Panhandle Oil&Gas Reports 2Q Results

Panhandle Oil and Gas Inc. reports record six month production of 4,875,423 million cubic feet equivalent of natural gas, a 37 percent increase compared to the corresponding 2008 period.
Panhandle produced 2,380,124 mcfe during the second quarter of 2009, a 38 percent increase from the same period in 2008.
Panhandle maintained a strong balance sheet with low debt levels. Cash provided by operating activities increased 52 percent in the 2009 six month period.
For the quarter ending March 31, Panhandle recorded a net loss of $945,256 or 11 cent per share as compared to net income of $2,831,281, or 33 cents per share, for the 2008 second quarter.
Capital expenditures for drilling and equipping wells totaled $11,829,136, an increase of 39 percent over the corresponding 2008 period. The 2009 capital expenditure amount includes significant payments for wells which the company committed to drill in fiscal 2008.
Production for the 2009 second quarter increased 38 percent to 2,380,124 mcfe as compared to 1,727,757 mcfe for the 2008 quarter.
Total revenues for the 2009 quarter amounted to $8,874,015, as compared to $12,747,222 for the 2008 comparable quarter. For the 2009 quarter the average sales price per mcfe declined to $3.55.
For the fiscal six months ended March 31, the company recorded a net loss of $1,819,885 or 22 cents per share as compared to net income for the 2008 six months of $6,311,588 or 74 cents per share.
Net cash provided by operating activities for the 2009 period increased 52 percent to $24,911,686 as compared to $16,357,801 for the 2008 six months.
Total revenues for the 2009 six months were $20,193,717 as compared to $26,451,025 for the 2008 six months.
Capital expenditures for drilling and equipping wells totaled $30,271,588 in the 2009 period, an increase of 88% over the 2008 amount. For the 2009 six months, the average sales price per Mcfe declined to $3.91.



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