1
NYSE: PHX
August 9-13, 2009
2008 IPAA OGIS
IPAASan
OGIS
Francisco,
Florida-February
CA - October
17-18,
6 2009
2008
2
Forward-Looking Statements and Risk Factors – This report includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements include current expectations or
forecasts of future events. They may include estimates of oil and gas reserves, expected oil and
gas production and future expenses, projections of future oil and gas prices, planned capital
expenditures for drilling, leasehold acquisitions and seismic data, statements concerning
anticipated cash flow and liquidity and Panhandle’s strategy and other plans and objectives for
future operations. Although Panhandle believes the expectations reflected in these and other
forward-looking statements are reasonable, we can give no assurance they will prove to be correct.
They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.
Factors that could cause actual results to differ materially from expected results are described
under “Risk Factors” in Part 1, Item 1 of Panhandle’s 2008 Form 10-K filed with the Securities and
Exchange Commission. These “Risk Factors” includes the volatility of oil and gas prices;
Panhandle’s ability to compete effectively against strong independent oil and gas companies and
majors; the availability of capital on an economic basis to fund reserve replacement costs;
Panhandle’s ability to replace reserves and sustain production; uncertainties inherent in estimating
quantities of oil and gas reserves and projecting future rates of production and the amount and
timing of development expenditures; uncertainties in evaluating oil and gas reserves; unsuccessful
exploration and development drilling; declines in the values of our oil and gas properties resulting
in write-downs; the negative impact lower oil and gas prices could have on our ability to borrow;
and drilling and operating risks.
Do not place undue reliance on these forward-looking statements, which speak only as of the date
of this release, and Panhandle undertakes no obligation to update this information. Panhandle
urges you to carefully review and consider the disclosures made in this presentation and
Panhandle’s filings with the Securities and Exchange Commission that attempt to advise interested
parties of the risks and factors that may affect Panhandle’s business.
The Oil and Gas Conference – Denver, CO - August 2009
3
Who is
Panhandle Oil and Gas?
NYSE: PHX
The Oil and Gas Conference – Denver, CO - August 2009
Panhandle Oil and Gas Inc.
4

Non-operating independent oil and gas company
with current drilling projects in the Woodford Shale,
Fayetteville Shale and Western Oklahoma

Market Capitalization - $210 million

52-week range - $13.15 - $39.98

8.3 million shares outstanding

Insider ownership – 13.8%

Unique and Evolving company
The Oil and Gas Conference – Denver, CO - August 2009
UNIQUE: Operational Strategy

Use ownership of 254,600 mineral acres as base,
“legacy assets”

Use mineral acreage ownership to participate with a working
interest in the drilling of a significant number
of wells
5
Working interest in 1,350 wells
 Royalty interest in 3,300 wells


As a non-operator, Panhandle participates in drilling with
operating companies, principally large independents.

Majority of drilling is on perpetually owned fee mineral
acreage, drilling on owned fee mineral acres maximizes rate of
return, royalty on our acres is paid to Panhandle

Approximately 75% of oil and gas sales revenue is from
working interests in wells
The Oil and Gas Conference – Denver, CO - August 2009
Financial Highlights
6
Fiscal Year Ended
September 30,
Revenue & Earnings
2008
2007
Revenue
$69,119,121
$39,128,911
Net income
$21,555,769
$6,343,464
$2.54
$.75
Net cash provided by operating
activities
$39,924,719
$28,106,500
Capital expenditures
$38,747,749
$27,785,431
7,722,450
5,791,407
$8.94
$6.47
Earnings per share
Mcfe produced (33% increase)
Average Mcfe sales price
The Oil and Gas Conference – Denver, CO - August 2009
Financial Highlights
7
Six Months Ended
March 31,
Revenue & Earnings
2009
2008
Revenue
$20,193,717
$26,451,025
Net income (loss)
($1,819,885)
$6,311,588
($.22)
$.74
Net cash provided by operating
activities
$24,911,686
$16,357,801
Capital expenditures
$30,271,588
$16,095,211
4,875,423
3,558,963
$3.91
$7.91
Earnings per share
Mcfe produced (37% increase)
Average Mcfe sales price
The Oil and Gas Conference – Denver, CO - August 2009
Financial Highlights: Condensed Balance Sheet
8
March 31, 2009
Current assets
$10,330,752
Property and equipment
203,613,769
Less accumulated DD&A
(101,670,052)
Net property and equipment
Other
Total assets
101,943,717
1,043,800
$113,318,269
Current liabilities
$5,462,860
Long-term debt
15,810,247
Deferred income taxes
24,531,750
Asset retirement obligation
Long-term derivative contracts
Shareholders equity
Total liabilities and equity
1,660,512
282,540
65,570,360
$113,318,269
The Oil and Gas Conference – Denver, CO - August 2009
PHX: 2009 Operating Strategies
9

Maintain operational and financial flexibility

Prudently manage capital expenditures and credit facility
drawdowns

Continue and expand participation in unconventional plays

Continue to exploit legacy assets, leveraging minerals
ownership

Maintain ability and commitment to prudently maximize
current and future drilling and development opportunities

Potentially divest of a limited number of properties in
non-core areas or groups of marginal properties
The Oil and Gas Conference – Denver, CO - August 2009
PHX: 2009 Operating Strategies-continued



10
$50 million credit facility with Oklahoma banks, maturity
October, 2011

Outstanding balance on credit facility at July 30, 2009,
$11.1 million

$35 million borrowing base, as of May 2009

Would increase borrowing base, if needed
Natural Gas Swaps (all swaps tied to specific Oklahoma
pipeline price)
Period
Volume/Month
Average Pipeline Price
2009
300,000 mmbtu
$3.775
2010
300,000 mmbtu
$5.30
Continually evaluating hedge position
The Oil and Gas Conference – Denver, CO - August 2009
11
Peer Average: $2.44
$1.62
PHX
$/Mcfe
Trailing 12-Mo. Operating and G&A Expense
Note: Trailing twelve month for periods ending 3/31/09.
Source: EnerCom Incorporated.
Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO.
The Oil and Gas Conference – Denver, CO - August 2009
12
Peer Average: $3.49
$2.50
PHX
$/Mcfe
3-Year Finding and Development Cost
Source: EnerCom Incorporated.
Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO.
The Oil and Gas Conference – Denver, CO - August 2009
Debt to Market Capitalization
13
Peer Average: 95%
PHX
9%
Note: As of 7/17/09.
Source: EnerCom Incorporated.
Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO.
The Oil and Gas Conference – Denver, CO - August 2009
Asset Intensity
14
Peer Average: 63%
PHX
47%
Note: As of 3/31/09.
Source: EnerCom Incorporated.
Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO.
The Oil and Gas Conference – Denver, CO - August 2009
Trailing 12-Mo. Capital Efficiency
Peer Average: 217%
PHX
201%
15
Note: Trailing twelve month for periods ending 3/31/09.
Source: EnerCom Incorporated.
Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO.
The Oil and Gas Conference – Denver, CO - August 2009
Asset Pyramid
Fee

Mineral
16
Perpetually owned 198,000 open acres,
56,000 producing or leased acres
Acreage
Resource/
Shale Play
Probable and
Possible
Reserves

Reserves on fee mineral acres, Fayetteville
and Woodford Shale’s
Over 4,000 total wells, 88% natural gas

Proved Reserves

Low ratio of PUD to total proved reserves
The Oil and Gas Conference – Denver, CO - August 2009
Operations Overview
17
The Oil and Gas Conference – Denver, CO - August 2009
Overview/Fiscal Year 2008 Operating Highlights

Total U.S. mineral ownership of ~ 255,000 acres






Reserve replacement 257%
Growth through the drillbit
2008 finding cost - $2.64/Mcfe
89% natural gas
76% proved developed producing
2008 annual production increased 33% to 21.2 Mmcfe per day


Significant ownership in the Western Oklahoma Anadarko Basin,
Arkansas Fayetteville and the Southeastern Oklahoma Woodford
2008 proved reserves increased 29% to 54.1 Bcfe


18
Q3 2009 production increased to 29.1 Mmcfe per day
Superior investment economics

Large inventory of undrilled locations in premier established and
developing resource plays

Participation with minerals as a working interest owner
The Oil and Gas Conference – Denver, CO - August 2009
PHX: Mid-Year Proved Reserve Update
Proved Reserves
19
March 31,
2009
September 30,
2008
53.1 Bcfe
54.1 Bcfe
$61.9
$119.9
62.4 Bcfe
54.8 Bcfe
$156.3
$133.5
SEC Pricing (1)
Proved reserve volumes
Estimated future net cash flows,
10% discounted present value
(before income taxes, millions of dollars)
Normalized Pricing (2)
Proved reserve volumes
Estimated future net cash flows,
10% discounted present value
(before income taxes, millions of dollars)
1. SEC Pricing September 30, 2008 - $4.52/Mcf & $97.74/Bbl, flat
SEC Pricing March 31, 2009 - $2.45/Mcf & $46.93/Bbl, flat
2. Normalized Pricing - $6.00/Mcf & 45.00/Bbl, flat
The Oil and Gas Conference – Denver, CO - August 2009
Panhandle Oil and Gas Mineral Holdings
20
Significant Mineral Acreage Holdings
120
Net Acres (Thousands)
100
80
60
40
20
0
OK
NM
TX
ND
AR
Leasehold
The Oil and Gas Conference – Denver, CO - August 2009
Economic Impact of Participation with
Mineral Interest
Arkansas Fayetteville
2
Assumptions:
• PHX ownership -1% W.I., 1% NRI
• Typical ownership – 1% W.I., 0.8125% NRI
Finding Cost, $/Mcfe
19% Lower
1.8
1.6
• Gross well cost - $2,900,000
1.4
• Wellhead gas price – 7/31/09 NYMEX Strip,
adjusted for basis ($6.19/Mcf wellhead
average over life of well)
1.2
21
Rate of Return, % (BTAX)
42% Higher
$1.78
35
34%
30
$1.45
25
24%
1
20
0.8
15
0.6
10
0.4
5
0.2
0
Typical W.I. Owner
40
0
PHX
Typical W.I. Owner
PHX
The Oil and Gas Conference – Denver, CO - August 2009
6. 3
0.0
9
3. 3
1.0
9
12
.31
. 08
9. 3
0.0
8
6. 3
0.0
8
3. 3
1.0
8
12
.31
. 07
9. 3
0.0
7
6. 3
0.0
7
3. 3
1.0
7
12
.31
. 06
9. 3
0.0
6
6. 3
0.0
6
3. 3
1.0
6
12
.31
. 05
Mmcfe per day
PHX Quarterly Production Profile
22
35
30
25
20
15
10
5
0
The Oil and Gas Conference – Denver, CO - August 2009
PHX Areas of Focus
23
The Oil and Gas Conference – Denver, CO - August 2009
Western Oklahoma: Anadarko Basin
24
Anadarko
Basin

Anadarko Basin (Cana) horizontal Woodford

Anadarko Basin (Colony) horizontal Granite Wash

Anadarko Basin (SE Leedey) horizontal Cleveland
The Oil and Gas Conference – Denver, CO - August 2009
Anadarko Basin: Woodford Shale
25
Anadarko
Basin

~30 horizontal wells on production
in the play (as of April, 2009)

10,000’ – 13,000’ depth

~ 3,000 Mcfd typical initial month production rate

PHX generates superior returns
 Drilling
on our minerals, we keep royalty

4.3% average NRI in 42 sections (1,365 net acres)

9 working interest wells approved (as of 7/10/09)
4
producers, 1 drilling, 1 testing, 3 scheduled

2 royalty interest wells producing

~ 330 undeveloped locations (based on 8 wells per section)
The Oil and Gas Conference – Denver, CO - August 2009
Anadarko Basin: Woodford Shale
26
KINGFISHER
BLAINE
CANADIAN
LEGEND
PHX Acreage
CADDO
Reserve Study Area
Gas Producer
Drilling Well
Well Spot
0
23,146
FEET
PETRA 7/28/2009 2:05:16 PM
The Oil and Gas Conference – Denver, CO - August 2009
Arkansas: Fayetteville Shale
27
Fayetteville
Shale

Daily net production ~ 2.9 Mmcf per day

PHX generates superior returns

Drilling on our minerals, we keep royalty

2% average N.R.I. in 284 sections (8,000 net acres)

85 working interest wells approved (as of 7/10/09)



62 producers, 1 drilling, 2 testing, 20 scheduled
W. I. <1% to 8%, average 4.3% in these wells
N.R.I. <1% to 8%, average 5.1% in these wells

138 royalty interest wells producing

~ 2,200 probable/possible locations
The Oil and Gas Conference – Denver, CO - August 2009
Arkansas: Fayetteville Shale
28
Independence
Johnson
Van Buren
Cleburne
Pope
White
Conway
LEGEND
PHX Acreage
Faulkner
Gas Producer
Drilling Well
Well Spot
0
54,752
FEET
PETRA 7/28/2009 3:10:40 PM
The Oil and Gas Conference – Denver, CO - August 2009
Arkansas: Fayetteville Shale Reserves
29
Net Reserves (Bcf) to PHX
Proved
3.5
Probable
19.0 *
Possible
39.0 *
~ 2,200 locations
* DeGolyer and MacNaughton, as of 9/30/08
based on 8 wells per section
Operators:
Southwestern Energy, Chesapeake, Petrohawk
The Oil and Gas Conference – Denver, CO - August 2009
SE Oklahoma: Woodford Shale

Daily net production ~ 8.4 Mmcf per day

PHX generates superior returns


30
Woodford
Shale
Drilling on our minerals, we keep royalty
10,000 acres in active counties
(Coal, Hughes, Pittsburgh & Atoka)

3.9% average N.R.I. in 185 sections (6,200 net acres)

130 working interest wells approved (as of 7/10/09)



109 producers, 2 drilling, 12 testing, 7 scheduled
W.I. <1% to 42%, average 6.9% in these wells
N.R.I. <1% to 38%, average 6.9% in these wells

24 royalty interest wells producing

~ 1,200 probable/possible locations
The Oil and Gas Conference – Denver, CO - August 2009
SE Oklahoma: Woodford Shale
31
G ANN1- 21H
LO TT1- 34H
FUG I TT10- 1H
ALEXANDER12- 1H
BRO WNE1- 23H
BRENT1- 23H
WO O D1- 22H
ASHM O RE1- 24H
G EO RG I 1- 20H
TERRY1- 21H
FALCO N FARM S1- 20H
ANNE1- 21H
PARR1- 30H
M R DALTO N1- 29H
CHI AF1- 29H
HI LSEWECK RANCH1- 30H
G I BSO N1- 30H
M R BRYAN1- 25H
RED BI RD2- 31H
SCHWARZ1- 36H
CANTRELL1- 31H
RED BI RD1- 31H
BELL TO M M EM O RI AL WE1- 35H
SCHWARZ2- 35H
WHI TE1- 34H
HO LT1- 33H
LEI G H1H- 34
HEFLI N1H- 33
STACEY1H- 35
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PERRY1- 2H
HR1- 31H
RAM O NA1- 6H
BLEVI NS1- 1H
BRO WN1- 33H
M AVERI CK1H- 3
D & D PRO PERTI ES LLC1- 2H
CO ATS1- 4H
WALTER2- 3H
WALTER2- 5H
REDBI RD1- 1H
DURWARD1- 5H
JO EY1- 1H
KENT1- 6H
SPARTAN11- 1H
CHUBLEE12- 1H
PERRY10- 1H
RO WELL1- 1H
ANDERSO N1- 2H
DI LBECK11- 1H
ELLEFSO N9- 2H
VAN PELT1H- 7
PACE1- 8H
PACE2- 10H
O " NEAL12- 1H
PERRY1- 11H
HI LSEWECK RANCH1- 9H
TRI AD16- 1H
M AYER BI A13- 1H
DO LO RES1- 15H
BRASSFI ELD18- 1H
M CCLURE1- 17H
SI LVA14- 1H
HELM BRECHT13- 1H
M CCLURE1- 16H
CARO L1- 18H
CALM 1- 13H
SO O NER23- 1H
SHULLER1- 23H
CRANDELL14- 1H
M O RG AN1- 17H
LESLI 1- 24H
BURNS1- 23H
D & D PRO PERTI ES LLC1- 21H
KENDRI CK1- 22H
SI LVA21- 2H
STO VER23 2H
SI LVA21- 1H
SI LVA20- 3H
SI LVA20- 1H
SI LVA22- 1H
SI LVA21- 3H
CHURCHI LL1- 26H
BO O ZER1- 20H
HO LT27- 1H
HELEN1- 30H
G LEESE1- 28H
BO YCE1- 26H
HI LSEWECK RANCH7- 29H
EM M A LO U1- 32H
RO DEO - FEDERAL35- 1H
BERT1H- 26
G ENEVI EVE1H- 36
KI NCAI D1- 29H
JANE I DA1H- 32
PALE M O O N1- 31H
G ENEVI EVE3H- 36
BO YCE1- 34H
WI LBANKS1- 32H
CHRI STENSEN1- 35H
HI LSEWECK RANCH1- 31H
PATTERSO N1H- 35
ELM S2H- 4
ELM S4H- 4
ELM S3H- 4
CYPERT1- 3H
BUE1- 5H
KELLEY1H- 5
ELM S1H- 4
TED1- 5H
KELLEY2H- 5
PANDA5- 1H
KI LG O RE1H- 2
NUNN1H- 1
RO SA1H- 5
G RANT1H- 6
CARRI S1- 14H11
M CWHO RTER1- 3H
WALLACE6H- 9
JANNA1- 7H
LS1H- 12
WAG EM AN1- 11H
REYNO LDS1H- 11
PARSO NS1- 9H
WO M BAT1- 1H
CO BRA12- 1H
WEBSTER1- 11H
BRUM BAUG H1- 10H
M CG I LL1- 11H
BO NNELL1- 8H
BLEVI NS3H- 9
O RR1- 11H
VO TAW15- 9H
CHAPM AN UNI T1H
REYNO LDS2H- 11
LS2H- 12
LW- JT RANCH1- 8H
O RR2- 11H
LS4H- 12
LS3H- 12
ADAM S3H- 18
ADAM S4H- 18
ADAM S5H- 18
ADAM S1H- 18
STUART1H- 13
BLACK3- 17H
STEI NSI CK1- 14H
BLACK JO HN G 2- 17H
M ELANI E1- 14H
CHANDLER1H- 16
PARRO T18- 1H
G ATO R13- 1H
WALLACE11- 16H
ADAM S2H- 18
WAG EM AN2- 14H
STI PE1- 16H
SHUM AN3- 23H
LO FTI S A E7H- 15
PHI LLI PS1- 16H
STUART2H- 13
LO FTI S A E6H- 15
LO FTI S A E8H- 15
M CWI LLI AM S3H- M
23CWI LLI AM S4H- 23
M CWI LLI AM S5H- 23
SHERM AN ELLI S6H- 22
SHERM AN ELLI S8H
SH-ER
22
M AN ELLI S7H- 22
SHERM AN ELLI S5H- 22
BARNETT1H- 19
M CWI LLI AM S2H- 23
ADAM S5H
S3H- 18
S4H
HI CKO RY HI LLS1- 21H
SHERM AN ELLI S4H- 22
DUNN1- 19H
LEO PARD24- 1H
G ECKO 22- 1H
LO FTI S- TRUST24- 1H
CLEM O NS1H- 20
HO WARD1- 19H
HO NEYWELL22- 1H
CO STELLO 1H- 30
LI ZARD19- 1H
WALLABEE25- 1H
LLN1- 26H
HALL4- 29H
WALKER HEI RS4H- 27
ZEBRA30- 1H
RO G ERS3- 30H
M CDO UG AL1- 31H
WI LSO N1- 36H
PRUI TT2- 32H
SALLY1H- 34
ABBO TT1H- 31
ABBO TT2H- 31
CO LLEEN1H- 35
BALDWI N1- 35H
ABBO TT5H- 31
ABBO TT4H- 31
ABBO TT3H- 31
M CDO NALD1- 34H
TO LAR1- 33H
ZEAK1H- 33
FO STER2H- 1
FO STER4H- 1
LO FTI S DO NALD1- 4H
STI PE1- 3H
M ENDENHALL1- 32H
FO STER3H- 1
REBECCA1- 1H
ADAM S4H- 4 ADAM S5H- 4ADAM S6H- 4
FO STER1- 6H
ADAM S3H- 4
ADAM S2H- 4
ADAM S1H- 4
LO FTI S1- 2H
FO STER1H- 1
M O RRI S1H- 3
CARR1- 1H
M O RRI S4H- 3
M O RRI S3H- 3
M O RRI S2H- 3
JAM ES1- 2H
HO DG ES1- 5H
WO O DALL1- 5H
SM I TH1- 3H
TURPI N1- 6H
TO LAR1- 4H
EUG ENE1- 2H
FO STER7H- 1
FO STER5H- 1
FO STER6H- 1
FO STER8H- 1
SLO AN1- 11H
BRO O KS1- 7H
CATTLE8H- 8
WI LLI AM S1- 7H
CATTLE7H- 8
CATTLE6H- 8
REEDER2H- 10
REEDER1H- 10
SEXTO N1- 9H
AYERS1- 7H
AYERS2- 7H
SHI RLEY1- 9H
BO G G S1- 12H
BREWER1- 12H
KI M BERLY1- 11H
G UFFEY1- 11H
CATTLE1H- 8
HI G HTO WER1- 9H
CATTLE4H- 8
CATTLE3H- 8 CATTLE2H- 8
HI G HTO WER1- 8H
HULL1- 11H
LI G O N2- 8H
SHERRY1- 13H
RO NALD1- 10H
REEDER2- 14H
REEDER1- 14H
BURTO N5H- 17
WI LSO N3- 14H
WI LSO N4- 14H
WO BBEG O NG 8- 1H
HUDSO N1- 9H
HO LLO WAY1- 16H
HO LLO WAY2- 16H
HO LLO WAY3- 16H
BURTO N2H- 17
SUNDO WN RANCH1- 17H
WI LSO N2- 14H
ARLAN4- 15H
PRATT4- 17H
PRATT2- 17H
LUNA2- 18H
LUNA3- 18H
WI LSO N B14- 12
PRATT3- 17H
SCHUELER1- 14H
M EYER TRUST1- 13H
LUNA1- 18H
LUNA4- 18H
BREWER1- 13H
SUNDO WN RANCH1- 18H
CLI FFT1- 16H
BURTO N1H- 17
WI LLI AM S1- 18
I G O U1- 14H
SHI RLEY1- 15H
BURTO N3H- 17
TYSO N1- 16H
JENNI FER1- 16H
ARLAN2- 15H
ARLAN3- 15H
BURTO N4H- 17
ARLAN1- 15H
CO RO NADO 2- 22H
M O RRI S3H- 21
PRATT1- 17H
CATTLE D & L2CATTLE
24H D & L1- 24H
KI NG 1- 24H
CATTLE5H- 21
CATTLE4H- 21
CATTLE2H- 21
HARDEN4- 20H
KI NG 2- 24H
M O O NEY1H- 19
TO LLETT3H- 22
LO FTI S TRUST1- 19H
TI PTO N1H- 23
CATTLE3H- 21
M O RRI S1H- 21
M ELVI N1H- 20
HARDEN2- 20H
CATTLE1H- 21
HUFFSTUTLARA 21- 10
TO LLETT1H- 22
HARDEN1- 20H
PEARSO N1- 24H
LI NDA1- 24H
HARDEN1- 20H
HATRI DG E1- 23H
WO LO HO N2- 19H
HARDEN3- 20H
HARDEN1- 20H
SU
SU
MMMMER
ER
S8H
S7H
- 27
- 27
PEARSO N2- 25H
M O O NEY2H- 19
HARDEN1- 20H
DO UG LAS1- 23H
M O O NEY3H- 19
WO LO HO N3- 19H
M O RRI S2H- 21
M ELVI N2H- 20
KI NG 2- 25H
M ELVI N7H- 20M ELVI N6H- 20M ELVI N5H- 20
M ELVI N4H- 20
M ELVI N3H- 20
TO LLETT2H- 22
JASO N1- 20H
REEDER1- 26H
PO E7H- 29
PO E5H- 29
PO E6H- 29
WO LO HO N1- 19H
PO E4H- 29
PRI CE2- 22H
WHI TLO W1- 26H
WHI TLO W3H- 27
SANFO RD2H- 28WHI TLO W2H
WH
- 27
I TLO W4H- 27
ABNEY1- 25H
TURPI N1- 26H
SANFO RD3H- 28
SHAKLEE1- 30H
BREWER1- 29H
SUM M ERS6H- 27
WHI TLO W1H- 27
CASSELL1- 25H
SANFO RD1H- 28
SM I TH4H- 28
PO E2H- 29
TI PTO N1H- 30
WI NDLE1- 28H
EDWARDS1- 26
PEARSO N1- 25H
TUCKER2- 26H
SHAKLEE3- 30H
SHAKLEE2- 30H
I G O U1- 29H
SM I TH1H- 28
CUNNI NG HAM 1- 30H
RWD 21- 32H
SUM M ERS5H- 27
SM I TH3H- 28
ABNEY1- 26H
TI PTO N3H- 30
TI PTO N2H- 30
SM I TH2H- 28
WI LLA ELY1- 33H
SUM M ERS10H
SU-M27
M ERS9H- 27
SUM M ERS11H- 27
PO E3H- 29
SUM M ERS3- 33H
TI PTO N1- 33H SUM M ERS2- 33H
PATTERSO N2H- 31
G O CKEL2H- 32
PATTERSO N3H- 31
CLAYTO N1H- 33
G O CKEL1H- 32
G O CKEL3H- 32
TURPI N3H- 35
PATTERSO N1H- 31
TURPI N1H- 35
TURPI N2H- 35
PARKER1H- 36
CLAYTO N2H- 33
RO LAND1- 35H
PARKER3H- 36
CASSELL1- 36H
PO E1- 32H
PARKER1- 32H
D & L CATTLE1- 32H
WI LLI AM 1- 34H
PO WELL- FEDERAL4- 3H
PO WELL1- 5H
PO WELL FEDERAL4- 4H
BAKER1- 33H
PO WELL- FEDERAL4- 2H
PARKER2H- 36
FREAS1- 2H
NELSO N1- 31H
DO UBLE 5 RANCH1- 5H
M O RG AN1- 6H
PARKER2- 1H
G UI NN3- 5H
G UI NN2- 5H
O LEN1H- 1
G I BSO N2- 3H
FRENCH1- 6H
PARKER1- 1H
DO UBLE 5 RANCH1- 6H
G UI NN1- 5H
CURTI S1- 3H
PO WELL4- 1H
DO UBLE 5 RANCH2- 1 H
DO UBLE 5 RANCH1- 3H
PARKER1- 6H
DO UBLE 5 RANCH1- 2H
DO UBLE 5 RANCH WEST1- 5 H
DO UBLE 5 RANCH WEST1- 6H
DO UBLE 5 RANCH1- 4H
DO UBLE 5 RANCH1- 1H
SUM M ERS1- 4H
PARKER1- 7H
HATRI DG E2- 10H
SPRAG UE1- 10H
ANNI E1- 9H
DO UBLE 5 RANCH1- 12H
DO UBLE 5 RANCH WEST1- 12H
DO UBLE 5 RANCH1- 9H
PASQ UALI 1- 8H
DO UBLE 5 RANCH4- 8
HATRI DG E1- 10H
DO UBLE 5 RANCH1- 11H
DO UBLE 5 RANCH3- 12H
DO UBLE 5 RANCH1- 10H
DO UBLE 5 RANCH WEST1- 7H
DO UBLE 5 RANCH2- 12H
ECHELLE1- 15H
RESH8- 1H
PARKER1- 7H
M CCLUNG 8- 15H
M O RG AN1- 7H
PARKER2- 7H
DO UBLE 5 RANCH1- 7H
DO UBLE 5 RANCH2- 11H
REED2- 16H
SM I TH C6- 17H
DO UBLE 5 RANCH1- 15H
DO UBLE 5 RANCH1- 16H
REED1- 16H
DO TTI E1- 14
NI CHO LS2- 16H
M CCLUNG 7- 15H
SPRAG UE1- 15H
BO WEN18- 1H
DO UBLE 5 RANCH2- 18
NI CHO LS1- 16H
DO UBLE 5 RANCH1- 13
DO UBLE 5 RANCH1- 17
PASQ UALI 1- 17H
SPRAG UE3- 15H
SPRAG UE2- 15H
HATRI DG E1- 15H
JO HNSO N ESTATE8- 21H
BECCA1- 17H
STRUNK1- 21H
JO RDAN1- 23
REED1- 22H
VAUG HN8- 20H
DI LLARD10- 19H
JO HNSO N ESTATE7- 21H
BI LLI E JEAN1- 19H
BI LLI E JEAN1- 20H
M I LLER1- 21H
REED1- 21H
JO RDAN1- 24H
M AYALL1- 20H
REED2- 21H
M AYALL3- 20H
M AYALL2- 20H
NI CHO LS1- 21H
PASQ UALI 5- 30H
PASQ UALI 7- 30H
PASQ UALI 6- 30H
PASQ UALI 8- 30H
I NVESTO R RO YALTY8- 29H
PASQ UALI 3- 30H
Q UAI D13H- 30
CO SPER29- 1H
PASQ UALI 2- 30H
HO LDER1- 28H
PASQ UALI 1- 30H
BELLETTI NI 1- 27H
PASQ UALI 4- 30H
RO G ERS1- 26H
PASQ UALI 8- 30H
LEM O NS12- 25H
RO G ER TRUST1- 25H
PHI PPS1H- 32
SARAH M O RAN9- 36H
HALL2- 34HX
HALL5- 34H
PHI PPS1H- 31
BRO WN33- 1H
RO SS1- 35H
HALL3- 34H
HALL- STATE34- 1H
BO YD1- 34H
DO UBLE 5 RANCH1- 31H
DO UBLE 5 RANCH3- 31H
VI ERSEN32- 1H
DO UBLE 5 RANCH6- 31H
HALL4- 34H
DO UBLE 5 RANCH7- 31H
DO UBLE 5 RANCH5- 31H
DO UBLE 5 RANCH8- 31H
HO LDER1- 33H
DO UBLE 5 RANCH4- 31H
WI LSO N2- 5H
WESLEY ADAM S1- 36H
HO LDER1- 5H
I LBERRY1H- 1
SEXTO N1H- 6
BARG ERS1H- 2
PASQ UALI 1H- 6
SHERM AN1H- 5
ABLES1H- 3
NAO M I 1H- 1- A
CO DY1H- 1
PERRY1H- 2
ADAM S1H- 3
CASEY1H- 3
JI M M Y1- 6H
ENNI S1H- 11
PERRY1H- 11
M O WDY1H- 10
M O WDY1H- 15
RUSHI NG 1- 7H
PRATHER1H- 8
PRATHER1H- 7
SPRAG UE1H- 7
BULLO CK1H- 10
TRENTHAM 1H- 8
NEWBERRY1H- 12
PERRY1H- 12
LO NG 1H- 9
RY4H- 12
PERRY5H- 12
PERRY3H- 12PER
PERRY2H- 12
JACKSO N1- 8H
CO FFEE1H- 12
BULLO CK2H- 15
BULLO CK3H- 15
M O WDY1H- 15
TRENTHAM 1H- 16
CO M ETTI 2H- 13
RO BERSO N1H- 13
FO RI S1H- 16
LEGEND
HELTO N1H- 13
BI A1H- 18
BALM 1H14
EDDI NG S1H- 14
CUNNI NG HAM 1H- 18
EDDI NG S1H- 16
BULLO CK1H- 15
WI LLI AM S RANCH1H- 17
WI THERSPO O N1H- 19
EDDI NG S5H- 14
DO WNEN1- 24H
EDDI NG S3H- 14
EDDI NG S2H- 14
EDDI NG S4H- 14
M O WDY1H- 23
CUNNI NG HAM 1H- 22
M O WDY1H- 22
FARRI S1H- 24
EDDI NG S1H- 23
CUNNI NG HAM 1H- 20
CUNNI NG HAM 1H- 21
CUNNI NG HAM 1H- 19
M O WDY2- 21H
DEM PSEY1H- 19
BURRI S1H- 30
WI LSO N1H- 28
CO SG RO VE1H- 27
DO WNEN1- 26H
SPRAG UE1H- 25
HARG I S1H- 30 RHEA1H- 29
DO WNEN1H- 25
THO M AN1- 31
STEPHENS1H- 29
WANDA1- 28H
WARD1- 35
M O WDY1- 27H
EDDI NG S1- 29H
ANDERSO N1- 33
WALKUP1H- 33
PHX Acreage
HEDG ECO CK1H- 31
WO O DRUFF1- 36
VAUG HN1H- 35
SC
BIOLLY4TTY5-55
HAM
HAMPTO
PTONNGRER
O ALD
DNEY32- 55
WI LSO N1H- 32
M AUK1H- 36
HEDG ECO CK2H
HED
- 31
G ECO CK2H
WI
- 31
LSO N2H- 32
WI LSO N3H- 32WI LSO N4H-WI
32LSO N5H- 32
JAM ES1- 34
G AYLO R RYAN2- 32
BELLETTI NI 3- 32
CO ALG ATE LAKE1- 2
HARG I S1H- 6
HAM PTO N TERESA1- 6
DUNCAN- SHO RES1- 1
CO ALG ATE LAKE2- 2
WELLS- LAM BERT1- 3
ANDERSO N1- 4
HAM PTO N WI LM A1- 5
ALI CE HAYHURST1- 2
DUNCAN SHO RES2- 1
M CKI NNEY WO O D6- 1
CO SM O 4- 2
CO ALG ATE LAKE4- 2
CARM AN3- 11
CO ALG ATE LAKE6- 2
WI G G I NS2- 10
BEY1H- 12
BEY ANN2- 7
BULL M O UNTAI N1H- 11
Reserve Study Area
WO O DRUFF1H- 12
PHI LLI PS5- 12
CHURNER1- 7
I DA6- 12
CHURNER2- 7
WANDA1- 10
ELAI NE2- 9
SHARO N2H- 15
CO AL2H- 16
CO AL1H- 16
STEVENS1- 17
DO N1H- 13
WELCH1- 17
FREELAND1H- 18
ENG LI SH1H- 16
M CENTI RE1- 14H
WACCAW1- 15H
WHI TBY1- 15
M ARVI N3- 14
FRAZI ER1- 22
TO M LI NSO N1H- 23
BO NNI E1H- 24
M O RRI S1H- 19
EDDI NG S1H- 20
Gas Producer
G RAVI TT1H- 21
BATTLES3H- 25
M O RRI S2H- 19
BO NNI E2H- 24
Drilling Well
CAI TLI N1H- 30
LEM O NS1H- 28
ABLES1H- 29
CO LTO N1- 27
BATTLES1H- 25
PO WELL1H- 26
STEPHANI E1H- 36
LEWI S1H- 31
CARLEI G H1H- 32
M AYER DELL1H- 33
M ARTI N1H- 35
Well Spot
LAURA1H- 5
CHEYENNE2- 1
YO RK1H- 8
JO RDAN1H- 18
CI TY O F LEHI G H16- 1H
BRANO M 1H- 15
THO M AS1H- 7W
CI TY O F LEHI G H- FEDER21- 1H
THO M AS22- 1H
CO AL CREEK23- 1H
DUNCAN1H- 24
RAY1H- 20
THO M AS STATE19- 1H
HARRI S30- 1H
DUNCAN27- 4H
DUNCAN27- 3H
DUNCAN27- 2H
VAUG HN25- 1H
M O BBS TRUST26- 1H
DUNCAN27- 1H
LUTES28- 1H
G LASS29- 1H
BLUE35- 2H
BLUE35- 3H
HELVEY- FEDERAL33- 1H
BLUE35- 4H
0
BLUE35- 1H
PRUDENTI AL32- 1H
FANNI NG 36- 1H
35,773
CALLI CO AT31- 1H
M O ELLER- FEDERAL34- 1H
M O ELLER FEDERAL34- 2H
HI CKO RY HI LL FEDERAL3- 1H
CARR ESTATE1- 4H
KELLY1- 6H
CARR ESTATE2- 1H
THO M AS1H- 5
CARR ESTATE2- 4H
CARR ESTATE2- 3H
CARR ESTATE2- 2H
CARR ESTATE1- 1H
CI TY O F ATO KA4- 1H
M ACK CARR8- 3H
BLACKBURN10- 1H
CI TY O F ATO KA9- 1H
CARR M ACK8- 4H
CARR ESTATE12- 1H
CARR M ACK8- 2H
TRI PLE C7- 1H
M ACK CARR8- 1H
FEET
CARVER11- 1H
CARVER11- 2H
CARVER11- 4H
CARR ESTATE12- 2H
PETRA 7/29/2009 2:27:57 PM
The Oil and Gas Conference – Denver, CO - August 2009
SE Oklahoma: Woodford Shale Reserves
32
Net Reserves (Bcf) to PHX
Proved
15
Probable
67.0 *
Possible
36.0 *
~ 1,200 locations
* DeGolyer and MacNaughton, as of 9/30/08
based on 8 wells per section
Operators:
Newfield, Continental, Devon, BP, XTO
The Oil and Gas Conference – Denver, CO - August 2009
The Panhandle Oil and Gas Advantage

Strong financial metrics


Total US mineral ownership of ~ 255,000 acres
Large drilling inventory in multiple resource plays


< 10% debt to market capitalization
Broadly diversified perpetual mineral holdings


33
Over 3,000 locations identified
Substantial advantage in capital efficiency due to mineral
ownership

Participate with mineral interest as a working interest owner or;

Retain a significant royalty ownership in properties with no
additional capital investment
The Oil and Gas Conference – Denver, CO - August 2009