Panhandle Oil and Gas to draw down on credit facility for acquisition

By Wendy Van Sickle

Columbus, Ohio, July 19 – Panhandle Oil and Gas Inc. plans to draw down on its bank credit facility to acquire some mineral acreage and producing oil and gas properties, according to an 8-K filing with the Securities and Exchange Commission.

The properties are being purchased from a private seller at a price of $9 million, with an effective date of June 1, and the transaction is projected to close within 45 days, according to the filing.

Panhandle Oil and Gas explores for and produces natural gas and oil and is based in Oklahoma City.

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