Panhandle Oil and Gas has reported a net loss of $874,629, or $0.10 per share, for the first quarter ended December 31, 2008, compared to a net income of $3.48 million, or $0.41 per share, for the same quarter of fiscal 2008.
The company has reported total revenues of $11.32 million for the first quarter of fiscal 2009, compared to $13.7 million for the same quarter of fiscal 2008.
The energy company said that the capital expenditures for drilling and equipping wells and leasehold acquisitions amounted to $18.44 million for the first quarter of fiscal 2009, an increase of 143% over the same period of fiscal 2008.
According to the company, production for the first quarter of 2009 increased 36% to 2,495,299 Mcfe, as compared to 1,831,206 Mcfe for the 2008 quarter. Sequential quarterly production growth was 14%. For the 2009 first quarter, the average sales price per Mcfe decreased 41% to $4.25, consistent with recent decreases in North American natural gas prices.
Michael Coffman, president and CEO of Panhandle Oil and Gas, said: “Our growth in production, due to new wells in the Woodford shale in southern Oklahoma and our Dill City project in western Oklahoma, shows that Panhandle continued to build growth in fiscal 2009 during challenging market conditions.”
