Panhandle has entered into an agreement with Bank of Oklahoma ("BOK") during its scheduled borrowing base redetermination to amend its revolving credit facility. The amended facility reduces the Company's borrowing base to $32 million effective June 24, 2020. 

"I'd like to thank BOK for continuing to be an excellent partner and working collaboratively with Panhandle during this historic downturn in commodity prices," commented Chad Stephens, President & CEO. 

Mr. Stephens continued, "We are confident that the plan we have in place to weather the current industry downturn will help transform Panhandle into a better and stronger company. We have reduced G&A and taken other measures to allow us to withstand this downturn and are continuing to explore the sale of certain assets which will also improve our liquidity position. In addition, we expect to continue to apply any free cash flow to further reduce our debt."

As of June 23, 2020, Panhandle had net debt of $27.7 million comprised of $30 million of debt outstanding and $2.3 million of cash on hand. 

KeyFacts Energy Industry Directory: Panhandle Oil & Gas