SCHEDULE 13D

Exhibit 1

Joint Filing Agreement

                 The undersigned parties hereby agree that the Schedule 13D filed herewith relating to the Class A Common Stock, Par Value $0.0333 per share of Panhandle Royalty Company is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(k) on behalf of each person.

Date:	May 10, 2004
		By:			/s/ Robert E. Robotti
					Name: Robert E. Robotti
		Robotti & Company, LLC
		By	Robotti & Company, Incorporated
			Parent Holding Company of
			Robotti & Company, LLC
		Robotti & Company Advisors, LLC
		By:			Robotti & Company, Incorporated
					Parent Holding Company of
					Robotti & Company Advisors, LLC
		By:			/s/ Robert E. Robotti
					Name: Robert E. Robotti
					Title: President and Treasurer of
					Robotti & Company, Incorporated
		The Ravenswood Investment Company, L.P.
		By:			Ravenswood Management Company, L.L.C.
					General Partner of
					The Ravenswood Investment Company, L.P.
		By:		/s/ Robert E. Robotti
				Robert E. Robotti
				Title: Managing Member of
				Ravenswood Management Company, L.L.C.
		By:		/s/ Suzanne Robotti
				Name: Suzanne Robotti