Panhandle Oil and Gas Inc. reported financial results for the first fiscal quarter ended December 31, 2007. For the quarter, the Company recorded a net income of $3,480,307 or $.41 per share as compared to a net income of $1,983,493 or $.23 per share for the 2007 quarter. Total revenues for the 2008 quarter amounted to $13,703,803 as compared to $8,931,895 for the 2007 quarter. Net cash provided by operating activities was $7,718,871 while additions to properties and equipment for drilling and equipping wells and leasehold acquisitions amounted to $8,724,389. The average sales price per mcfe increased 19% to $7.22.
Michael C. Coffman, Panhandle's president stated "the Company is continuing the positive momentum generated in fiscal 2007. The 75% increase in net income resulted from a 37% increase in mcfe production and a $1.16 increase in the average sales price per mcfe of our oil and gas. This quarter's production increase, which builds on the increases in fiscal 2007, results from the increased capital expenditure levels of fiscal 2006-2007. Our continuing commitment to increased drilling expenditures will continue to generate increases in production and will allow the Company to maximize the value of its assets."
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