IPAA OGIS Florida-February 17-18, IPAA OGIS San Francisco, CA - October NYSE: PHX 2009 IPAA OGIS NEW YORK APRIL 20-22, 2009

2009 IPAA OGIS New York April 20-22, Forward-Looking Statements and Risk Factors – This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of Forward-looking statements include current expectations or forecasts of future events. They may include estimates of oil and gas reserves, expected oil and gas production and future expenses, projections of future oil and gas prices, planned capital expenditures for drilling, leasehold acquisitions and seismic data, statements concerning anticipated cash flow and liquidity and Panhandle’s strategy and other plans and objectives for future operations. Although Panhandle believes the expectations reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results are described under “Risk Factors” in Part 1, Item 1 of Panhandle’s 2008 Form 10-K filed with the Securities and Exchange Commission. These “Risk Factors” includes the volatility of oil and gas prices; Panhandle’s ability to compete effectively against strong independent oil and gas companies and majors; the availability of capital on an economic basis to fund reserve replacement costs; Panhandle’s ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and the amount and timing of development expenditures; uncertainties in evaluating oil and gas reserves; unsuccessful exploration and development drilling; declines in the values of our oil and gas properties resulting in write-downs; the negative impact lower oil and gas prices could have on our ability to borrow; and drilling and operating risks. Do not place undue reliance on these forward-looking statements, which speak only as of the date of this release, and Panhandle undertakes no obligation to update this information. Panhandle urges you to carefully review and consider the disclosures made in this presentation and Panhandle’s filings with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect Panhandle’s business.

2009 IPAA OGIS New York April 20-22, 2009 Who is Panhandle Oil and Gas? NYSE: PHX 3

2009 IPAA OGIS New York April 20-22, Panhandle Oil and Gas Inc.  Non-operating independent oil and gas company with ongoing drilling projects in the Woodford Shale, Fayetteville Shale and Western Oklahoma  Market Capitalization - $150 million  52-week range - $ $39.98  8.3 million shares outstanding  Insider ownership – 13.8%  Unique and Evolving company

2009 IPAA OGIS New York April 20-22, UNIQUE: Operational Strategy  Use ownership of 254,600 mineral acres as base, “legacy assets”  Use mineral acreage ownership to participate with a working interest in the drilling of a significant number of wells  Working interest in 1,350 wells  Royalty interest in 3,300 wells  As a non-operator, Panhandle participates in drilling with operating companies, principally large independents.  Majority of drilling is on perpetually owned fee mineral acreage, drilling on owned fee mineral acres maximizes rate of return, royalty on our acres is paid to Panhandle  Approximately 75% of oil and gas sales revenue is from working interests in wells

2009 IPAA OGIS New York April 20-22, Fiscal Year Ended September 30, Revenue & Earnings Revenue $69,119,121$39,128,911 Net income $21,555,769$6,343,464 Earnings per share $2.54$.75 Net cash provided by operating activities $39,924,719$28,106,500 Capital expenditures $38,747,749$27,785,431 Mcfe produced ( 33% increase ) 7,722,4505,791,407 Average Mcfe sales price $8.94$6.47 Financial Highlights

2009 IPAA OGIS New York April 20-22, Three Months Ended December 31, Revenue & Earnings Revenue $11,319,702$13,703,803 Net income (loss) ($874,629)$3,480,307 Earnings per share ($.10)$.41 Net cash provided by operating activities (95% increase) $15,055,493$7,718,871 Capital expenditures $18,442,452$7,579,345 Mcfe produced (36 % increase) 2,495,2991,831,206 Average Mcfe sales price $4.25$7.22 Financial Highlights

2009 IPAA OGIS New York April 20-22, December 31, 2008 Current assets $14,126,897 Property and equipment 197,844,613 Less accumulated DD&A (94,599,231) Net property and equipment 103,245,382 Other 919,290 Total assets $118,291,569 Current liabilities $11,201,127 Long-term debt 12,996,339 Deferred income taxes 26,148,750 Asset retirement obligation 1,594,470 Shareholders equity 66,350,883 Total liabilities and equity $118,291,569 Financial Highlights: Condensed Balance Sheet

2009 IPAA OGIS New York April 20-22, PHX: 2009 Operating Strategies  Maintain operational and financial flexibility  Prudently manage capital expenditures and credit facility drawdowns  Continue participation in unconventional plays  Continue to exploit legacy assets, leveraging minerals ownership  Maintain ability and commitment to prudently maximize current and future drilling and development opportunities

2009 IPAA OGIS New York April 20-22, PHX: 2009 Operating Strategies- continued  $50 million credit facility with Oklahoma banks, maturity October, 2011  $25 million borrowing base, as of 2/03/09  Will increase, if needed  Natural Gas Swaps (all swaps tied to specific pipeline price)  Evaluating additional hedging of natural gas in PeriodVolume/MonthPipeline Price Mar Dec ,000 mmbtu $4.01 Apr Dec ,000 mmbtu $3.71 May Dec ,000 mmbtu $3.615 Jan Dec ,000 mmbtu $5.015 Jan Dec ,000 mmbtu $5.05

2009 IPAA OGIS New York April 20-22, Operating and G&A Expense Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, TXCO, XTO. $1.75 Peer Average: $2.60 $/Mcfe PHX

2009 IPAA OGIS New York April 20-22, Year Finding and Development Cost Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, TXCO, XTO. $/Mcfe Peer Average: $3.76 $2.50 PHX

2009 IPAA OGIS New York April 20-22, Debt to Market Capitalization Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, TXCO, XTO. Peer Average: 164% PHX 9%

2009 IPAA OGIS New York April 20-22, Asset Intensity Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, TXCO, XTO. Peer Average: 59% 44% PHX

2009 IPAA OGIS New York April 20-22, Trailing 12-Mo. Capital Efficiency Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, TXCO, XTO. 247% Peer Average: 233% PHX

2009 IPAA OGIS New York April 20-22, 2009 Operations Overview 16

2009 IPAA OGIS New York April 20-22, Overview/Fiscal Year 2008 Operating Highlights  Total U.S. mineral ownership of ~ 255,000 acres  Significant ownership in the Western Oklahoma Anadarko Basin, Arkansas Fayetteville and the Southeastern Oklahoma Woodford  2008 proved reserves increased 29% to 54.1 Bcfe  Reserve replacement 257%  Growth through the drillbit  2008 finding cost - $2.64/Mcfe  89% natural gas  76% proved developed producing  2008 annual production increased 33% to 21.2 Mmcfe per day  First quarter 2009 production increased to 27.1 Mmcfe per day  Superior investment economics  Large inventory of undrilled locations in premier resource plays  Participation with minerals as a working interest owner

2009 IPAA OGIS New York April 20-22, PHX: Mid-Year Proved Reserve Update Proved Reserves March 31, 2009 September 30, 2008 SEC Pricing (1) Proved reserve volumes53.1 Bcfe54.1 Bcfe Estimated future net cash flows, 10% discounted present value (before income taxes, millions of dollars) $61.9$119.9 Normalized Pricing (2) Proved reserve volumes62.4 Bcfe54.8 Bcfe Estimated future net cash flows, 10% discounted present value (before income taxes, millions of dollars) $156.3$ SEC Pricing September 30, $4.52/Mcf & $97.74/Bbl, flat SEC Pricing March 31, $2.45/Mcf & $46.93/Bbl, flat 2. Normalized Pricing - $6.00/Mcf & 45.00/Bbl, flat

Panhandle Oil and Gas Mineral Holdings 2009 IPAA OGIS New York April 20-22, 2009 Leasehold 19 Significant Mineral Acreage Holdings Net Acres (Thousands)

2009 IPAA OGIS New York April 20-22, EUR, Bcf Finding Cost ($/Mcfe)ROR (%) Mineral Participation ROR Enhancement TypicalPHXTypicalPHX % % % Economic Impact of Participation with Mineral Interest SE Oklahoma Woodford Assumptions: PHX ownership -1% W.I., 1% NRI Typical ownership – 1% W.I., % NRI Gross well cost - $6,500,000 Gross Operating Cost - $3,500/month, flat for life of well Wellhead gas price - $6.00/Mcf, flat for life of well

2009 IPAA OGIS New York - April 20-22, PHX Quarterly Production Profile CAGR 25.4%

2009 IPAA OGIS New York April 20-22, PHX Areas of Focus

2009 IPAA OGIS New York April 20-22, Western Oklahoma: Anadarko Basin  Dill City Atoka Wash  Anadarko Basin horizontal Woodford  Custer County Atoka/Morrow/Springer  Dewey County horizontal Cleveland Anadarko Basin

2009 IPAA OGIS New York April 20-22, Anadarko Basin: Woodford Shale  Recently developing play  10,000’ – 13,000’ depth  Recent IP’s 4-7 Mmcf per day  PHX owns ~ 5,950 acres in the 3 active counties (~1,050 acres area of current activity)  6 working interest wells approved (as of 3/14/09)  2 producers, 1 drilling, 1 testing, 2 scheduled  1 royalty interest well producing Anadarko Basin

2009 IPAA OGIS New York April 20-22, Anadarko Basin: Dill City Atoka Wash  Daily net production ~ 4.9 Mmcfe per day  15,000 – 16,000’ depth  ~ 19% average working interest  20 producers, 1 drilling, 1 testing (as of 3/14/09)  Thomas #1-7 (32% W.I., 26% NRI)  2.5 Bcf Mbo cum since 3/07  1,800 Mcfd + 80 Bopd recent rate (1/09)  Dill City Land Company #1-12 (17% W.I., 13% NRI)  1 st sales 1/09  2,400 Mcfd Bopd recent rate (3/09)  Iris Bookout #1-8 (18% W.I., 15% NRI)  1 st sales 12/08  4,800 Mcfd Bopd recent rate (3/09)  Loftis 1-7 (19% W.I., 16% NRI)  Iris Bookout #1-8 offset  Currently completing  Deep Morrow/Springer potential upside identified on acreage Anadarko Basin

 Daily net production ~ 2.9 Mmcf per day  Better rate of return than operators  Drilling on our minerals, we keep royalty  2% average N.R.I. in 284 sections in 8,000 acre core area  77 working interest wells approved (as of 3/14/09)  40 producers, 2 drilling, 1 testing, 34 scheduled  W. I. <1% to 8%, average 4.6% in these wells  N.R.I. <1% to 8%, average 5.5% in these wells  104 royalty interest wells producing  ~ 2,200 probable/possible locations 2009 IPAA OGIS New York April 20-22, Fayetteville Shale

2009 IPAA OGIS New York April 20-22, Horizontal Fayetteville Shale Play

2009 IPAA OGIS New York April 20-22, Net Reserves (Bcf) to PHX Proved3.5 Probable19.0 * Possible39.0 * ~ 2,200 locations Fayetteville Shale Reserves * DeGolyer and MacNaughton, as of 9/30/08 based on 8 wells per section, 8,000 net acres in core area (284 sections) Operators: Southwestern Energy, Chesapeake, Petrohawk

2009 IPAA OGIS New York April 20-22, SE Oklahoma: Woodford Shale  Daily net production ~ 11 Mmcf per day  Better rate of return than operators  Drilling on our minerals, we keep royalty  10,000 acres in active counties (Coal, Hughes, Pittsburgh & Atoka)  6,200 prospective acres in core area  3.9% average N.R.I. in 185 sections in 6,200 acre core area  127 working interest wells approved (as of 3/14/09)  98 producers, 10 drilling, 8 testing, 10 scheduled, 1 abandoned  W.I. <1% to 42%, average 7.0% in these wells  N.R.I. <1% to 38%, average 7.1% in these wells  21 royalty interest wells producing  ~ 1,200 probable/possible locations Woodford Shale

2009 IPAA OGIS New York April 20-22, Horizontal Woodford Shale

2009 IPAA OGIS New York April 20-22, * DeGolyer and MacNaughton, as of 9/30/08 based on 80 acre density, 6,200 net acres in core area Operators: Newfield, Continental, Devon, BP, XTO SE Oklahoma: Woodford Shale Reserves Net Reserves (Bcf) to PHX Proved15 Probable67.0 * Possible36.0 * ~ 1,200 locations

2009 IPAA OGIS New York April 20-22, The Panhandle Oil and Gas Advantage  Strong financial metrics  Broad diversified perpetual mineral holdings  Large drilling inventory in two proven and highly successful resource plays  Substantial advantage in capital efficiency due to mineral ownership  Participate with mineral interest as a working interest owner or;  Retain a significant royalty ownership in properties with absolutely no additional capital investment

2009 IPAA OGIS New York April 20-22, 2009