The majority of Panhandle Oil and Gas Inc.'s revenues are derived from the production and sale of oil and natural gas. The Company's oil and gas holdings, including its mineral acreage and its interests in producing wells, both working interests and royalty interests, are centered in Oklahoma. The Company's proved reserves at September 30, 2014 were 206.2 Bcfe, with 69% being natural gas, 22% oil and 9% natural gas liquids. Panhandle does not operate any of its oil and gas properties. Exploration on and development of the Company's oil and gas properties are conducted in association with operating oil and gas companies, primarily large independent companies. The Company has been an active working interest participant for many years in wells drilled on the Company's mineral acreage and is active in unconventional resource projects on its mineral acreage in several Oklahoma Woodford shale plays, the Arkansas Fayetteville shale and the Anadarko Cana Woodford shale. The Company also is active in the Eagle Ford shale in South Texas, on held by production leasehold. Panhandle's activity in these projects began in 2007 and is expected to continue for many years as it has more than 4,000 potential drilling locations in these plays.