Le Lézard
Classified in: Oil industry, Business
Subjects: RLE, CXP, FVT

Panhandle Oil And Gas Inc. Announces Bakken And Three Forks Mineral Acreage And Producing Property Acquisition


OKLAHOMA CITY, July 19, 2018 /PRNewswire/ -- PANHANDLE OIL AND GAS INC. (NYSE: PHX) today reported that it has entered into a definitive agreement to acquire certain mineral acreage and producing oil and gas properties from a private seller for total consideration of $9,000,000 cash. The transaction is expected to close within 45 days and will have an effective date of June 1, 2018. The acquisition will be funded utilizing the Company's bank credit facility, which was reaffirmed on July 2, 2018, at $80 million with approximately $40 million in current availability. The Company has paid down approximately $12 million of debt since the beginning of fiscal 2018.

Acquisition Overview

Paul Blanchard, President and CEO, said, "This acquisition is consistent with our stated intent to re-enter the acquisition market in a measured way, focusing on relatively small mineral transactions. In fact, the Company also closed last month on a $940,000 acquisition of 54 net mineral acres and producing oil and gas properties in the SCOOP play in Grady and Stephens Counties, Okla., with undeveloped locations identified in both the Woodford and Springer Shales. These acquisitions are perfect examples of the Company's focused mineral strategy which is outlined below."

Panhandle Mineral Strategy

Panhandle Oil and Gas Inc. (NYSE: PHX) is engaged in the exploration for and production of natural gas and oil. Additional information on the Company can be found on the Internet at www.panhandleoilandgas.com.

 

SOURCE PANHANDLE OIL AND GAS INC.


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