Oklahoma City's Panhandle reports $800K net loss
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[February 10, 2009]

Oklahoma City's Panhandle reports $800K net loss

(Daily Oklahoman, The Via Acquire Media NewsEdge) Feb. 10--Oklahoma City-based Panhandle Oil and Gas on Monday reported a net loss of $874,629, or 10 cents per common share, for the quarter ended Dec. 31.

That compares with a net gain of $3,480,307, or 41 cents per common share, for the same period a year earlier.

Company officials said the loss was because of 37 percent and 40 percent declines in the respective prices of natural gas and oil. Panhandle reported a $1,875,920 impairment for the most recent quarter, an increase of $1,753,991 over the same quarter a year earlier.



Not all news is bad

On the positive side, Panhandle reported production for the most recent quarter increased 36 percent over the quarter a year earlier. Panhandle produced 2,495,299 million cubic feet of natural gas equivalent in the most recent quarter.



"Our growth in production, largely due to new wells in the Woodford shale in southern Oklahoma and our Dill City project in western Oklahoma, demonstrates that Panhandle continued to build momentum ... during challenging market conditions," Michael C. Coffman, Panhandle president and chief executive officer, said in a news release.

Company officials said they plan to significantly trim drilling expenditures and cut spending on oil and gas activities from about $53 million in fiscal year 2008 to $30 million fiscal year 2009 because of lower oil and gas prices.

To see more of The Oklahoman, or to subscribe to the newspaper, go to http://www.newsok.com.
Copyright (c) 2009, The Oklahoman, Oklahoma City
Distributed by McClatchy-Tribune Information Services.
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