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Panhandle Oil and Gas Inc. Reports Fiscal First Quarter 2018 Results

PANHANDLE OIL AND GAS INC. today reported financial and operating results for the Company’s fiscal first quarter ended Dec. 31, 2017.

HIGHLIGHTS FOR THE PERIOD ENDED DEC. 31, 2017

  • Increased total equivalent production 36%, as compared to the quarter ended Dec. 31, 2016.
  • Generated first quarter 2018 net income of $13,784,939$0.81 per diluted share, as compared to a net loss of $2,238,392$0.13 per diluted share, for the 2017 quarter.
  • Generated cash from operating activities of $7,198,583, which exceeded capital expenditures of $4,984,880.
  • Decreased lease operating expense (LOE) per Mcfe to $1.06, as compared to $1.21in the prior year quarter.
  • Reduced debt to $50.4 million, as of Dec. 31, 2017, which has continued to decline to $48.0 million as of Jan. 31, 2018.
  • Generated EBITDA (1) of $6,782,342 in the first quarter of 2018, as compared to $1,781,240 in the 2017 first quarter.

(1)  This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section…

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Provided by The Panhandle Oil and Gas Inc., published on Cision.com