Panhandle Oil and Gas Inc. entered the Haynesville Shale through the acquisition of two packages of mineral and royalty assets from Red Stone Resources LLC.

In an Aug. 27 company release, Panhandle said it agreed to acquire the two packages totaling approximately 795 net royalty acres in the SCOOP and Haynesville plays for $6.9 million in cash and stock.

Commenting on the transaction, Panhandle President and CEO Chad Stephens said the acquisition fits well with the strategy to grow the company on an accretive basis.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access