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Panhandle Oil & Gas Acquires Core of the SCOOP & Haynesville Plays

Gasoil News - Published on Fri, 16 Oct 2020

Image Source: Panhandle Oil & Gas
Panhandle Oil & Gas Inc has closed the previously announced purchase of two mineral and royalty packages in Grady County in Okla and Panola and Harrison Counties in Texas, from Red Stone Resources LLC for approximately $5.5 million in cash and 153,375 shares of Panhandle common stock, which are subject to the customary closing adjustments. Panhandle is entitled to the cash flow from production attributable to the Acquisitions beginning on and after June 1, 2020.

Chad L. Stephens, President and CEO, commented "The closing of the Red Stone acquisitions is another important milestone for Panhandle in a challenging market as we continue our transition to a company focused on minerals. As 2020 draws to a close and we start looking toward 2021, I am optimistic about the other opportunities in the market place and look forward to Panhandle continuing to be a consolidator in the mineral space.”

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Posted By : Yogender Pancholi on Fri, 16 Oct 2020
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