-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ELKTa4G5xoWWYItsD1/3mLB8JxSLzKpjfm7+jnlvVZ+f5rF8SwurFvc0XmsBrqoN
 tBTM/+gcILhtiPHvKFOXEQ==

<SEC-DOCUMENT>0001209191-10-062374.txt : 20101223
<SEC-HEADER>0001209191-10-062374.hdr.sgml : 20101223
<ACCEPTANCE-DATETIME>20101223122959
ACCESSION NUMBER:		0001209191-10-062374
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101221
FILED AS OF DATE:		20101223
DATE AS OF CHANGE:		20101223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Blanchard Paul JR
		CENTRAL INDEX KEY:			0001457169

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31759
		FILM NUMBER:		101271445

	MAIL ADDRESS:	
		STREET 1:		5400 N. GRAND BLVD., SUITE 300
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73112

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PANHANDLE OIL & GAS INC
		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

	MAIL ADDRESS:	
		STREET 1:		5400 N GRAND BLVD
		STREET 2:		GRAND CENTRE STE 300
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANHANDLE ROYALTY CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<DESCRIPTION>FORM 4 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-12-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000315131</issuerCik>
        <issuerName>PANHANDLE OIL &amp; GAS INC</issuerName>
        <issuerTradingSymbol>PHX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001457169</rptOwnerCik>
            <rptOwnerName>Blanchard Paul JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5400 N. GRAND BLVD., SUITE 300</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>OKLAHOMA CITY</rptOwnerCity>
            <rptOwnerState>OK</rptOwnerState>
            <rptOwnerZipCode>73112</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr. VP/Chief Operating Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Panhandle Class A Common</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-21</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2010-12-21</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7741</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0167</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19229</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks>Amount represents the number of shares of restricted stock granted under the Panhandle Oil and Gas 2010 Restricted Stock Plan.  The shares will vest in one installment on the 3rd anniversary date, subject to certain stock price growth restrictions.</remarks>

    <ownerSignature>
        <signatureName>/s/ Paul Blanchard</signatureName>
        <signatureDate>2010-12-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----