SCHEDULE 13D
CUSIP No. 698477 10 6					Page 1of 1 Page
Exhibit 2
Amended and Restated
Joint Filing Agreement
The undersigned parties hereby agree to the joint filing of the Statement on Schedule 13D Amendment No. 1 filed herewith, and any amendments hereto, relating to the Class A Common Stock (voting), $0.0166 par value, of Panhandle Royalty Company with the Securities and Exchange Commission pursuant to Rule 13d-1(k).  The undersigned parties hereby acknowledge that each shall be responsible for the timely filing of any such amendments, and for the completeness and accuracy of the information concerning the other persons making this filing, unless such person knows or has reason to believe that such information is inaccurate.
Date:		December 27, 2006
			Robotti & Company, Incorporated
	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti
	Robert E. Robotti			Name: Robert E. Robotti
				Title: President and Treasurer
Robotti & Company, LLC			Robotti & Company Advisors, LLC
By:	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti
	Name: Robert E. Robotti			Name: Robert E. Robotti
	Title: President and Treasurer			Title: President and Treasurer
	/s/ Suzanne Robotti		By:	/s/ Kenneth R. Wasiak
	Suzanne Robotti			Kenneth R. Wasiak
Ravenswood Management Company, L.L.C.			The Ravenswood Investment Company, L.P.
By:	/s/ Robert E. Robotti		By:	Ravenswood Management Company, L.L.C.
	Name: Robert E. Robotti			Its General Partner
	Title: Managing Member
			By:	/s/ Robert E. Robotti
				Name: Robert E. Robotti
				Title: Managing Member