Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Panhandle Oil and Gas Inc., Valuation and Financial Data, 2011-2015 8 Panhandle Oil and Gas Inc., Share Price Performance, 2011-2015 8 Share Price Performance, 2011-2015 8 Key Valuation Metrics, 2011-2015 9 Panhandle Oil and Gas Inc., Production and Reserves Trends 10 Total Oil and Gas, Reserves and Production 10 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 10 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 12 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 14 Crude Oil/Liquids Production and Reserve 15 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 15 Crude Oil Production and Reserves By Country/Region, 2011-2015 16 Crude Oil/Liquids Reserve Changes, 2011-2015 18 Natural Gas Production and Reserve 19 Natural Gas Production and Reserve Trend, 2011-2015 19 Natural Gas Production and Reserves, By Country/Region, 2011-2015 20 Natural Gas Reserve Changes, 2011-2015 22 Total Crude Oil and Natural Gas Reserves Life Index 23 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 23 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 24 Panhandle Oil and Gas Inc., E&P Costs Trends 26 Allocation of the Upstream Capital Expenditure 26 Upstream Capital Expenditure, 2011-2015 26 Exploration and Development Costs, By Country/Region, 2011-2015 27 Oil and Gas Cost Per boe, US$/boe 29 Oil and Gas Cost Per boe, US$/boe, 2011-2015 29 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 31 Panhandle Oil and Gas Inc., Reserve Replacement Ratio 33 Oil and Gas Production Replacement Ratio 33 Oil and Gas Production Replacement Ratio, 2011-2015 33 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 35 Panhandle Oil and Gas Inc., Results of Oil & Gas Operations Trend 39 Oil and Gas Revenue and Expenses 39 Oil and Gas Revenue and Expenses, 2011-2015 39 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 40 Oil and Gas Revenue and Expenses, Per boe 45 Oil and Gas Revenue and Expenses, By boe, 2011-2015 45 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 46 Oil and Gas Performance Metrics 50 Panhandle Oil and Gas Inc., Land Holdings and Well Data 51 Developed and Undeveloped Acreage 51 Gross and Net Developed and Undeveloped Acreage, 2011-2015 51 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 52 Well Statistics 55 Producible Oil and Gas Well, 2011-2015 55 Producible Oil and Gas Well, By Country/Region, 2011-2015 56 Exploration and Development Wells Drilled, 2011-2015 60 Recent Developments 61 Panhandle Oil and Gas Inc. - Recent Developments 61 Mar 14, 2016: Panhandle Oil and Gas Announces President To Retire 61 Feb 08, 2016: Panhandle Oil And Gas Reports Fiscal 2016 First Quarter Results 61 Jan 04, 2016: Panhandle Oil And Gas Announces Operations Update 63 Dec 10, 2015: Panhandle Oil And Gas Reports Fiscal 2015 Financial Results 64 Nov 10, 2015: Panhandle Oil And Gas Announces Sept. 30, 2015, Reserves And Operations Update 66 Aug 06, 2015: Panhandle Oil And Gas Reports Fiscal Third-Quarter And Nine-Months 2015 Results And Operations Update 68 Jun 22, 2015: Panhandle Oil And Gas Announces Borrowing Base Update 70 May 07, 2015: Panhandle Oil and Gas Reports Fiscal Second Quarter, Six Months 2015 Results And Mid-Year Reserve Update 70 Mar 09, 2015: Panhandle Oil And Gas Announces Results Of Annual Shareholders' Meeting 72 Feb 09, 2015: Panhandle Oil And Gas Reports Fiscal 2015 First Quarter Results 72 Appendix 75 Methodology 75 Coverage 75 Secondary Research 75 Primary Research 75 Data Information Sources 76 Company Source 76 SEC/Other Regulatory Filings 76 Other Sources 76 Expert Panel Validation 76 Data Definition 76 Oil and Gas Reserves 76 Units of Measure 77 About GlobalData 77 Disclosure 77 Disclaimer 77

List of Tables Table 1: Panhandle Oil and Gas Inc., Key Facts 7 Table 2: Panhandle Oil and Gas Inc., Share Price Performance, 2011-2015 8 Table 3: Panhandle Oil and Gas Inc., Key Valuation Metrics, 2011-2015 9 Table 4: Panhandle Oil and Gas Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 11 Table 5: Panhandle Oil and Gas Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 13 Table 6: Panhandle Oil and Gas Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 14 Table 7: Panhandle Oil and Gas Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Table 8: Panhandle Oil and Gas Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 17 Table 9: Panhandle Oil and Gas Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 18 Table 10: Panhandle Oil and Gas Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Table 11: Panhandle Oil and Gas Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 21 Table 12: Panhandle Oil and Gas Inc., Natural Gas Reserve Changes, bcf, 2011-2015 22 Table 13: Panhandle Oil and Gas Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 23 Table 14: Panhandle Oil and Gas Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 25 Table 15: Panhandle Oil and Gas Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 26 Table 16: Panhandle Oil and Gas Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 28 Table 17: Panhandle Oil and Gas Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 30 Table 18: Panhandle Oil and Gas Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 32 Table 19: Panhandle Oil and Gas Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 33 Table 20: Panhandle Oil and Gas Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 38 Table 21: Panhandle Oil and Gas Inc., Revenue and Expenses, US$ mil, 2011-2015 39 Table 22: Panhandle Oil and Gas Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 44 Table 23: Panhandle Oil and Gas Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 45 Table 24: Panhandle Oil and Gas Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 49 Table 25: Panhandle Oil and Gas Inc., Oil and Gas Performance Metrics, 2011-2015 50 Table 26: Panhandle Oil and Gas Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 51 Table 27: Panhandle Oil and Gas Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 54 Table 28: Panhandle Oil and Gas Inc., Producible Oil and Gas Wells, 2011-2015 55 Table 29: Panhandle Oil and Gas Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 59 Table 30: Panhandle Oil and Gas Inc., Exploratory and Developed Wells, 2011-2015 60 List of Figures Figure 1: Panhandle Oil and Gas Inc., Share Price Performance, USD/Share, 2011-2015 8 Figure 2: Panhandle Oil and Gas Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 9 Figure 3: Panhandle Oil and Gas Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 10 Figure 4: Panhandle Oil and Gas Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 12 Figure 5: Panhandle Oil and Gas Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 12 Figure 6: Panhandle Oil and Gas Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 14 Figure 7: Panhandle Oil and Gas Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Figure 8: Panhandle Oil and Gas Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 16 Figure 9: Panhandle Oil and Gas Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 16 Figure 10: Panhandle Oil and Gas Inc., Crude Oil Reserve Changes, mmbbl, 2015 18 Figure 11: Panhandle Oil and Gas Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Figure 12: Panhandle Oil and Gas Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 20 Figure 13: Panhandle Oil and Gas Inc., Gas Production, By Country/Region, bcf, 2011-2015 20 Figure 14: Panhandle Oil and Gas Inc., Natural Gas Reserve Changes, bcf, 2015 22 Figure 15: Panhandle Oil and Gas Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 23 Figure 16: Panhandle Oil and Gas Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 17: Panhandle Oil and Gas Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 18: Panhandle Oil and Gas Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 25 Figure 19: Panhandle Oil and Gas Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 26 Figure 20: Panhandle Oil and Gas Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 21: Panhandle Oil and Gas Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 22: Panhandle Oil and Gas Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 29 Figure 23: Panhandle Oil and Gas Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 31 Figure 24: Panhandle Oil and Gas Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 31 Figure 25: Panhandle Oil and Gas Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 26: Panhandle Oil and Gas Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 33 Figure 27: Panhandle Oil and Gas Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 35 Figure 28: Panhandle Oil and Gas Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 35 Figure 29: Panhandle Oil and Gas Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 36 Figure 30: Panhandle Oil and Gas Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 36 Figure 31: Panhandle Oil and Gas Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 32: Panhandle Oil and Gas Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 33: Panhandle Oil and Gas Inc., Revenue and Expenses, US$ mil, 2011-2015 39 Figure 34: Panhandle Oil and Gas Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 40 Figure 35: Panhandle Oil and Gas Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 40 Figure 36: Panhandle Oil and Gas Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 41 Figure 37: Panhandle Oil and Gas Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 41 Figure 38: Panhandle Oil and Gas Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 42 Figure 39: Panhandle Oil and Gas Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 42 Figure 40: Panhandle Oil and Gas Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 43 Figure 41: Panhandle Oil and Gas Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 42: Panhandle Oil and Gas Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 45 Figure 43: Panhandle Oil and Gas Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 46 Figure 44: Panhandle Oil and Gas Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 46 Figure 45: Panhandle Oil and Gas Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 46: Panhandle Oil and Gas Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 47: Panhandle Oil and Gas Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 48: Panhandle Oil and Gas Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 49: Panhandle Oil and Gas Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 50: Panhandle Oil and Gas Inc., Oil and Gas Performance Metrics, 2011-2015 50 Figure 51: Panhandle Oil and Gas Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 51 Figure 52: Panhandle Oil and Gas Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 52 Figure 53: Panhandle Oil and Gas Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 52 Figure 54: Panhandle Oil and Gas Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 53 Figure 55: Panhandle Oil and Gas Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 53 Figure 56: Panhandle Oil and Gas Inc., Producible Oil and Gas Wells, 2011-2015 55 Figure 57: Panhandle Oil and Gas Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 56 Figure 58: Panhandle Oil and Gas Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 56 Figure 59: Panhandle Oil and Gas Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 57 Figure 60: Panhandle Oil and Gas Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 57 Figure 61: Panhandle Oil and Gas Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 62: Panhandle Oil and Gas Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 63: Panhandle Oil and Gas Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 59 Figure 64: Panhandle Oil and Gas Inc., Exploratory and Developed Wells, 2011-2015 60