Panhandle Oil and Gas Inc., Oklahoma City, has gone from a "semi-passive company to a more aggressive company," Michael Coffman, president and chief executive, said at the annual IPAA OGIS-West conference in San Francisco.
Until this spring, the company was known as Panhandle Royalty Co. but investors thought it was a royalty trust, rather than an active exploration shop, thus the name change. The company has authorization to double its outstanding shares to finance acquisitions, mergers and other endeavors.
Coffman took over the president post from Ben Hare, who was co-president and chief operating officer and remains on the Panhandle board. Coffman was co-president and chief financial officer.
Duke Ligon, retired senior vice president and general counsel with Devon Energy Corp., Oklahoma City, recently joined the Panhandle board, Coffman noted. Ligon has been a long-time shareholder in Panhandle.
Meanwhile, Panhandle insiders have purchased more than 250,000 shares in the open market this year. "Our board must think we're doing well," Coffman said. The company's operations include drilling in the Woodford and Fayetteville shales.
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