.26



















(1)  This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

 

RESULTS OF THIRD QUARTER 2020 COMPARED TO THIRD QUARTER 2019

The Company recorded a third quarter 2020 net loss of $3,555,215, or $0.21 per share, as compared to net income of $4,604,236, or $0.28 per share, in the 2019 quarter. The decrease was principally the result of decreased oil, NGL and natural gas sales, loss on derivative contracts in the third quarter and decreased gain on asset sales, partially offset by a decrease in DD&A, transportation, gathering and marketing expenses, production taxes and changes in tax provision (benefit).

Oil, NGL and natural gas sales decreased $6,264,776, or 64%, for the 2020 quarter due to decreases in oil, NGL and natural gas prices of 55%, 57% and 32%, respectively, and decreases in oil, NGL and natural gas sales volumes of 43%, 35% and 21%, respectively.

Although production is down in all three product categories, it is notable that production is down for working interest volumes and slightly up for royalty interest volumes due to new royalty interest wells brought online, as compared to June 30, 2019. The primary factor for the oil production decrease is attributable to the Eagle Ford Shale working interest wells, where the natural decline on new wells brought online in March 2019 is coupled with recent delays in performing mechanical repairs due to poor economics related to low oil prices. Decreases are also attributable to the natural decline of the working interest production base. NGL production decline is attributable to curtailed production along with the natural decline of the working interest production base in liquid-rich gas areas of the STACK, SCOOP and Arkoma Stack. Natural gas volumes have decreased as a result of curtailments in response to market conditions in the STACK, SCOOP and Arkoma Stack, in addition to the natural decline of working interest production base in all the areas. New royalty interest production has increased, even though we have experienced reduced activity as a result of market conditions; this increase is primarily associated with mineral acquisitions and new wells brought online. While we cannot estimate the curtailed volumes or timing, we expect the deferred production to resume to normal rates as market conditions and prices improve.

The Company had a net loss on derivative contracts of $838,282 in the 2020 quarter as compared to a net gain of $2,313,195 in the 2019 quarter. During the 2020 quarter, oil and natural gas collars and fixed price swaps experienced an unfavorable change as NYMEX futures experienced an increase in price during the quarter in relation to their previous position to the collars and the fixed prices of the swaps at the beginning of the 2020 quarter.

The 9% decrease in total cost per Mcfe in the 2020 quarter relative to the 2019 quarter was primarily driven by a decrease in DD&A. DD&A decreased $1,918,475 or 44% in the 2020 quarter to $1.29 per Mcfe as compared to $1.67 per Mcfe in the 2019 quarter. $1,193,410 of the decrease was a result of production decreasing 27% in the 2020 quarter. Also, DD&A decreased $725,065 as a result of a $0.38 decrease in the DD&A rate per Mcfe due to impairments taken at the end of fiscal 2019 and the 2020 second quarter, which lowered the basis of the assets. The rate decrease was partially offset by lower oil, NGL and natural gas prices utilized in the reserve calculations during the 2020 quarter, as compared to the 2019 quarter, shortening the economic life of wells.

RESULTS OF NINE MONTHS ENDED JUNE 30, 2020, COMPARED TO NINE MONTHS ENDED JUNE 30, 2019

The Company recorded a nine-month net loss of $22,117,915, or $1.34 per share, in the 2020 period, as compared to net income of $15,408,842, or $0.92 per share, in the 2019 period. The decrease was principally the result of increased provision for impairment (non-cash), decreased oil, NGL and natural gas sales, decreased gains on derivative contacts and decreased gain on asset sales, partially offset by decreased lease operating expenses, decreased transportation, gathering and marketing expenses, decreased production taxes, decreased DD&A and changes in our tax provision (benefit).

Oil, NGL and natural gas sales decreased $12,885,358, or 41%, for the 2020 period due to decreases in oil, NGL and natural gas prices of 23%, 40% and 35%, respectively, and decreases in oil, NGL and natural gas sales volumes of 15%, 26% and 14%, respectively.

Total production decreased 16% in the 2020 period, as compared to the 2019 period. This decrease for the 2020 nine-month period, was the result of Panhandle electing not to participate with a working interest on 18 wells proposed on its mineral and leasehold acreage, as well as the factors for the third quarter 2020 results discussed above.

The 3% decrease in total cost per MCFE in the 2020 period, relative to the 2019 period, was primarily driven by a decrease in DD&A as noted above.

OPERATIONS UPDATE

During the quarter ended June 30, 2020, we converted 48 gross/0.22 net wells in progress to producing wells. Our inventory of wells in progress decreased to 85 gross wells and 0.44 net wells, as drilling has slowed down due to the current pricing environment. Permits outstanding decreased due to current economics.

 







Bakken/
























SCOOP/



Three



Arkoma




















STACK



Forks



Stack



Permian



Fayetteville



Other



Total


Gross Wells in Progress on PHX Acreage:





























As of 3/31/20



91




2




4




5




-




16




118


Net Change



-22




-




-3




-1








-7




-33


As of 6/30/20



69




2




1




4




-




9




85


Net Wells in Progress on PHX Acreage:





























As of 3/31/20



0.27




-




0.01




0.15




-




0.07




0.50


Net Change



-0.04








-0.01




-0.01




-




-




-0.06


As of 6/30/20



0.23




-




-




0.14




-




0.07




0.44


Gross Active Permits on PHX Acreage:





























As of 3/31/20



39




13




10




-




-




16




78


Net Change



-1




-2




-1




-








-3




-7


As of 6/30/20



38




11




9




-




-




13




71































As of 6/30/20:





























Rigs Present on PHX Acreage



-




-




-




-




-




-




-


Rigs Within 2.5 Miles of PHX Acreage



10




4




-




1




-




-




15


 

Leasing Activity

During the third quarter of fiscal 2020, Panhandle leased 120 net mineral acres for an average bonus payment of $188 per net mineral acre and an average royalty of 19%.

 







Bakken/
























SCOOP/



Three



Arkoma




















STACK



Forks



Stack



Permian



Fayetteville



Other



Total


During Three Months Ended 6/30/20:





























Net Mineral Acres Leased



36




-




44




-




-




40




120


Average Bonus per Net Mineral Acre


$

125




-



$

300




-




-



$

25



$

188


Average Royalty per Net Mineral Acre


22%




-



19%



-




-



13%



19%


 

ACQUISITION AND DIVESTITURE UPDATE

During the third quarter of fiscal 2020, Panhandle did not purchase any net mineral acres or sell any net mineral acres.

THIRD QUARTER EARNINGS CALL

Panhandle will host a conference call to discuss third quarter results at 5:00 p.m. EDT on Aug. 13, 2020. Management's discussion will be followed by a question and answer session with investors. To participate on the conference call, please dial 844-602-0380 (domestic) or 862-298-0970 (international). A replay of the call will be available for seven days after the call. The number to access the replay of the conference call is 877-481-4010 and the PIN for the replay is 35580.

 

FINANCIALS

 

Statements of Operations








Three Months Ended June 30,



Nine Months Ended June 30,



2020



2019



2020



2019


Revenues:






Oil, NGL and natural gas sales

$

3,517,561



$

9,782,337



$

18,329,017



$

31,214,375


Lease bonuses and rental income


22,996




229,075




572,787




952,378


Gains (losses) on derivative contracts


(838,282)




2,313,195




2,415,401




5,026,123


Gain on asset sales


3,108




4,017,787




3,275,996




13,114,725




2,705,383




16,342,394




24,593,201




50,307,601


Costs and expenses:
















Lease operating expenses


1,147,948




1,619,690




3,871,818




4,639,749


Transportation, Gathering and Marketing


956,653




1,529,270




3,696,282




4,601,959


Production taxes


134,249




488,779




835,284




1,565,038


Depreciation, depletion and amortization


2,464,568




4,383,043




8,793,787




11,820,705


Provision for impairment


358,826




-




29,904,528




-


Interest expense


241,191




526,677




958,429




1,551,831


General and administrative


1,908,790




1,809,439




6,306,479




5,881,432


Other expense (income)


(73,687)




66,260




(44,551)




82,045




7,138,538




10,423,158




54,322,056




30,142,759


Income (loss) before provision (benefit) for income taxes


(4,433,155)




5,919,236




(29,728,855)




20,164,842


















Provision (benefit) for income taxes


(877,940)




1,315,000




(7,610,940)




4,756,000


















Net income (loss)

$

(3,555,215)



$

4,604,236



$

(22,117,915)



$

15,408,842


















































Basic and diluted earnings (loss) per common share

$

(0.21)



$

0.28



$

(1.34)



$

0.92


















Basic and diluted weighted average shares outstanding:
















Common shares


16,403,243




16,515,498




16,375,736




16,646,828


Unissued, directors' deferred compensation shares


141,799




170,066




152,500




183,206




16,545,042




16,685,564




16,528,236




16,830,034


















Dividends declared per share of
















common stock and paid in period

$

0.01



$

0.04



$

0.09



$

0.12


 


Balance Sheets








June 30, 2020



Sept. 30, 2019


Assets








Current assets:








Cash and cash equivalents

$

2,025,081



$

6,160,691


Oil, NGL and natural gas sales receivables (net of


2,183,216




4,377,646


allowance for uncollectable accounts)








Refundable income taxes


1,640,350




1,505,442


Derivative contracts, net


1,819,977




2,256,639


Other


490,697




177,037


Total current assets


8,159,321




14,477,455










Net properties and equipment, based on successful efforts method of accounting


83,038,001




111,427,021


Investments


113,408




205,076


Derivative contracts, net


-




237,505


Deferred income taxes, net


181,993




-


Other, net


231,387




297,890


Total assets

$

91,724,110



$

126,644,947










Liabilities and Stockholders' Equity








Current liabilities:








Accounts payable

$

724,289



$

665,160


Accrued liabilities and other


1,485,708




2,433,466


Short-term debt


2,000,000




-


Total current liabilities


4,209,997




3,098,626










Long-term debt


28,000,000




35,425,000


Deferred income taxes


-




5,976,007


Asset retirement obligations


2,871,603




2,835,781


Derivative contracts, net


140,466




-










Stockholders' equity:








Class A voting common stock, $0.01666 par value; 24,000,500








shares authorized; 16,897,306 issued at June 30, 2020, and








Class A voting common stock, $0.01666 par value; 24,000,000








shares authorized; 16,897,306 issued at Sept. 30, 2019


281,509




281,509


Capital in excess of par value


3,375,400




2,967,984


Deferred directors' compensation


1,829,786




2,555,781


Retained earnings


58,244,355




81,848,301




63,731,050




87,653,575


Less treasury stock, at cost; 483,588 shares at June 30,








2020, and 558,051 shares at Sept. 30, 2019


(7,229,006)




(8,344,042)


Total stockholders' equity


56,502,044




79,309,533


Total liabilities and stockholders' equity

$

91,724,110



$

126,644,947


 

Condensed Statements of Cash Flows





Nine months ended June 30,



2020



2019


Operating Activities



Net income (loss)

$

(22,117,915)



$

15,408,842


Adjustments to reconcile net income (loss) to net cash provided








  by operating activities:








Depreciation, depletion and amortization


8,793,787




11,820,705


Impairment of producing properties


29,904,528




-


Provision for deferred income taxes


(6,158,000)




5,150,000


Gain from leasing of fee mineral acreage


(567,975)




(951,832)


Proceeds from leasing of fee mineral acreage


582,458




967,337


Net (gain) loss on sale of assets


(3,258,994)




(13,114,725)


Directors' deferred compensation expense


184,188




197,820


Total (gain) loss on derivative contracts


(2,415,401)




(5,026,123)


Cash receipts (payments) on settled derivative contracts


3,230,034




(1,099,402)


Restricted stock awards


619,812




606,232


Other


3,718




15,848


Cash provided (used) by changes in assets and liabilities:








Oil, NGL and natural gas sales receivables


2,194,430




1,597,667


Other current assets


(121,635)




(859,258)


Accounts payable


31,755




3,270


Income taxes receivable


(134,908)




(476,846)


Other non-current assets


6,544




6,949


Accrued liabilities


(950,686)




86,467


Total adjustments


31,943,655




(1,075,891)


Net cash provided by operating activities


9,825,740




14,332,951










Investing Activities








Capital expenditures


(196,168)




(3,349,640)


Acquisition of minerals and overrides


(10,304,016)




(5,120,466)


Investments in partnerships


-




(1,648)


Proceeds from sales of assets


3,457,500




13,114,969


Net cash provided (used) by investing activities


(7,042,684)




4,643,215










Financing Activities








Borrowings under debt agreement


6,061,725




15,053,345


Payments of loan principal


(11,486,725)




(24,553,345)


Purchase of treasury stock


(7,635)




(6,465,186)


Payments of dividends


(1,486,031)




(2,013,005)


Net cash provided (used) by financing activities


(6,918,666)




(17,978,191)










Increase (decrease) in cash and cash equivalents


(4,135,610)




997,975


Cash and cash equivalents at beginning of period


6,160,691




532,502


Cash and cash equivalents at end of period

$

2,025,081



$

1,530,477










Supplemental Schedule of Noncash Investing and Financing Activities








Additions and revisions, net, to asset retirement obligations

$

4



$

27,782










Gross additions to properties and equipment

$

10,335,534



$

8,149,347


Net (increase) decrease in accounts payable for properties








and equipment additions


164,650




320,759


Capital expenditures and acquisitions

$

10,500,184



$

8,470,106


 


Derivative Contracts as of Aug. 11, 2020
















Period


Product


Volume Mcf/Bbl



Swap Price



Collar Average
Floor Price



Collar Average
Ceiling Price


2020


Natural Gas



469,500







$

2.30



$

2.98


2020


Natural Gas



414,500



$

2.68










2021


Natural Gas



2,424,500







$

2.30



$

3.00


2021


Natural Gas



1,014,500



$

2.69










2022


Natural Gas



202,500







$

2.30



$

3.02


2022


Natural Gas



125,500



$

2.70





























2020


Crude Oil



21,500







$

45.19



$

52.55


2020


Crude Oil



50,000



$

58.02










2021


Crude Oil



43,500







$

36.69



$

44.39


2021


Crude Oil



96,000



$

37.00










2022


Crude Oil



13,000







$

36.81



$

44.62


 

Non-GAAP Reconciliation

This news release includes certain "non-GAAP financial measures" under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our financial statements.

Adjusted EBITDA Reconciliation 

Adjusted EBITDA is defined as net income (loss) plus interest expense, provision for impairment, depreciation, depletion and amortization of properties and equipment, including amortization of other assets, provision (benefit) for income taxes and unrealized (gains) losses on derivative contracts. We have included a presentation of adjusted EBITDA because we recognize that certain investors consider adjusted EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. Adjusted EBITDA has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to adjusted EBITDA for the periods indicated.

 


Third Quarter Ended



Third Quarter Ended



Nine Months Ended



Nine Months Ended



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019


Net Income (Loss)

$

(3,555,215)



$

4,604,236



$

(22,117,915)



$

15,408,842


Plus:
















    Unrealized (gains) losses on derivatives


2,537,404




(1,894,303)




814,633




(6,125,525)


    Income Tax Expense (Benefit)


(877,940)




1,315,000




(7,610,940)




4,756,000


    Interest Expense


241,191




526,677




958,429




1,551,831


    DD&A


2,464,568




4,383,043




8,793,787




11,820,705


    Impairment


358,826




-




29,904,528




-


Adjusted EBITDA

$

1,168,834



$

8,934,653



$

10,742,522



$

27,411,853


 

Adjusted Pre-Tax Net Income (Loss) Reconciliation 

Adjusted pre-tax net income (loss) is defined as net income (loss) plus provision for impairment, provision (benefit) for income taxes and unrealized (gains) losses on derivative contracts. We have included a presentation of adjusted pre-tax net income (loss) because we recognize that certain investors consider adjusted pre-tax net income (loss) a useful means of evaluating our financial performance. Adjusted pre-tax net income (loss) has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of adjusted pre-tax net income (loss) may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to adjusted pre-tax net income (loss) for the periods indicated.

 


Third Quarter Ended



Third Quarter Ended



Nine Months Ended



Nine Months Ended



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019


Net Income (Loss)

$

(3,555,215)



$

4,604,236



$

(22,117,915)



$

15,408,842


Plus:
















Impairment


358,826




-




29,904,528




-


Unrealized (gains) losses on derivatives


2,537,404




(1,894,303)




814,633




(6,125,525)


   Income Tax Expense (Benefit)


(877,940)




1,315,000




(7,610,940)




4,756,000


Adjusted Pre-Tax Net Income (Loss)

$

(1,536,925)



$

4,024,933



$

990,306



$

14,039,317


 

Panhandle Oil and Gas Inc. (NYSE: PHX) Oklahoma City-based, Panhandle Oil and Gas Inc. is an oil and natural gas mineral company with a strategy to proactively pursue the acquisition of additional minerals in our core areas of focus. Panhandle owns approximately 258,000 net mineral acres principally located in Oklahoma, North Dakota, Texas, New Mexico and Arkansas. Approximately 71% of this mineral count is unleased and undeveloped. Additional information on the Company can be found at www.panhandleoilandgas.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as "anticipates," "plans," "estimates," "believes," "expects," "intends," "will," "should," "may" and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Panhandle's current views about future events. Forward-looking statements may include, but are not limited to, statements relating to: our future financial and operating results; our ability to execute our business strategies; estimations and the respective values of oil, NGL and natural gas reserves; the level of production on our properties and the future expenses associated therewith; projections and volatility of future realized oil and natural gas prices; planned capital expenditures associated with our mineral, leasehold and non-operated working interests; statements concerning anticipated cash flow and liquidity; and our strategy and other plans and objectives for future operations. Although Panhandle believes the expectations reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the Company's management. Information concerning these risks and other factors can be found in the Company's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, available on the Company's website or the SEC's website at www.sec.gov.  

Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

Cision View original content:http://www.prnewswire.com/news-releases/panhandle-oil-and-gas-inc-reports-third-quarter-and-nine-months-2020-results-and-announces-dividend-payment-301112149.html

SOURCE PANHANDLE OIL AND GAS INC.