OKLAHOMA CITY, Feb. 7, 2013 /PRNewswire/ -- PANHANDLE OIL AND GAS INC. (NYSE-PHX) today reported financial and operating results for the 2013 fiscal first quarter ending Dec. 31, 2012.
For the 2013 first quarter, the Company recorded net income of $2,148,298, or $.26 per share, as compared to net income of $3,412,110, or $.41 per share, for the 2012 first quarter. Net cash provided by operating activities decreased 8% to $7,158,243 for the 2013 first quarter, as compared to the 2012 first quarter. Cash flow from operations fully funded costs to drill and equip wells for the quarter. Capital expenditures for the 2013 quarter totaled $7,194,399, which included $6,864,399 for drilling and equipping wells. Capital expenditures thus far in fiscal 2013 are 65% directed toward oily and NGL rich plays, principally in Western and South Central Oklahoma and the Texas Panhandle.
Total revenues for the 2013 quarter were $14,180,435, as compared to $13,404,333 for the 2012 quarter. The 2012 quarter included lease bonuses and rentals of $1,755,191, as compared to $374,392 in the 2013 quarter. Oil and gas sales increased $1,014,677 or 9% in the 2013 quarter, as compared to the 2012 quarter, as a result of an 18% increase in Mcfe production somewhat offset by an 8% decrease in the average per Mcfe sales price. The average sales price per Mcfe of production during the 2013 first quarter was $4.24, as compared to $4.59 for the 2012 first quarter.
Oil production increased 23% in the 2013 quarter to 46,656 barrels, as compared to 38,040 barrels in the 2012 quarter, and gas production increased 301,073 Mcf, or 13%, as compared to the 2012 quarter. Gas production volumes attributable to the Fayetteville property acquisition (which closed in late October 2011) and subsequent drilling on those properties are primarily responsible for the gas production increase this quarter. In addition, 30,674 barrels of NGL were sold in the quarter.
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 at www.panhandleoilandgas.com.
SOURCE PANHANDLE OIL AND GAS INC.
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