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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,
 MUkFISfPbgRoG9ZSUyJMl3wVW231s70YpCrM5646/I1mhZumiStq4XArKenYFhCW
 SDsrW8B7RYOAtLF0eJ7ogA==

<SEC-DOCUMENT>0001209191-06-050698.txt : 20060919
<SEC-HEADER>0001209191-06-050698.hdr.sgml : 20060919
<ACCEPTANCE-DATETIME>20060919121905
ACCESSION NUMBER:		0001209191-06-050698
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060918
FILED AS OF DATE:		20060919
DATE AS OF CHANGE:		20060919

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:			SWARTZWELDER H GRANT
		CENTRAL INDEX KEY:			0001251494

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31759
		FILM NUMBER:		061097415

	BUSINESS ADDRESS:	
		STREET 1:		125 E JOHN CARPENTER FREEWAY
		STREET 2:		SUITE 600 A
		CITY:			IRVING
		STATE:			TX
		ZIP:			75062
		BUSINESS PHONE:		9724321470
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-09-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001251494</rptOwnerCik>
            <rptOwnerName>SWARTZWELDER H GRANT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>125 E. JOHN CARPENTER FREEWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 600 A</rptOwnerStreet2>
            <rptOwnerCity>IRVING</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75062</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>2006-09-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>18.46</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5172</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>H. Grant Swartzwelder, by Michael C. Coffman Attorney in Fact</signatureName>
        <signatureDate>2006-09-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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