OKLAHOMA CITY, Nov. 6, 2017 /PRNewswire/ -- PANHANDLE OIL AND
GAS INC. (NYSE: PHX; "Panhandle" or the "Company") announced today
that it has filed a universal shelf registration statement on Form
S-3 with the United States Securities and Exchange Commission
("SEC"). Under the shelf registration statement, once
declared effective by the SEC, Panhandle may from time to time in
one or more future offerings issue various types of securities,
including common stock, preferred stock, debt securities, warrants
and/or units, up to an aggregate amount of $75 million.
Paul F. Blanchard Jr., President
and CEO of Panhandle, said, "Having an effective shelf registration
statement is a prudent proactive move to provide the Company
increased financial flexibility and more efficient access to the
capital markets. The financial principals of the Company have not
changed. The purpose of this filing is to provide the Company with
access to a variety of financial tools to pursue compelling
opportunities to grow our long term value per share. The Company
has no current plans to issue securities under the shelf
registration statement."
The shelf registration statement relating to these securities
has been filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. Any
offering of the securities covered under the shelf registration
statement will be made solely by means of a prospectus and an
accompanying prospectus supplement relating to that offering. A
copy of the prospectus included in the registration statement may
be obtained on the SEC's website at www.sec.gov. In addition,
when available, copies of the prospectus, and any applicable
prospectus supplement relating to a particular offering, may be
obtained by contacting the Company, Attention Lonnie J. Lowry, 5400
N. Grand Boulevard, Suite 300, Oklahoma
City, OK 73112.
Panhandle Oil and Gas Inc. (NYSE: PHX) is
engaged in the exploration for and production of natural gas and
oil.
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 2016 Form 10-K filed with the
Securities and Exchange Commission. These "Risk Factors" include
the worldwide economic recession's continuing negative effects on
the natural gas business; Panhandle's hedging activities may reduce
the realized prices received for natural gas sales; the volatility
of oil and gas prices; the Company'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; decreases 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; drilling and operating risks; and we cannot control
activities on our properties as the Company is a non-operator.
Do not place undue reliance on these forward-looking statements,
which speak only as of the date of this release, as Panhandle
undertakes no obligation to update this information. Panhandle
urges you to carefully review and consider the disclosures made in
this release and Panhandle's filings with the SEC that attempt to
advise interested parties of the risks and factors that may affect
Panhandle's business.
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SOURCE PANHANDLE OIL AND GAS INC.