OKLAHOMA CITY, June 22, 2015 /PRNewswire/ -- PANHANDLE
OIL AND GAS INC. (NYSE: PHX) announced today that its bank
group, per the normal mid-year cycle timing, has set the borrowing
base under its credit agreement at $120
million. The current outstanding balance under the
facility is approximately $67
million, which is a reduction of $11
million from the balance due at fiscal year-end September 30, 2014. The facility matures on
November 30, 2018. All
covenants and terms of the loan agreement remained unchanged.
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 core long-term
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.