Quarterly / Earnings Reports | First Quarter (1Q) Update | Financial Results | Capital Markets | Drilling Activity
Panhandle Ramps Up Output 36% to 37.2 Mmcfe/d; Talks Near-Term Drilling Plans
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Panhandle Oil and Gas reported its fiscal Q1 2018 results.
Highlights:
- First quarter 2018 production increased 4% over the previous quarter to 37.2 Mmcfe per day, a 36% increase as compared to the 2017 quarter.
Drilling Activity Outlook
- A total of 13 wells are currently being drilled on our mineral holdings in Oklahoma. We have a royalty interest in 10 of those wells, a working interest in one and have not yet elected on the remaining two. Seven of the wells are in the STACK/Cana area, five are in the SCOOP area and one is in the southeastern Oklahoma Woodford. There is currently no drilling underway in our two Permian projects.
- We have approved the drilling of 19 gross wells and the re-fracturing of one of our Eagle Ford wells, none of which have yet started. These projects are estimated to be a net investment of $1.7 million. We are currently evaluating an additional 23 well proposals on our holdings. These wells have a total projected net cost of $1.3 million.
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