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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 MZ7Cn6HZ/QzWPyZtyd9zlCOpvERA3TYsdVIRsM2R95mv1r4hh4aAVwRQIZAizR4F
 QmGeNCT80Hn/qdtXE7ypkw==

<SEC-DOCUMENT>0001209191-03-035755.txt : 20031218
<SEC-HEADER>0001209191-03-035755.hdr.sgml : 20031218
<ACCEPTANCE-DATETIME>20031218145841
ACCESSION NUMBER:		0001209191-03-035755
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031217
FILED AS OF DATE:		20031218

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PANHANDLE ROYALTY CO
		CENTRAL INDEX KEY:			0000315131
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731055775
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		5400 NW GRAND BLVD
		STREET 2:		GRAND CENTRE STE 210
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73112
		BUSINESS PHONE:		4059481560

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			REECE ROBERT A
		CENTRAL INDEX KEY:			0001251499

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31759
		FILM NUMBER:		031062202

	BUSINESS ADDRESS:	
		STREET 1:		6403 N GRAND BLVD
		STREET 2:		SUITE 204
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73116
		BUSINESS PHONE:		4058487370
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-12-17</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000315131</issuerCik><issuerName>PANHANDLE ROYALTY CO</issuerName>        <issuerTradingSymbol>PANRA</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001251499</rptOwnerCik><rptOwnerName>REECE ROBERT A</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>6403 N GRAND BLVD.</rptOwnerStreet1><rptOwnerStreet2>SUITE 204</rptOwnerStreet2><rptOwnerCity>OKLAHOMA CITY</rptOwnerCity><rptOwnerState>OK</rptOwnerState><rptOwnerZipCode>73116</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransact
ion><securityTitle><value>Panhandle Royalty Coampany Class A Common</value></securityTitle><transactionDate><value>2003-12-17</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value></value></transactionTimeliness><transactionAmounts><transactionShares><value>500.0000</value></transactionShares><transactionPricePerShare><value>28.4700</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>12796.0000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>As trustee for various trusts 6,052 shares, direct 6,744</value></natureOfOwnership></owne
rshipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes></footnotes><remarks>Mr. Reece sold 500 shares from the Cayce Wells Trust for which he is Trustee and has voting control over shares in the Trust.</remarks><ownerSignature><signatureName>Robert A. Reece, by Michael C. Coffman, Attorney-In-Fact</signatureName><signatureDate>2003-12-18</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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