OKLAHOMA CITY, June 7, 2016 /PRNewswire/ -- PANHANDLE
OIL AND GAS INC. (NYSE: PHX) announced today that its bank
group, per normal mid-year cycle timing, has set the borrowing base
under its credit agreement at $80
million. The current outstanding balance under the
facility is $50 million. The facility
matures on Nov. 30, 2018.
Covenants and terms of the loan agreement remained unchanged, and
the Company continues to be in compliance with all covenants.
The borrowing base was set based on bank pricing in effect at
May 1, 2016.
Michael C. Coffman, President and
CEO, said, "We appreciate the continuing support of our bank
group. The liquidity available to Panhandle from the credit
agreement, along with our monthly cash flow from operations,
position the Company to continue to focus on our long-term
operating strategies."
Panhandle Oil and Gas Inc. (NYSE: PHX) is engaged in the
exploration for and production of natural gas and oil.
Additional information on the Company can be found on the Internet
at www.panhandleoilandgas.com.
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SOURCE PANHANDLE OIL AND GAS INC.