Revenue during the quarter dropped 24.55 percent to $10.15 million from $13.46 million in the previous year period. Gross margin for the quarter contracted 116 basis points over the previous year period to 67.33 percent. Operating margin for the quarter stood at negative 23.67 percent as compared to a negative 37.81 percent for the previous year period.

Michael C. Coffman, president and chief executive officer, said, "As have all companies in the oil and gas industry, Panhandle experienced a very difficult year in 2016, brought on by extremely low product prices. Our average per Mcfe sales price of $2.73 in 2016 compared to $3.97 in 2015 and $5.88 in 2014."

Cash flow from investing activities was $8.62 million from investing activities during the year as against cash outgo of $29.59 million in the last year.

The company has spent $23.34 million cash to carry out financing activities during the year as against cash outgo of $15.89 million in the last year period.

Cash and cash equivalents stood at $0.47 million as on Sep. 30, 2016, down 21.97 percent or $0.13 million from $0.60 million on Sep. 30, 2015.

Working capital drops significantly

Panhandle Oil & Gas has witnessed a decline in the working capital over the last year. It stood at $2.10 million as at Sep. 30, 2016, down 76.44 percent or $6.81 million from $8.91 million on Sep. 30, 2015. Current ratio was at 1.47 as on Sep. 30, 2016, down from 2.83 on Sep. 30, 2015.

Debt comes down significantly
Panhandle Oil & Gas has recorded a decline in total debt over the last one year. It stood at $44.50 million as on Sep. 30, 2016, down 31.54 percent or $20.50 million from $65 million on Sep. 30, 2015. Total debt was 22.46 percent of total assets as on Sep. 30, 2016, compared with 27.22 percent on Sep. 30, 2015. Debt to equity ratio was at 0.39 as on Sep. 30, 2016, down from 0.51 as on Sep. 30, 2015.