Panhandle Oil and Gas (NYSE:PHX) is not a typical oil & gas exploration and production company; it's a hybrid between a mineral rights owner (collecting royalty payments) and a non-operating exploration and production company. Panhandle is active in several of the major shale plays in the United States including the Anadarko Basin, the Fayetteville shale, and the Oklahoma Woodford shale. Panhandle's mineral rights ownership gives it a significant advantage over other exploration and production companies because it can select whether to simply collect royalty payments, or to take a working interest in a well. The mineral rights ownership serves as a perpetual income stream, which can be used to finance the company's capital expenditures, accretive acquisitions, and dividends...
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