0000950123-11-088495.txt : 20111004 0000950123-11-088495.hdr.sgml : 20111004 20111004151855 ACCESSION NUMBER: 0000950123-11-088495 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111004 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111004 DATE AS OF CHANGE: 20111004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PANHANDLE OIL & GAS INC CENTRAL INDEX KEY: 0000315131 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 731055775 STATE OF INCORPORATION: OK FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31759 FILM NUMBER: 111123287 BUSINESS ADDRESS: STREET 1: 5400 NW GRAND BLVD STREET 2: GRAND CENTRE STE 210 CITY: OKLAHOMA CITY STATE: OK ZIP: 73112 BUSINESS PHONE: 4059481560 MAIL ADDRESS: STREET 1: 5400 N GRAND BLVD STREET 2: GRAND CENTRE STE 300 CITY: OKLAHOMA CITY STATE: OK ZIP: 73112 FORMER COMPANY: FORMER CONFORMED NAME: PANHANDLE ROYALTY CO DATE OF NAME CHANGE: 19920703 8-K 1 d84948e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
Date of Report: (Date of Earliest Event Reported) October 4, 2011
PANHANDLE OIL AND GAS INC.
(Exact name of registrant as specified in its charter)
         
OKLAHOMA   001-31759   73-1055775
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (I.R.S. Employer
Identification No.)
     
5400 North Grand Blvd.,
Suite 300
Oklahoma City, OK 		  73112
(Address of principal executive offices)   (Zip code)
(405) 948-1560
(Registrant’s telephone number including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
o   Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act
o   Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act
 
 

 

 

ITEM 1.01   Enters Into A Material Definitive Agreement
     Panhandle Oil and Gas Inc. (the “Company”) has agreed to purchase interests in 193 non-operated natural gas wells and 1,531 acres of leasehold located in Van Buren, Conway and Cleburne Counties, Arkansas for $17,500,000 from a private seller. The transaction is projected to close on or about October 25, 2011 with an effective date of September 1, 2011. The properties are principally located in the core of the prolific Fayetteville Shale natural gas play and are primarily operated by the play’s premier operator.
The acquisition will be funded with a combination of existing cash on hand and the Company’s credit facility with Bank of Oklahoma.
ITEM 9.01   Financial Statements and Exhibits
(d) Exhibits
     
Exhibit    
Number   Description
99.1  
Press Release issued by Panhandle Oil and Gas Inc., dated October 4, 2011

 

 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  PANHANDLE OIL AND GAS INC.
 		  
  By:   /s/ Michael C. Coffman    
    Michael C. Coffman,   
    President and CEO   
 
DATE: October 4, 2011

 

 

EXHIBIT INDEX
     
Exhibit    
Number   Description
99.1  
Press Release issued by Panhandle Oil and Gas Inc., dated October 4, 2011

 

EX-99.1 2 d84948exv99w1.htm EX-99.1 exv99w1
EXHIBIT 99.1
PANHANDLE OIL AND GAS INC.
Reports Intent to Purchase Fayetteville Assets
OKLAHOMA CITY, OK, October 4 , 2011 — PR Newswire — PANHANDLE OIL AND GAS INC. (NYSE: PHX) today reported that it has agreed to purchase interests in 193 non-operated natural gas wells and 1,531 acres of leasehold located in Van Buren, Conway and Cleburne Counties, Arkansas for $17,500,000 from a private seller. The transaction is projected to close on or about October 25, 2011 with an effective date of September 1, 2011. The properties are principally located in the core of the prolific Fayetteville Shale natural gas play and are primarily operated by the play’s premier operator. The acquisition will be funded with a combination of existing cash on hand and the Company’s credit facility with Bank of Oklahoma.
The 1,531 acres of leasehold are located in 69 drilling units with 82% of the leasehold being held by production. The estimated net proved developed producing reserves are approximately 9.2 Bcfe and there are approximately 15.2 Bcfe of identified undeveloped reserves on the properties. In the fourth calendar quarter of 2011, net production from the existing producing wells included in the acquisition is projected to be approximately 2.7 Mmcf per day. In addition, there are approximately 240 future infill drilling locations identified on the leasehold, assuming development of 8 wells per unit.
Michael C. Coffman, President and CEO said, “We are pleased to be able to add this package of high quality properties to our existing holdings in the Fayetteville. These properties will increase our acreage holdings in the core area of the Fayetteville by 18% and the current production from the properties will increase total Panhandle production by approximately 12%. In addition to this acquisition, we have purchased 1,160 net fee mineral acres in the Fayetteville over the last couple of months. The total acreage added in the combined transactions amounts to 2,691 net acres, an addition of 37% to our net acreage holdings in the Fayetteville”
Panhandle Oil and Gas Inc. (NYSE-PHX) is engaged in the exploration for and production of natural gas and oil. Additional information on the Company can be found at www.panhandleoilandgas.com.
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