2008 IPAA OGIS San Francisco, CA - October 6 2008

1. NYSE: PHX 2009 IPAA OGIS NEW YORK APRIL 20-22, 2009 IPAA OGIS Florida-February 17-18, 2009 2008 IPAA OGIS San Francisco, CA - October 6 2008

2. 2 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 1934. 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

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

4. Panhandle Oil and Gas Inc. 4 • 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 - $13.15 - $39.98 • 8.3 million shares outstanding • Insider ownership – 13.8% • Unique and Evolving company 2009 IPAA OGIS New York April 20-22, 2009

5. UNIQUE: Operational Strategy 5 • 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 numberof 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, 2009

6. Financial Highlights 6 2009 IPAA OGIS New York April 20-22, 2009

7. Financial Highlights 7 2009 IPAA OGIS New York April 20-22, 2009

8. Financial Highlights: Condensed Balance Sheet 8 2009 IPAA OGIS New York April 20-22, 2009

9. PHX: 2009 Operating Strategies 9 • 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, 2009

10. PHX: 2009 Operating Strategies-continued 10 • $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 2010-2011 2009 IPAA OGIS New York April 20-22, 2009

11. Operating and G&A Expense 11 Peer Average: $2.60 $/Mcfe $1.75 PHX 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. 2009 IPAA OGIS New York April 20-22, 2009

12. 3-Year Finding and Development Cost 12 $/Mcfe Peer Average: $3.76 $2.50 PHX 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. 2009 IPAA OGIS New York April 20-22, 2009

13. Debt to Market Capitalization 13 Peer Average: 164% 9% PHX 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. 2009 IPAA OGIS New York April 20-22, 2009

14. Asset Intensity 14 Peer Average: 59% 44% PHX 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. 2009 IPAA OGIS New York April 20-22, 2009

15. Trailing 12-Mo. Capital Efficiency 15 247% Peer Average: 233% PHX 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. 2009 IPAA OGIS New York April 20-22, 2009

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

17. Overview/Fiscal Year 2008 Operating Highlights 17 • 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, 2009

18. PHX: Mid-Year Proved Reserve Update 18 2009 IPAA OGIS New York April 20-22, 2009

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

20. Economic Impact of Participation with Mineral Interest 20 SE Oklahoma Woodford Assumptions: PHX ownership -1% W.I., 1% NRI Typical ownership – 1% W.I., 0.8125% 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, 2009

21. PHX Quarterly Production Profile 21 CAGR 25.4% 2009 IPAA OGIS New York - April 20-22, 2009

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

23. Western Oklahoma: Anadarko Basin 23 Anadarko Basin • Dill City Atoka Wash • Anadarko Basin horizontal Woodford • Custer County Atoka/Morrow/Springer • Dewey County horizontal Cleveland 2009 IPAA OGIS New York April 20-22, 2009

24. Anadarko Basin: Woodford Shale 24 • 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, 2009

25. Anadarko Basin: Dill City Atoka Wash 25 • 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 + 135 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) • 1st sales 1/09 • 2,400 Mcfd + 120 Bopd recent rate (3/09) • Iris Bookout #1-8 (18% W.I., 15% NRI) • 1st sales 12/08 • 4,800 Mcfd + 200 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 2009 IPAA OGIS New York April 20-22, 2009

26. Fayetteville Shale 26 • 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 Fayetteville Shale 2009 IPAA OGIS New York April 20-22, 2009

27. Horizontal Fayetteville Shale Play 27 2009 IPAA OGIS New York April 20-22, 2009

28. Fayetteville Shale Reserves 28 *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 Net Reserves (Bcf) to PHX Proved 3.5 Probable 19.0 * Possible 39.0 * ~ 2,200 locations 2009 IPAA OGIS New York April 20-22, 2009

29. SE Oklahoma: Woodford Shale 29 • 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, 2009

30. Horizontal Woodford Shale 30 2009 IPAA OGIS New York April 20-22, 2009

31. SE Oklahoma: Woodford Shale Reserves 31 Net Reserves (Bcf) to PHX Proved 15 Probable 67.0 * Possible 36.0 * ~ 1,200 locations * 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 2009 IPAA OGIS New York April 20-22, 2009

32. The Panhandle Oil and Gas Advantage 32 • 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

33. 2009 IPAA OGIS New York April 20-22, 2009