1. IPAA OGIS Florida-February 17-18, 2009 1 2008 IPAA OGIS San Francisco, CA - October 6 2008 NYSE: PHX IPAA OGIS San Francisco, CA September 29-October 1, 2009 NYSE: PHX

2. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 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 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” include 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.

3. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 3 Who is Panhandle Oil and Gas? NYSE: PHX

4. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 44 Panhandle Oil and Gas Inc.  Non-operating independent oil and gas company with current drilling projects in the Woodford Shales, Fayetteville Shale and Western Oklahoma  Market Capitalization - $185 million  52-week range - $13.15 - $34.00  8.3 million shares outstanding  Insider ownership – 13.8%  Unique and Evolving company

5. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 55 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

6. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 66 Financial Highlights Fiscal Year Ended September 30, Revenue & Earnings2008 2007 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

7. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 77 Financial Highlights Nine Months Ended June 30, Revenue & Earnings 2009 2008 Revenue $28,973,677$44,904,231 Net income (loss) $(2,748,397)$12,780,473 Earnings per share $(.33)$1.50 Net cash provided by operating activities $30,617,545$25,474,992 Capital expenditures (third quarter 2009 $5.2 million) $35,509,890$27,757,275 Mcfe produced (36% increase) 7,522,8975,538,866 Average Mcfe sales price $3.74$8.79

8. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 88 Financial Highlights : Condensed Balance Sheet June 30, 2009 Current assets $9,755,029 Property and equipment 206,748,234 Less accumulated DD&A (106,949,000) Net property and equipment 99,799,234 Other 1,196,268 Total assets $110,750,531 Current liabilities $7,944,345 Long-term debt 13,332,504 Deferred income taxes 22,818,750 Asset retirement obligation 1,672,978 Long-term derivative contracts 894,240 Shareholders equity 64,087,714 Total liabilities and equity $110,750,531

9. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 99 PHX : 2009 Operating Strategies  Maintain operational and financial flexibility  Prudently manage capital expenditures and credit facility drawdowns  Continue and expand participation in unconventional plays  Continue to exploit legacy assets, leveraging mineral average ownership into producing properties  Maintain ability and commitment to prudently maximize current and future drilling and development opportunities  Potentially divest of a limited number of properties in non-core areas or groups of marginal properties

10. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 10 PHX : 2009 Operating Strategies - continued  $50 million credit facility with Oklahoma banks, maturity October, 2011  Outstanding balance on credit facility at September 17, 2009, $10.4 million  $35 million borrowing base, as of May 2009  Natural Gas Swaps (all swaps tied to specific Oklahoma pipeline price)  Continually evaluating hedge position PeriodVolume/MonthAverage Pipeline Price 2009300,000 mmbtu $3.775 2010300,000 mmbtu $5.30

11. Trailing 12-Mo. Operating and G&A Expense 11 PHX $1.47 $/Mcfe Peer Average: $2.29 Note: Trailing twelve month for periods ending 6/30/09. Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009

12. 12 3-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, XTO. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 Peer Average: $3.49 PHX $2.50 $/Mcfe

13. Debt to Market Capitalization 13 Note: As of 8/28/09. Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 6% Peer Average: 83% PHX

14. Asset Intensi ty 14 Note: As of 6/30/09. Source: EnerCom Incorporated. Peer set includes: BRY, CHK, CLR, CRK, DVN, FST, GDP, GMXR, HK, NFX, PETD, PLLL, PQ, PVA, PXP, RRC, SWN, XTO. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 Peer Average: 77% 54% PHX

15. PHX : Asset Pyramid IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 15 Fee Mineral Acreage Resource/ Shale Play Probable and Possible Reserves Proved Reserves  Perpetually owned 198,000 open acres, 56,000 producing or leased acres  Reserves on fee mineral acres, Fayetteville and Woodford Shales (superior economics due to royalty retention)  Over 4,000 total wells, 88% natural gas  Low ratio of PUD to total proved reserves

16. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 Operations Overview 16

17. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 17 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  Q3 2009 production increased to 29.1 Mmcfe per day  Superior investment economics  Large inventory of undrilled locations in premier established and developing resource plays  Participation with minerals as a working interest owner

18. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 18 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$133.5 1. SEC Pricing September 30, 2008 - $4.52/Mcf & $97.74/Bbl, flat SEC Pricing March 31, 2009 - $2.45/Mcf & $46.93/Bbl, flat 2. Normalized Pricing - $6.00/Mcf & 45.00/Bbl, flat

19. Panhandle Oil and Gas Mineral Holdings IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 Leasehold 19 Net Acres (Thousands) Significant Mineral Acreage Holdings

20. Economic Impact of Participation with Mineral Interest IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 20 42 % Higher 19 % Lower Assumptions: PHX ownership - 1% W.I., 1% NRI Typical ownership - 1% W.I., 0.8125% NRI Reserves - 2.0 Bcf/well Gross well cost - $2,900,000 Wellhead gas price - 7/31/09 NYMEX Strip, adjusted for basis ($6.19/Mcf wellhead average over life of well) Arkansas Fayetteville

21. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 21 PHX : Quarterly Production Profile CAGR 28.4%

22. 22 PHX : Areas of Focus IPAA OGIS San Francisco, CA – September 29 – October 1, 2009

23. 23 Western Oklahoma : Anadarko Basin Anadarko Basin  Anadarko Basin (Cana) horizontal Woodford  Anadarko Basin (Colony) horizontal Granite Wash  Anadarko Basin (SE Leedey) horizontal Cleveland

24. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 24 Anadarko Basin : Woodford Shale Anadarko Basin  ~ 40 horizontal wells on production in the play (as of May, 2009)  10,000’ – 13,000’ depth  ~ 3,300 Mcfd typical initial month production rate  PHX generates superior returns  Drilling on our minerals, we keep royalty  4.3% average NRI in 42 sections (1,365 net acres)  7 working interest wells approved (as of 9/14/09)  6 producers and 1 scheduled  2 royalty interest wells producing  ~ 330 undeveloped locations (based on 8 wells per section)

25. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 25 Anadarko Basin : Woodford Shale

26. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 26 Arkansas : Fayetteville Shale Fayetteville Shale  Daily net production ~ 4.5 Mmcf per day  PHX generates superior returns  Drilling on our minerals, we keep royalty  2% average N.R.I. in 284 sections (8,000 net acres)  94 working interest wells approved (as of 9/14/09)  71 producers, 2 drilling, 4 testing, 17 scheduled  W. I. <1% to 8%, average 4.4% in these wells  N.R.I. <1% to 8%, average 5.3% in these wells  197 royalty interest wells producing  ~ 2,200 probable/possible locations

27. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 27 Arkansas : Fayetteville Shale

28. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 28 Arkansas : Fayetteville Shale Reserves Net Reserves (Bcf) to PHX Proved3.5 Probable19.0 * Possible39.0 * ~ 2,200 locations * DeGolyer and MacNaughton, as of 9/30/08 based on 8 wells per section Operators: Southwestern Energy, Chesapeake, Petrohawk

29. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 29 SE Oklahoma : Woodford Shale Woodford Shale  Daily net production ~ 8.4 Mmcf per day  PHX generates superior returns  Drilling on our minerals, we keep royalty  10,000 acres in active counties (Coal, Hughes, Pittsburgh & Atoka)  3.9% average N.R.I. in 185 sections (6,200 net acres)  132 working interest wells approved (as of 9/14/09)  116 producers, 2 drilling, 9 testing, 5 scheduled  W.I. <1% to 42%, average 6.8% in these wells  N.R.I. <1% to 38%, average 6.9% in these wells  27 royalty interest wells producing  ~ 1,200 probable/possible locations

30. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 30 SE Oklahoma : Woodford Shale

31. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 31 SE Oklahoma : Woodford Shale Reserves * DeGolyer and MacNaughton, as of 9/30/08 based on 8 wells per section Operators: Newfield, Continental, Devon, BP, XTO Net Reserves (Bcf) to PHX Proved15 Probable67.0 * Possible36.0 * ~ 1,200 locations

32. IPAA OGIS San Francisco, CA – September 29 – October 1, 2009 32 The Panhandle Oil and Gas Advantage  Strong financial metrics  < 10 % debt to market capitalization  Broadly diversified perpetual mineral holdings  Total US mineral ownership of ~ 255,000 acres  Large drilling inventory in multiple resource plays  Over 3,000 locations identified  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 no additional capital investment