Panhandle Oil and Gas reported operational data on the company’s oil and gas activities for fiscal 2011. The company is active in developing various plays in Oklahoma and Arkansas, including the Woodford and Fayetteville Shale formations.
Panhandle Oil and Gas estimates that the company’s proved reserves of crude oil, natural gas and natural gas liquids totaled 111.7 Bcfe as of September 30, 2011, an 8% increase from the 103.7 Bcfe reported at the same time last year.
Panhandle Oil and Gas calculated these reserves using prices mandated by the Securities and Exchange Commission (SEC). These prices for the most recent period were $90.28 per barrel for crude oil, $3.81 per thousand cubic feet for natural gas, and $38.91 per barrel of natural gas liquids.
Panhandle Oil and Gas said that this was the first time that the company has reported proved reserves of natural gas liquids as a separate item. This is due to recent drilling activity in areas in Oklahoma that produce significant amounts of natural gas liquids. The reserve report for Panhandle Oil and Gas was prepared by DeGolyer and MacNaughton, a petroleum engineering firm headquartered in Texas.
For more information on the company, go to www.panhandleoilandgas.com
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