OKLAHOMA CITY — Panhandle Oil and Gas Inc. has agreed to acquire two packages of mineral and royalty assets totaling approximately 795 net royalty acres in the SCOOP and Haynesville plays from Red Stone Resources for $6.9 million in cash and stock, subject to customary closing adjustments. The acquisition is expected to close in the first fiscal quarter of 2021.

Panhandle President and CEO Chad Stephens said, “This is an outstanding acquisition for Panhandle that fits very well with our stated strategy to grow the company on an accretive basis. These assets are a nice blend of producing properties, near-term development opportunities and upside potential in core areas with active drilling programs by high-quality and well-capitalized operators. It also marks our entry into the Haynesville play of east Texas and Louisiana, which we believe has significant potential and provides good development visibility. I am very proud of the whole Panhandle team for executing this transaction in an extremely challenging environment.”

For more information, visit www.panhandleoilandgas.com or call (405) 948-1560.