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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CNEaM+xkVGVGRWtCFAHgflFTXFswr15y+KGP7IuKOdMwCMbDQP2QKArnNIGV95I8
 eNisLWppi7ZiLx5L+aYFyg==

<SEC-DOCUMENT>0001209191-04-020401.txt : 20040413
<SEC-HEADER>0001209191-04-020401.hdr.sgml : 20040413
<ACCEPTANCE-DATETIME>20040413122302
ACCESSION NUMBER:		0001209191-04-020401
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040412
FILED AS OF DATE:		20040413

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SMITH JERRY L
		CENTRAL INDEX KEY:			0001260577

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31759
		FILM NUMBER:		04730030

	MAIL ADDRESS:	
		STREET 1:		59444 LUTHER LANE 401
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75225

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
</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>2004-04-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000315131</issuerCik>
        <issuerName>PANHANDLE ROYALTY CO</issuerName>
        <issuerTradingSymbol>PHX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001260577</rptOwnerCik>
            <rptOwnerName>SMITH JERRY L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5944 LUTHER LANE</rptOwnerStreet1>
            <rptOwnerStreet2># 401</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75225</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Panhandle Royalty Company Class A Common</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-12</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-04-12</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7775.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.0000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1597.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Jerry L. Smith, Michael C. Coffman, Attorney In Fact</signatureName>
        <signatureDate>2004-04-13</signatureDate>
    </ownerSignature>
</ownershipDocument>

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