Oklahoma City-based Panhandle Oil and Gas Inc. reported positive financial and operating results on May 7 for the quarter ended March 31, 2010.
The company recorded a net income of $5,163,566, or $0.61 per share, as compared to a net loss of $945,256, or $0.11 per share, for the comparable 2009 quarter. Total revenues for the 2010 quarter increased 90 percent over the 2009 quarter to $16,863,323.
Production for the 2010 quarter amounted to 2,090,154 mcfe, as compared to 2,380,124 mcfe for the 2009 quarter. The average per mcfe sales price for the 2010 quarter increased 69 percent to $5.99, as compared to $3.55 for the 2009 quarter.
"Panhandle's second quarter performance is indicative of the strength and quality of our asset base and our perpetual mineral rights ownership in several premier North American shale gas plays," said Michael C. Coffman, president and CEO. "Panhandle is organized to perform strongly even in difficult market conditions."