OKLAHOMA CITY, March 14, 2016 /PRNewswire/ -- PANHANDLE
OIL AND GAS INC. (NYSE: PHX) announced today Michael C. Coffman, 63, president and CEO of
Panhandle Oil and Gas Inc., has announced his retirement effective
Dec. 31, 2016. Panhandle's board of
directors intends to follow its succession plan and name
Paul F. Blanchard, 55, currently
Panhandle's senior vice-president and chief operating officer, to
succeed Coffman as president and CEO upon Coffman's retirement.
Coffman joined Panhandle in 1990 and has served as treasurer,
vice-president and CFO, co-president and president and CEO since
2007. Blanchard joined Panhandle in 2009 as vice-president and COO
and was named senior vice-president and COO in 2010.
Coffman stated, "Paul has an extensive background in the energy
industry and has gained a complete understanding of Panhandle's
unique asset base and business strategies over the last seven
years. In addition, he has continually demonstrated his leadership
abilities and the integrity so valued by our shareholders,
employees and directors."
Robert O. Lorenz, the Company's
lead independent director, said, "Paul has proven in his seven
years at Panhandle to be the type of leader who will continue to
adhere to our proven long-term oriented strategies and the
rate-of-return investment philosophy that will best position the
Company to be successful for many years to come."
Blanchard holds a Bachelor of Science degree in petroleum
engineering from the University of
Oklahoma and has 34 years of experience in the industry.
Prior to joining Panhandle, from 2007 to 2008, he was the sole
proprietor of a consulting petroleum engineering firm and from 1997
to 2007 served as the VP, Mid-Continent Business Unit of Range
Resources Corporation in Oklahoma City.
Panhandle Oil and Gas Inc. (NYSE:PHX) is engaged in the
exploration for and production of natural gas and oil.
Additional information on the Company can be found on the Internet
at www.panhandleoilandgas.com.
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SOURCE PANHANDLE OIL AND GAS INC.