OKLAHOMA CITY, Jan. 17, 2020 /PRNewswire/ -- PANHANDLE OIL AND
GAS INC. (NYSE: PHX) (the "Company" or "Panhandle") announced that
Chad L. Stephens was approved as
Chief Executive Officer of Panhandle, effective Jan. 16, 2020. Mr. Stephens was previously
Interim Chief Executive Officer and currently serves as a member of
Panhandle's board of directors.
Mr. Stephens has nearly 40 years of experience in the oil and
gas industry. He was the Senior Vice President of Corporate
Development at Range Resources from 2002 until his retirement on
Dec. 31, 2018. Mr. Stephens joined
Range Resources in 1990 as Senior Vice President – Southwest. While
at Range Resources, he was responsible for the origination,
valuation and acquisition or divestiture of over $6.0 billion of oil and gas producing properties.
Mr. Stephens served on the internal hedging committee and was
responsible for the oversight of all gas, oil and NGL marketing and
sales for Range Resources. Mr. Stephens holds a Bachelor of Arts
degree in Finance and Land Management from the University of Texas.
Panhandle's Lead Independent Director Mark T. Behrman stated, "We are excited to have
Chad leading the Company and our senior management team going
forward. Chad is a very capable executive with proven leadership
and operations expertise gained from his decades of experience in
the oil and gas industry. We are confident that our executives,
employees and stockholders will benefit greatly from Chad's skills
and expertise as he successfully executes our business
strategy."
Mr. Stephens stated, "I am honored to be elected by the Board to
lead Panhandle's talented team of executives and employees. My
focus will be on furthering Panhandle's strategic decision to focus
on perpetual oil and natural gas mineral ownership and growth
through mineral acquisitions and development of Panhandle's
significant inventory of mineral acreage to increase value to our
stockholders."
Panhandle Oil and Gas Inc. (NYSE:
PHX) Oklahoma
City-based, Panhandle Oil and Gas Inc. is an oil and natural
gas mineral company with a strategy to proactively pursue the
acquisition of additional minerals in our core areas of focus.
Panhandle owns approximately 258,000 net mineral acres principally
located in Oklahoma, North Dakota, Texas, New
Mexico and Arkansas.
Approximately 71% of this mineral count is unleased and
undeveloped. Additional information on the Company can be found at
www.panhandleoilandgas.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release 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. Words such as
"anticipates," "plans," "estimates," "believes," "expects,"
"intends," "will," "should," "may" and similar expressions may be
used to identify forward-looking statements. Forward-looking
statements are not statements of historical fact and reflect
Panhandle's current views about future events. Forward-looking
statements may include, but are not limited to, statements relating
to: our future financial and operating results; our ability to
execute our business strategies; estimations and the respective
values of oil, NGL and natural gas reserves; the level of
production on our properties and the future expenses associated
therewith; projections and volatility of future realized oil and
natural gas prices; planned capital expenditures associated with
our mineral, leasehold and non-operated working interests;
statements concerning anticipated cash flow and liquidity; and our
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. Such forward-looking
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
These forward-looking statements involve certain risks and
uncertainties that could cause the results to differ materially
from those expected by the Company's management. Information
concerning these risks and other factors can be found in the
Company's filings with the Securities and Exchange Commission,
including its Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q, available on the Company's website or the SEC's website
at www.sec.gov.
Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in
forward-looking statements. The forward-looking statements in this
press release are made as of the date hereof, and the Company does
not undertake any obligation to update the forward-looking
statements as a result of new information, future events or
otherwise.
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SOURCE PANHANDLE OIL AND GAS INC.