PHX Minerals (PHX) 10-Q 6 Aug 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Aug. 06, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	PANHANDLE OIL & GAS INC
Entity Central Index Key	315,131
Trading Symbol	PHX
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		16,778,509

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)		Jun. 30, 2018	Sep. 30, 2017
Current assets:
Cash and cash equivalents		$ 477,013	$ 557,791
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)		6,489,489	7,585,485
Refundable income taxes		209,970	489,945
Assets held for sale			557,750
Derivative contracts, net	[1]		544,924
Other		176,356	253,480
Total current assets		7,352,828	9,989,375
Properties and equipment at cost, based on successful efforts accounting:
Producing oil and natural gas properties		418,338,755	434,571,516
Non-producing oil and natural gas properties		8,170,286	7,428,927
Other		1,515,076	1,067,894
Gross properties and equipment, at cost, based on successful efforts accounting		428,024,117	443,068,337
Less accumulated depreciation, depletion and amortization		(239,052,685)	(246,483,979)
Net properties and equipment		188,971,432	196,584,358
Investments		212,068	170,486
Total assets		196,536,328	206,744,219
Current liabilities:
Accounts payable		1,163,424	1,847,230
Derivative contracts, net	[1]	3,014,511
Accrued liabilities and other		1,554,645	1,690,789
Total current liabilities		5,732,580	3,538,019
Long-term debt		40,400,000	52,222,000
Deferred income taxes, net		18,104,007	31,051,007
Asset retirement obligations		2,776,058	3,196,889
Derivative contracts, net	[1]	288,969	28,765
Stockholders' equity:
Class A voting common stock, $.0166 par value; 24,000,000 shares authorized, 16,896,455 issued at June 30, 2018, and 16,863,004 issued at September 30, 2017		281,495	280,938
Capital in excess of par value		2,690,834	2,726,444
Deferred directors' compensation		2,882,263	3,459,909
Retained earnings		125,386,738	113,330,216
Stockholders' Equity		131,241,330	119,797,507
Less treasury stock, at cost; 117,946 shares at June 30, 2018, and 184,988 shares at September 30, 2017		(2,006,616)	(3,089,968)
Total stockholders' equity		129,234,714	116,707,539
Total liabilities and stockholders' equity		$ 196,536,328	$ 206,744,219
[1]	See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Sep. 30, 2017
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0166	$ 0.0166
Common stock, shares authorized	24,000,000	24,000,000
Common stock, shares issued	16,896,455	16,863,004
Treasury stock, shares	117,946	184,988

Condensed Statements Of Operati

Condensed Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Revenues	$ 9,557,937	$ 12,437,186	$ 33,469,721	$ 33,438,117
Lease bonuses and rentals	484,298	819,591	1,080,455	3,991,752
Gains (losses) on derivative contracts	(2,129,041)	1,619,697	(3,966,869)	1,658,347
Costs and expenses:
Lease operating expenses	3,233,172	3,391,079	10,077,449	9,545,990
Production taxes	485,157	390,387	1,471,970	1,129,785
Depreciation, depletion and amortization	4,619,509	4,714,350	14,136,411	13,654,268
Provision for impairment	0	0	0	10,788
Loss (gain) on asset sales and other	190,045	11,447	110,859	98,445
Interest expense	420,896	306,161	1,288,426	884,928
General and administrative	1,593,251	1,796,004	5,247,584	5,358,114
Total costs and expenses	10,542,030	10,609,428	32,332,699	30,682,318
Income (loss) before provision (benefit) for income taxes	(984,093)	1,827,758	1,137,022	2,755,799
Provision (benefit) for income taxes	(209,000)	567,000	(12,943,000)	263,000
Net income (loss)	$ (775,093)	$ 1,260,758	$ 14,080,022	$ 2,492,799
Basic and diluted earnings (loss) per common share	$ (0.05)	$ 0.07	$ 0.83	$ 0.15
Basic and diluted weighted average shares outstanding:
Common shares	16,775,981	16,668,814	16,742,044	16,639,090
Unissued, directors' deferred compensation shares	206,202	254,891	205,867	277,294
Basic and diluted weighted average shares outstanding	16,982,183	16,923,705	16,947,911	16,916,384
Dividends declared per share of common stock and paid in period	$ 0.04	$ 0.04	$ 0.12	$ 0.12
Oil, NGL and Natural Gas [Member]
Revenues:
Revenues	$ 11,202,680	$ 9,997,898	$ 36,356,135	$ 27,788,018

Statements Of Stockholders' Equ

Statements Of Stockholders' Equity - USD ($)	Total	Class A voting Common Stock [Member]	Capital in Excess of Par Value [Member]	Deferred Directors' Compensation [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balances at Sep. 30, 2016	$ 115,191,819	$ 280,938	$ 3,191,056	$ 3,403,213	$ 112,482,284	$ (4,165,672)
Balances, shares at Sep. 30, 2016		16,863,004
Balances, Treasury shares at Sep. 30, 2016						(262,708)
Net income (loss)	2,492,799				2,492,799
Purchase of treasury stock	(407,677)					$ (407,677)
Purchase of treasury stock, shares						(17,119)
Issuance of treasury shares to ESOP	(18)		(2)			$ (16)
Issuance of treasury shares to ESOP, shares						(1)
Restricted stock awards	454,854		454,854
Dividends ($.12 per share)	(2,012,329)				(2,012,329)
Distribution of restricted stock to officers and directors	622		(968,617)			$ 969,239
Distribution of restricted stock to officers and directors, shares						60,624
Distribution of deferred directors' compensation	(1)		(145,469)	(301,963)		$ 447,431
Distribution of deferred directors' compensation, shares						27,216
Increase in deferred directors' compensation charged to expense	266,182			266,182
Balances at Jun. 30, 2017	115,986,251	$ 280,938	2,531,822	3,367,432	112,962,754	$ (3,156,695)
Balances, shares at Jun. 30, 2017		16,863,004
Balances, Treasury shares at Jun. 30, 2017						(191,988)
Balances at Sep. 30, 2017	$ 116,707,539	$ 280,938	2,726,444	3,459,909	113,330,216	$ (3,089,968)
Balances, shares at Sep. 30, 2017		16,863,004
Balances, Treasury shares at Sep. 30, 2017	(184,988)					(184,988)
Net income (loss)	$ 14,080,022				14,080,022
Purchase of treasury stock	(272,100)					$ (272,100)
Purchase of treasury stock, shares						(13,404)
Issuance of treasury shares to ESOP	6,735		2,009			$ 4,726
Issuance of treasury shares to ESOP, shares						283
Restricted stock awards	501,626		501,626
Dividends ($.12 per share)	(2,023,500)				(2,023,500)
Distribution of restricted stock to officers and directors	819	$ 14	(808,357)			$ 809,162
Distribution of restricted stock to officers and directors, shares		852				48,325
Distribution of deferred directors' compensation		$ 543	269,112	(811,219)		$ 541,564
Distribution of deferred directors' compensation, shares		32,599				31,838
Increase in deferred directors' compensation charged to expense	233,573			233,573
Balances at Jun. 30, 2018	$ 129,234,714	$ 281,495	$ 2,690,834	$ 2,882,263	$ 125,386,738	$ (2,006,616)
Balances, shares at Jun. 30, 2018		16,896,455
Balances, Treasury shares at Jun. 30, 2018	(117,946)					(117,946)

Statements Of Stockholders' Eq6

Statements Of Stockholders' Equity (Parenthetical) - $ / shares	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement Of Stockholders Equity [Abstract]
Dividends per share	$ 0.12	$ 0.12

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net income (loss)	$ 14,080,022	$ 2,492,799
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	14,136,411	13,654,268
Impairment	0	10,788
Provision for deferred income taxes	(12,947,000)	149,000
Gain from leasing fee mineral acreage	(1,079,803)	(3,999,632)
Proceeds from leasing fee mineral acreage	1,102,818	4,026,283
Net (gain) loss on sales of assets	660,597	87,161
Directors' deferred compensation expense	233,573	266,182
Fair value of derivative contracts	3,819,639	(1,879,668)
Restricted stock awards	501,626	454,854
Other	5,113	2,897
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables	1,095,996	(564,767)
Other current assets	77,124	196,362
Accounts payable	(125,261)	(127,375)
Income taxes receivable	279,975	(488,112)
Other non-current assets	(52,644)
Accrued liabilities	(130,284)	40,197
Total adjustments	7,577,880	11,828,438
Net cash provided by operating activities	21,657,902	14,321,237
Investing Activities
Capital expenditures	(7,743,097)	(18,011,721)
Acquisition of minerals and overrides	(966,279)
Investments in partnerships	3,379	(18,531)
Proceeds from sales of assets	1,085,137	718,700
Net cash provided (used) by investing activities	(7,620,860)	(17,311,552)
Financing Activities
Borrowings under debt agreement	13,529,879	16,702,602
Payments of loan principal	(25,352,099)	(11,202,602)
Purchases of treasury stock	(272,100)	(407,677)
Payments of dividends	(2,023,500)	(2,012,329)
Net cash provided (used) by financing activities	(14,117,820)	3,079,994
Increase (decrease) in cash and cash equivalents	(80,778)	89,679
Cash and cash equivalents at beginning of period	557,791	471,213
Cash and cash equivalents at end of period	477,013	560,892
Supplemental Schedule of Noncash Investing and Financing Activities:
Additions to asset retirement obligations	15,452	60,276
Gross additions to properties and equipment	8,150,830	19,579,304
Net (increase) decrease in accounts payable for properties and equipment additions	558,546	(1,567,583)
Capital expenditures and acquisitions	$ 8,709,376	$ 18,011,721

Basis of Presentation and Accou

Basis of Presentation and Accounting Principles	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis Of Presentation And Accounting Principles	NOTE 1: Basis of Presentation and Accounting Principles Basis of Presentation The accompanying unaudited condensed financial statements of Panhandle Oil and Gas Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management of the Company believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for the full year. The Company’s fiscal year runs from October 1 through September 30. Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s 2017 Annual Report on Form 10-K. Adoption of New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, which changed the definition of a business. The new guidance requires an entity to first evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If that threshold is met, the set of assets and activities is not a business. If it’s not met, the entity evaluates whether the set meets the definition of a business. The new definition requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in the new revenue recognition guidance. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. The ASU will be applied prospectively to any transactions occurring within the period of adoption. Early adoption is permitted, including for interim or annual periods for which the financial statements have not been issued or made available for issuance. The Company early adopted ASU 2017-01 during the quarter ended June 30, 2018. New Accounting Pronouncements yet to be Adopted In February 2016, the FASB issued its new lease accounting guidance in ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This update is not expected to have a material impact on our financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Subsequent to the issuance of ASU 2014-09, the FASB issued various clarifications and interpretive guidance to assist entities with implementation efforts, including guidance pertaining to the presentation of revenues on a gross basis (revenues presented separately from associated expenses) versus a net basis. The standard is effective for us beginning October 1, 2018. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements and utilizes a cumulative effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. Panhandle intends to use the modified retrospective method upon adoption. The Company is nearing completion of its evaluation of the impact of the new standard and related interpretive guidance on its financial statements, accounting policies, internal controls, and disclosures. Based on assessments performed to date, the standard is not expected to have a material effect on the timing or measurement of the Company's revenue recognition or its financial position, results of operations, net income, or cash flows, but is expected to have an impact on the Company's revenue-related disclosures and internal controls over financial reporting. Other accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 2: Income Taxes The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Act reduces the US federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. As o f June 30, 2018, we have not completed our accounting for We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing certain aspects of the Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the remeasurement of our deferred tax balance was $12,777,000 income tax benefit. The Company has a year end of September 30. Because this differs from a normal calendar year end, we have calculated the current year’s federal tax provision using a blended rate of 24.53% to adjust for one quarter of our fiscal year being under the old rate of 35% and the remaining three quarters being under the new rate of 21%. The impact of using a blended rate versus the old rate in the current quarter resulted in a reduced federal tax benefit of $103,035. The Company’s provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from estimated excess federal and Oklahoma percentage depletion, which are permanent tax benefits. Excess percentage depletion, both federal and Oklahoma, can only be taken in the amount that it exceeds cost depletion which is calculated on a unit-of-production basis. Excess tax benefits and deficiencies of stock based compensation will be recognized as income tax expense (benefit) in the statement of operations prospectively versus additional paid in capital in the equity section of the balance sheet as was previously required. Both excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, and excess Oklahoma percentage depletion, which has no limitation on production volume, reduce estimated taxable income or add to estimated taxable loss projected for any year. The federal and Oklahoma excess percentage depletion estimates will be updated throughout the year until finalized with detailed well-by-well calculations at fiscal year-end. Federal and Oklahoma excess percentage depletion, when a provision for income taxes is expected for the year, decreases the effective tax rate, while the effect is to increase the effective tax rate when a benefit for income taxes is expected for the year. The benefits of federal and Oklahoma excess percentage depletion and excess tax benefits and deficiencies of stock based compensation are not directly related to the amount of pre-tax income (loss) recorded in a period. Accordingly, in periods where a recorded pre-tax income or loss is relatively small, the proportional effect of these items on the effective tax rate may be significant. The effective tax rate for the nine months ended June 30, 2018, was an 1138% benefit as compared to a 10% provision for the nine months ended June 30, 2017. The effective tax rate for the quarter ended June 30, 2018, was a 21% benefit as compared to a 31% provision for the quarter ended June 30, 2017.

Basic And Diluted Earnings (Los

Basic And Diluted Earnings (Loss) Per Share	9 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Basic And Diluted Earnings (Loss) Per Share	NOTE 3: Basic and Diluted Earnings (Loss) per Share Basic and diluted earnings (loss) per share is calculated using net income (loss) divided by the weighted average number of voting common shares outstanding, including unissued, vested directors’ deferred compensation shares during the period.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 4: Long-term Debt The Company has a $200,000,000 credit facility with a group of banks headed by Bank of Oklahoma (BOK) with a current borrowing base of $80,000,000 and a maturity date of November 30, 2022. The credit facility is subject to a semi-annual borrowing base determination, wherein BOK applies their commodity pricing forecast to the Company’s reserve forecast and determines a borrowing base. The facility is secured by certain of the Company’s properties (wellbore only) with a net book value of $138,566,462 at June 30, 2018. The interest rate is based on BOK prime plus from 0.375% to 1.250%, or 30 day LIBOR plus from 1.875% to 2.750%. The election of BOK prime or LIBOR is at the Company’s discretion. The interest rate spread from BOK prime or LIBOR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from LIBOR or the prime rate increases as the ratio of loan balance to the borrowing base increases. At June 30, 2018, the effective interest rate was 4.20%. The Company’s debt is recorded at the carrying amount on its balance sheet. The carrying amount of the Company’s revolving credit facility approximates fair value because the interest rates are reflective of market rates. Determinations of the borrowing base are made semi-annually (usually June and December) or whenever the banks, in their discretion, believe that there has been a material change in the value of the oil and natural gas properties. On July 2, 2018, the borrowing base was redetermined by the banks and left unchanged at $80,000,000. The loan agreement contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain limits on the Company’s incurrence of indebtedness, liens, payment of dividends and acquisitions of stock. In addition, the Company is required to maintain certain financial ratios, a current ratio (as defined by the bank agreement – current assets includes availability under outstanding credit facility) of no less than 1.0 to 1.0 and a funded debt to EBITDA (trailing twelve months as defined by the bank agreement – traditional EBITDA with the unrealized gain or loss on derivative contracts also removed from earnings) of no more than 4.0 to 1.0. At June 30, 2018, the Company was in compliance with the covenants of the loan agreement and has $39,600,000 of availability under its outstanding credit facility.

Deferred Compensation Plan For

Deferred Compensation Plan For Non-Employee Directors	9 Months Ended
	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Deferred Compensation Plan For Non-Employee Directors	NOTE 5: Deferred Compensation Plan for Non-Employee Directors Annually, non-employee directors may elect to be included in the Deferred Compensation Plan for Non-Employee Directors. The Deferred Compensation Plan for Non-Employee Directors provides that each outside director may individually elect to be credited with future unissued shares of Company common stock rather than cash for all or a portion of the annual retainers, Board meeting fees and committee meeting fees. These unissued shares are recorded to each director’s deferred compensation account at the closing market price of the shares (i) on the dates of the Board and committee meetings, and (ii) on the payment dates of the annual retainers. Only upon a director’s retirement, termination, death, or a change-in-control of the Company will the shares recorded for such director be issued under the Deferred Compensation Plan for Non-Employee Directors. Directors may elect to receive shares, when issued, over annual time periods up to ten years. The promise to issue such shares in the future is an unsecured obligation of the Company. During 2018, deferred directors’ compensation on the Balance Sheets was reduced $811,219 for shares issued to retired directors. Of the shares issued, 31,838 shares were issued out of treasury and 32,599 shares were newly issued.

Restricted Stock Plan

Restricted Stock Plan	9 Months Ended
	Jun. 30, 2018
Restricted Stock Plan [Abstract]
Restricted Stock Plan	NOTE 6: Restricted Stock Plan In March 2010, shareholders approved the Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan (2010 Stock Plan), which made available 200,000 shares of common stock to provide a long-term component to the Company’s total compensation package for its officers and to further align the interest of its officers with those of its shareholders. In March 2014, shareholders approved an amendment to increase the number of shares of common stock reserved for issuance under the 2010 Stock Plan from 200,000 shares to 500,000 shares and to allow the grant of shares of restricted stock to our directors. The 2010 Stock Plan, as amended, is designed to provide as much flexibility as possible for future grants of restricted stock so that the Company can respond as necessary to provide competitive compensation in order to attract, retain and motivate directors and officers of the Company and to align their interests with those of the Company’s shareholders. Effective in May 2014, the board of directors adopted resolutions to allow management, at their discretion, to purchase the Company’s common stock as treasury shares up to an amount equal to the aggregate number of shares of common stock awarded pursuant to the Company’s Amended 2010 Restricted Stock Plan, contributed by the Company to its ESOP and credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors. Effective in May 2018, the board of directors approved an amendment to the Company’s existing stock repurchase program. As amended, the Repurchase Program will continue to allow management to repurchase up to $1.5 million of the Company’s common stock at their discretion. The repurchase of an additional $1.5 million of the Company’s common stock continues to be authorized and approved effective when the previous amount is utilized, and the Board added language to clarify that this is intended to be an evergreen provision. The number of shares allowed to be purchased by the Company under the Repurchase Program is no longer capped at an amount equal to the aggregate number of shares of common stock (i) awarded pursuant to the Company’s Amended 2010 Restricted Stock Plan, (ii) contributed by the Company to its ESOP, and (iii) credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors. On December 12, 2017, the Company awarded 9,700 non-performance based shares and 29,099 performance based shares of the Company’s common stock as restricted stock to certain officers. The restricted stock vests at the end of a three-year period and contains non-forfeitable rights to receive dividends and voting rights during the vesting period. The non-performance and performance based shares had a fair value on their award date of $203,700 and $330,043, respectively. The fair value for the non-performance and the performance based awards will be recognized as compensation expense ratably over the vesting period. The fair value of the performance based shares on their award date is calculated by simulating the Company’s stock prices as compared to the Dow Jones Select Oil Exploration and Production Index (DJSOEP) prices utilizing a Monte Carlo model covering the performance period (December 12, 2017, through December 12, 2020). On December 31, 2017, the Company awarded 10,218 non-performance based shares of the Company’s common stock as restricted stock to its non-employee directors. The restricted stock vests quarterly over one year starting on March 31, 2018. The restricted stock contains non-forfeitable rights to receive dividends and voting rights during the vesting period. These non-performance based shares had a fair value on their award date of $209,982. The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended June 30, 2018 and 2017, related to the Company’s performance based and non-performance based restricted stock. Three Months Ended Nine Months Ended June 30, June 30, 2018 2017 2018 2017 Performance based, restricted stock $ 59,869 $ 51,302 $ 216,403 $ 181,820 Non-performance based, restricted stock 93,919 85,919 285,223 273,034 Total compensation expense $ 153,788 $ 137,221 $ 501,626 $ 454,854 A summary of the Company’s unrecognized compensation cost for its unvested performance based and non-performance based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table. As of June 30, 2018 Unrecognized Compensation Cost Weighted Average Period (in years) Performance based, restricted stock $ 381,258 1.97 Non-performance based, restricted stock 368,585 1.56 Total $ 749,843

Properties And Equipment

Properties And Equipment	9 Months Ended
	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Properties And Equipment	NOTE 7: Properties and Equipment Divestitures During the first quarter of 2018, the Company sold 79 non-core marginal wells for $557,750 and recorded a loss on the sales of $272,236. The total net book value that was removed from the Balance Sheets due to these sales was approximately $0.8 million. All of the wells included in the Assets held for sale line item on the Balance Sheets at September 30, 2017, were sold during the first quarter of 2018. During the second and third quarters of 2018, the Company sold 245 non-core marginal wells for $527,387 and recorded a loss on the sales of $388,361. The total net book value that was removed from the Balance Sheets due to these sales was approximately $0.9 million. Acquisitions During the third quarter of 2018, the Company acquired 54 net mineral acres (which include producing oil and gas properties) in the SCOOP play in Grady and Stephens Counties, Oklahoma, with undeveloped locations identified in both the Woodford and Springer Shales for $966,279. This purchase was accounted for as an asset acquisition with $168,006 of the total purchase price allocated to producing oil and natural gas properties and $798,273 allocated to non-producing oil and natural gas properties. On July 16, 2018, the Company entered into a Purchase and Sale Agreement to acquire certain mineral acreage and producing oil and gas properties, primarily located in the Bakken Shale, from a private seller for total consideration of $9,000,000 cash (pending any closing adjustments). The transaction is expected to close by late August and will have an effective date of June 1, 2018. Oil, NGL and Natural Gas Reserves Management considers the estimation of the Company’s crude oil, NGL and natural gas reserves to be the most significant of its judgments and estimates. Changes in crude oil, NGL and natural gas reserve estimates affect the Company’s calculation of DD&A, provision for retirement of assets and assessment of the need for asset impairments. On an annual basis, with a semi-annual update, the Company’s Independent Consulting Petroleum Engineer, with assistance from Company staff, prepares estimates of crude oil, NGL and natural gas reserves based on available geologic and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geologic and geophysical information. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing appropriate prices for the current period. The estimated oil, NGL and natural gas reserves were computed using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month oil, NGL and natural gas price for each month within the 12-month period prior to the balance sheet date, held flat over the life of the properties. However, projected future crude oil, NGL and natural gas pricing assumptions are used by management to prepare estimates of crude oil, NGL and natural gas reserves and future net cash flows used in asset impairment assessments and in formulating management’s overall operating decisions. Crude oil, NGL and natural gas prices are volatile and affected by worldwide production and consumption and are outside the control of management. Impairment All long-lived assets, principally oil and natural gas properties, are monitored for potential impairment when circumstances indicate that the carrying value of the asset may be greater than its estimated future net cash flows. The evaluations involve significant judgment since the results are based on estimated future events, such as: inflation rates; future drilling and completion costs; future sales prices for oil, NGL and natural gas; future production costs; estimates of future oil, NGL and natural gas reserves to be recovered and the timing thereof; the economic and regulatory climates and other factors. The need to test a property for impairment may result from significant declines in sales prices or unfavorable adjustments to oil, NGL and natural gas reserves. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations to reflect any material changes since the prior report was issued and then utilizes updated projected future price decks current with the period. For both the three months ended June 30, 2018 and 2017, the assessment resulted in no impairment provisions on producing properties. For the nine months ended June 30, 2018 and 2017, the assessment resulted in impairment provisions on producing properties of $0 and $10,788, respectively. A significant reduction in oil, NGL and natural gas prices or a decline in reserve volumes may lead to additional impairment in future periods that may be material to the Company.

Derivatives

Derivatives	9 Months Ended
	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 8: Derivatives The Company has entered into commodity price derivative agreements including fixed swap contracts and costless collar contracts. These instruments are intended to reduce the Company’s exposure to short-term fluctuations in the price of oil and natural gas. Fixed swap contracts set a fixed price and provide payments to the Company if the index price is below the fixed price, or require payments by the Company if the index price is above the fixed price. Collar contracts set a fixed floor price and a fixed ceiling price and provide payments to the Company if the index price falls below the floor or require payments by the Company if the index price rises above the ceiling. These contracts cover only a portion of the Company’s natural gas and oil production and provide only partial price protection against declines in natural gas and oil prices. These derivative instruments may expose the Company to risk of financial loss and limit the benefit of future increases in prices. All of the Company’s derivative contracts are currently with Bank of Oklahoma and are secured under its credit facility with Bank of Oklahoma. The derivative instruments have settled or will settle based on the prices below. Derivative contracts in place as of June 30, 2018 Production volume Contract period covered per month Index Contract price Natural gas costless collars January - December 2018 40,000 Mmbtu NYMEX Henry Hub $2.75 floor / $3.35 ceiling January - December 2018 40,000 Mmbtu NYMEX Henry Hub $2.75 floor / $3.30 ceiling April - December 2018 50,000 Mmbtu NYMEX Henry Hub $2.80 floor / $3.15 ceiling Natural gas fixed price swaps January - December 2018 50,000 Mmbtu NYMEX Henry Hub $3.080 April - December 2018 40,000 Mmbtu NYMEX Henry Hub $2.910 July - December 2018 100,000 Mmbtu NYMEX Henry Hub $2.835 July - December 2018 100,000 Mmbtu NYMEX Henry Hub $2.925 July - December 2018 50,000 Mmbtu NYMEX Henry Hub $2.988 July 2018 - March 2019 50,000 Mmbtu NYMEX Henry Hub $3.065 Oil costless collars January - December 2018 2,000 Bbls NYMEX WTI $47.50 floor / $52.50 ceiling January - December 2018 2,000 Bbls NYMEX WTI $48.00 floor / $53.25 ceiling January - December 2018 2,000 Bbls NYMEX WTI $50.00 floor / $55.75 ceiling July - December 2018 3,000 Bbls NYMEX WTI $50.00 floor / $58.00 ceiling January - June 2019 2,000 Bbls NYMEX WTI $55.00 floor / $63.45 ceiling January - December 2019 1,000 Bbls NYMEX WTI $50.00 floor / $60.00 ceiling January - December 2019 2,000 Bbls NYMEX WTI $60.00 floor / $69.25 ceiling Oil fixed price swaps January - December 2018 3,000 Bbls NYMEX WTI $50.72 January - December 2018 2,000 Bbls NYMEX WTI $52.02 April - December 2018 4,000 Bbls NYMEX WTI $54.14 July - December 2018 2,000 Bbls NYMEX WTI $58.20 January - June 2019 2,000 Bbls NYMEX WTI $59.69 January - June 2019 2,000 Bbls NYMEX WTI $57.15 January - June 2019 3,000 Bbls NYMEX WTI $58.02 January - December 2019 1,000 Bbls NYMEX WTI $56.15 January - December 2019 2,000 Bbls NYMEX WTI $56.71 January - December 2019 1,000 Bbls NYMEX WTI $58.56 July - December 2019 2,000 Bbls NYMEX WTI $56.85 The Company has elected not to complete all of the documentation requirements necessary to permit these derivative contracts to be accounted for as cash flow hedges. The Company’s fair value of derivative contracts was a net liability of $3,303,480 as of June 30, 2018, and a net asset of $516,159 as of September 30, 2017. Net cash paid related to derivative contracts settled during the nine-month period ended June 30, 2018, was $147,230 compared to net cash paid of $221,321 in the same period in the prior year. The fair value amounts recognized for the Company’s derivative contracts executed with the same counterparty under a master netting arrangement may be offset. The Company has the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Condensed Balance Sheets. The following table summarizes and reconciles the Company's derivative contracts’ fair values at a gross level back to net fair value presentation on the Company's Condensed Balance Sheets at June 30, 2018, and September 30, 2017. The Company has offset all amounts subject to master netting agreements in the Company's Condensed Balance Sheets at June 30, 2018, and September 30, 2017. June 30, 2018 September 30, 2017 Fair Value (a) Fair Value (a) Commodity Contracts Commodity Contracts Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Gross amounts recognized $ 84,260 $ 3,098,771 $ 7,943 $ 296,912 $ 735,702 $ 190,778 $ 9,439 $ 38,204 Offsetting adjustments (84,260 ) (84,260 ) (7,943 ) (7,943 ) (190,778 ) (190,778 ) (9,439 ) (9,439 ) Net presentation on Condensed Balance Sheets $ - $ 3,014,511 $ - $ 288,969 $ 544,924 $ - $ - $ 28,765 (a) See Fair Value Measurements section for further disclosures regarding fair value of financial instruments. The fair value of derivative assets and derivative liabilities is adjusted for credit risk. The impact of credit risk was immaterial for all periods presented.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9: Fair Value Measurements Fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the financial asset or liability. The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018. Fair Value Measurement at June 30, 2018 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair (Level 1) (Level 2) (Level 3) Value Financial Assets (Liabilities): Derivative Contracts - Swaps $ - $ (2,190,162 ) $ - $ (2,190,162 ) Derivative Contracts - Collars $ - $ - $ (1,113,318 ) $ (1,113,318 ) Level 2 – Market Approach - The fair values of the Company’s swaps are based on a third-party pricing model which utilizes inputs that are either readily available in the public market, such as natural gas curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness. Level 3 – The fair values of the Company’s costless collar contracts are based on a pricing model which utilizes inputs that are unobservable or not readily available in the public market. These values are based upon future prices, volatility, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness. The significant unobservable inputs for Level 3 derivative contracts include market volatility and credit risk of counterparties. Changes in these inputs will impact the fair value measurement of our derivative contracts. An increase (decrease) in the volatility of oil and natural gas prices will decrease (increase) the fair value of oil and natural gas derivatives and adverse changes to our counterparties’ creditworthiness will decrease the fair value of our derivatives. The following table represents quantitative disclosures about unobservable inputs for Level 3 Fair Value Measurements. Instrument Type Unobservable Input Range Weighted Average Fair Value June 30, 2018 Oil Collars Oil price volatility curve 0% - 31.24% 17.16% $ (1,119,628 ) Natural Gas Collars Gas price volatility curve 0% - 16.25% 9.08% $ 6,310 A reconciliation of the Company’s derivative contracts classified as Level 3 measurements is presented below. All gains and losses are presented on the Gains (losses) on derivative contracts line item on our Condensed Statements of Operations. Derivatives Balance of Level 3 as of October 1, 2017 $ 151,553 Total gains or (losses) Included in earnings (1,255,605 ) Included in other comprehensive income (loss) - Purchases, issuances and settlements (9,266 ) Transfers in and out of Level 3 - Balance of Level 3 as of June 30, 2018 $ (1,113,318 ) At June 30, 2018, and September 30, 2017, the fair value of financial instruments approximated their carrying amounts. Financial instruments include long-term debt, which the valuation is classified as Level 2 as the carrying amount of the Company’s revolving credit facility approximates fair value because the interest rates are reflective of market rates. The estimated current market interest rates are based primarily on interest rates currently being offered on borrowings of similar amounts and terms. In addition, no valuation input adjustments were considered necessary relating to nonperformance risk for the debt agreements.

Basis of Presentation and Acc17

Basis of Presentation and Accounting Principles (Policies)	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements of Panhandle Oil and Gas Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management of the Company believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for the full year. The Company’s fiscal year runs from October 1 through September 30. Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s 2017 Annual Report on Form 10-K.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, which changed the definition of a business. The new guidance requires an entity to first evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If that threshold is met, the set of assets and activities is not a business. If it’s not met, the entity evaluates whether the set meets the definition of a business. The new definition requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in the new revenue recognition guidance. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. The ASU will be applied prospectively to any transactions occurring within the period of adoption. Early adoption is permitted, including for interim or annual periods for which the financial statements have not been issued or made available for issuance. The Company early adopted ASU 2017-01 during the quarter ended June 30, 2018.
New Accounting Pronouncements Yet To Be Adopted	New Accounting Pronouncements yet to be Adopted In February 2016, the FASB issued its new lease accounting guidance in ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This update is not expected to have a material impact on our financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Subsequent to the issuance of ASU 2014-09, the FASB issued various clarifications and interpretive guidance to assist entities with implementation efforts, including guidance pertaining to the presentation of revenues on a gross basis (revenues presented separately from associated expenses) versus a net basis. The standard is effective for us beginning October 1, 2018. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements and utilizes a cumulative effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. Panhandle intends to use the modified retrospective method upon adoption. The Company is nearing completion of its evaluation of the impact of the new standard and related interpretive guidance on its financial statements, accounting policies, internal controls, and disclosures. Based on assessments performed to date, the standard is not expected to have a material effect on the timing or measurement of the Company's revenue recognition or its financial position, results of operations, net income, or cash flows, but is expected to have an impact on the Company's revenue-related disclosures and internal controls over financial reporting. Other accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Restricted Stock Plan (Tables)

Restricted Stock Plan (Tables)	9 Months Ended
	Jun. 30, 2018
Restricted Stock Plan [Abstract]
Summary Of Pre-Tax Compensation Expense	The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended June 30, 2018 and 2017, related to the Company’s performance based and non-performance based restricted stock. Three Months Ended Nine Months Ended June 30, June 30, 2018 2017 2018 2017 Performance based, restricted stock $ 59,869 $ 51,302 $ 216,403 $ 181,820 Non-performance based, restricted stock 93,919 85,919 285,223 273,034 Total compensation expense $ 153,788 $ 137,221 $ 501,626 $ 454,854
Summary Of Unrecognized Compensation Cost	A summary of the Company’s unrecognized compensation cost for its unvested performance based and non-performance based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table. As of June 30, 2018 Unrecognized Compensation Cost Weighted Average Period (in years) Performance based, restricted stock $ 381,258 1.97 Non-performance based, restricted stock 368,585 1.56 Total $ 749,843

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary Of Derivative Instruments Contracts	Derivative contracts in place as of June 30, 2018 Production volume Contract period covered per month Index Contract price Natural gas costless collars January - December 2018 40,000 Mmbtu NYMEX Henry Hub $2.75 floor / $3.35 ceiling January - December 2018 40,000 Mmbtu NYMEX Henry Hub $2.75 floor / $3.30 ceiling April - December 2018 50,000 Mmbtu NYMEX Henry Hub $2.80 floor / $3.15 ceiling Natural gas fixed price swaps January - December 2018 50,000 Mmbtu NYMEX Henry Hub $3.080 April - December 2018 40,000 Mmbtu NYMEX Henry Hub $2.910 July - December 2018 100,000 Mmbtu NYMEX Henry Hub $2.835 July - December 2018 100,000 Mmbtu NYMEX Henry Hub $2.925 July - December 2018 50,000 Mmbtu NYMEX Henry Hub $2.988 July 2018 - March 2019 50,000 Mmbtu NYMEX Henry Hub $3.065 Oil costless collars January - December 2018 2,000 Bbls NYMEX WTI $47.50 floor / $52.50 ceiling January - December 2018 2,000 Bbls NYMEX WTI $48.00 floor / $53.25 ceiling January - December 2018 2,000 Bbls NYMEX WTI $50.00 floor / $55.75 ceiling July - December 2018 3,000 Bbls NYMEX WTI $50.00 floor / $58.00 ceiling January - June 2019 2,000 Bbls NYMEX WTI $55.00 floor / $63.45 ceiling January - December 2019 1,000 Bbls NYMEX WTI $50.00 floor / $60.00 ceiling January - December 2019 2,000 Bbls NYMEX WTI $60.00 floor / $69.25 ceiling Oil fixed price swaps January - December 2018 3,000 Bbls NYMEX WTI $50.72 January - December 2018 2,000 Bbls NYMEX WTI $52.02 April - December 2018 4,000 Bbls NYMEX WTI $54.14 July - December 2018 2,000 Bbls NYMEX WTI $58.20 January - June 2019 2,000 Bbls NYMEX WTI $59.69 January - June 2019 2,000 Bbls NYMEX WTI $57.15 January - June 2019 3,000 Bbls NYMEX WTI $58.02 January - December 2019 1,000 Bbls NYMEX WTI $56.15 January - December 2019 2,000 Bbls NYMEX WTI $56.71 January - December 2019 1,000 Bbls NYMEX WTI $58.56 July - December 2019 2,000 Bbls NYMEX WTI $56.85
Summary Of Derivative Contracts	June 30, 2018 September 30, 2017 Fair Value (a) Fair Value (a) Commodity Contracts Commodity Contracts Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Gross amounts recognized $ 84,260 $ 3,098,771 $ 7,943 $ 296,912 $ 735,702 $ 190,778 $ 9,439 $ 38,204 Offsetting adjustments (84,260 ) (84,260 ) (7,943 ) (7,943 ) (190,778 ) (190,778 ) (9,439 ) (9,439 ) Net presentation on Condensed Balance Sheets $ - $ 3,014,511 $ - $ 288,969 $ 544,924 $ - $ - $ 28,765 (a) See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	Fair Value Measurement at June 30, 2018 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair (Level 1) (Level 2) (Level 3) Value Financial Assets (Liabilities): Derivative Contracts - Swaps $ - $ (2,190,162 ) $ - $ (2,190,162 ) Derivative Contracts - Collars $ - $ - $ (1,113,318 ) $ (1,113,318 )
Summary Of Unobservable Inputs For Level 3 Fair Value Measurements	Instrument Type Unobservable Input Range Weighted Average Fair Value June 30, 2018 Oil Collars Oil price volatility curve 0% - 31.24% 17.16% $ (1,119,628 ) Natural Gas Collars Gas price volatility curve 0% - 16.25% 9.08% $ 6,310
Summary Of Reconciliation Of Derivative Contracts Classified As Level 3 Measurements	Derivatives Balance of Level 3 as of October 1, 2017 $ 151,553 Total gains or (losses) Included in earnings (1,255,605 ) Included in other comprehensive income (loss) - Purchases, issuances and settlements (9,266 ) Transfers in and out of Level 3 - Balance of Level 3 as of June 30, 2018 $ (1,113,318 )

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended			9 Months Ended			12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018
Income Tax Contingency [Line Items]
Provisional amount, remeasurement of deferred income tax benefit					$ 12,777,000
US federal corporate tax rate		35.00%
Federal tax benefit resulting from the use of blend rate versus old rate	$ 103,035
Effective tax rate	(21.00%)		31.00%		(1138.00%)	10.00%
Scenario, Forecast [Member]
Income Tax Contingency [Line Items]
US federal corporate tax rate				21.00%			24.53%

Long-Term Debt (Details)

Long-Term Debt (Details) - Revolving Credit Facility [Member] - USD ($)	9 Months Ended
	Jun. 30, 2018	Jul. 02, 2018
Line Of Credit Facility [Line Items]
Revolving loan credit facility	$ 200,000,000
Borrowing base of credit facility	$ 80,000,000
Credit facility maturity	Nov. 30, 2022
Properties net book value	$ 138,566,462
Effective Interest rate	4.20%
Funded debt to EBITDA ratio	400.00%
Availability under outstanding credit facility	$ 39,600,000
Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Borrowing base of credit facility		$ 80,000,000
Minimum [Member]
Line Of Credit Facility [Line Items]
Current ratio	100.00%
Minimum [Member] | Prime Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	0.375%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	1.875%
Maximum [Member] | Prime Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	1.25%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	2.75%

Deferred Compensation Plan Fo23

Deferred Compensation Plan For Non-Employee Directors (Details)	9 Months Ended
	Jun. 30, 2018USD ($)shares
Deferred Compensation Plan For Directors [Line Items]
Shares issued out of treasury	31,838
Maximum [Member]
Deferred Compensation Plan For Directors [Line Items]
Period outside directors may elect to receive shares	10 years
Director [Member]
Deferred Compensation Plan For Directors [Line Items]
Decrease in deferred compensation | $	$ (811,219)
Class A Common Stock [Member]
Deferred Compensation Plan For Directors [Line Items]
New shares issued	32,599

Restricted Stock Plan (Narrativ

Restricted Stock Plan (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 12, 2017	Jun. 30, 2018	May 31, 2018	Mar. 31, 2014	Mar. 31, 2010
Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock vesting period			3 years
Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock vesting period			1 year
Non Performance Based Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		9,700
Fair value of shares awarded		$ 203,700
Non Performance Based Restricted Stock [Member] | Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	10,218
Fair value of shares awarded	$ 209,982
Performance Based Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		29,099
Fair value of shares awarded		$ 330,043
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock authorized				$ 1,500,000
2010 Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized					500,000	200,000

Restricted Stock Plan (Summary

Restricted Stock Plan (Summary Of Pre-Tax Compensation Expense) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 153,788	$ 137,221	$ 501,626	$ 454,854
Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	59,869	51,302	216,403	181,820
Non Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 93,919	$ 85,919	$ 285,223	$ 273,034

Restricted Stock Plan (Summar26

Restricted Stock Plan (Summary Of Unrecognized Compensation Cost) (Details)	9 Months Ended
	Jun. 30, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 749,843
Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 381,258
Weighted Average Period (in years)	1 year 11 months 19 days
Non Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 368,585
Weighted Average Period (in years)	1 year 6 months 21 days

Properties And Equipment (Detai

Properties And Equipment (Details)	Jul. 16, 2018USD ($)	Jun. 30, 2018USD ($)a	Dec. 31, 2017USD ($)Item	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Property Plant And Equipment [Line Items]
Number of non-core marginal wells sold | Item			79		245
Proceeds from sales of assets			$ 557,750		$ 527,387	$ 1,085,137	$ 718,700
Loss on sale of assets			272,236		388,361	$ 660,597	87,161
Decrease in gross asset value on balance sheets due to sales of non-core marginal wells			$ 800,000		$ 900,000
Computation of Oil, Natural Gas and NGL Reserves						12 months
Impairment		$ 0		$ 0		$ 0	$ 10,788
Grady and Stephens Counties, Oklahoma [Member]
Property Plant And Equipment [Line Items]
Mineral acreage acquired | a		54
Purchase price of mineral acreage acquired		$ 966,279
Grady and Stephens Counties, Oklahoma [Member] | Producing Oil and Natural Gas Properties [Member]
Property Plant And Equipment [Line Items]
Purchase price of mineral acreage acquired		168,006
Grady and Stephens Counties, Oklahoma [Member] | Non-Producing Oil and Natural Gas Properties [Member]
Property Plant And Equipment [Line Items]
Purchase price of mineral acreage acquired		$ 798,273
Bakken Shale, North Dakota [Member] | Subsequent Event [Member]
Property Plant And Equipment [Line Items]
Purchase price of mineral acreage acquired	$ 9,000,000

Derivatives (Summary Of Derivat

Derivatives (Summary Of Derivative Instruments Contracts) (Details)	Jun. 30, 2018MMBTU$ / MMBTU$ / bblbbl
Natural Gas Costless Collars [Member] | Derivative Contract Period One [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	40,000
Natural Gas Costless Collars [Member] | Derivative Contract Period One [Member] | Minimum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	2.75
Natural Gas Costless Collars [Member] | Derivative Contract Period One [Member] | Maximum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	3.35
Natural Gas Costless Collars [Member] | Derivative Contract Period Two [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	40,000
Natural Gas Costless Collars [Member] | Derivative Contract Period Two [Member] | Minimum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	2.75
Natural Gas Costless Collars [Member] | Derivative Contract Period Two [Member] | Maximum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	3.30
Natural Gas Costless Collars [Member] | Derivative Contract Period Three [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	50,000
Natural Gas Costless Collars [Member] | Derivative Contract Period Three [Member] | Minimum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	2.80
Natural Gas Costless Collars [Member] | Derivative Contract Period Three [Member] | Maximum [Member]
Derivative [Line Items]
Contract price | $ / MMBTU	3.15
Natural Gas Fixed Price Swaps | Derivative Contract Period Four [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	50,000
Contract price | $ / MMBTU	3.080
Natural Gas Fixed Price Swaps | Derivative Contract Period Five [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	40,000
Contract price | $ / MMBTU	2.910
Natural Gas Fixed Price Swaps | Derivative Contract Period Six [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.835
Natural Gas Fixed Price Swaps | Derivative Contract Period Seven [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.925
Natural Gas Fixed Price Swaps | Derivative Contract Period Eight [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	50,000
Contract price | $ / MMBTU	2.988
Natural Gas Fixed Price Swaps | Derivative Contract Period Nine [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	50,000
Contract price | $ / MMBTU	3.065
Oil Costless Collars [Member] | Derivative Contract Period Ten [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Ten [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	47.50
Oil Costless Collars [Member] | Derivative Contract Period Ten [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	52.50
Oil Costless Collars [Member] | Derivative Contract Period Eleven [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Eleven [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	48
Oil Costless Collars [Member] | Derivative Contract Period Eleven [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	53.25
Oil Costless Collars [Member] | Derivative Contract Period Twelve [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Twelve [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	50
Oil Costless Collars [Member] | Derivative Contract Period Twelve [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	55.75
Oil Costless Collars [Member] | Derivative Contract Period Thirteen [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	3,000
Oil Costless Collars [Member] | Derivative Contract Period Thirteen [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	50
Oil Costless Collars [Member] | Derivative Contract Period Thirteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	58
Oil Costless Collars [Member] | Derivative Contract Period Fourteen [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Fourteen [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	55
Oil Costless Collars [Member] | Derivative Contract Period Fourteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	63.45
Oil Costless Collars [Member] | Derivative Contract Period Fifteen [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	1,000
Oil Costless Collars [Member] | Derivative Contract Period Fifteen [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	50
Oil Costless Collars [Member] | Derivative Contract Period Fifteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	60
Oil Costless Collars [Member] | Derivative Contract Period Sixteen [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Sixteen [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	60
Oil Costless Collars [Member] | Derivative Contract Period Sixteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	69.25
Oil Fixed Price Swaps [Member] | Derivative Contract Period Seventeen [Member]
Derivative [Line Items]
Contract price	50.72
Production volume covered per month - Oil | bbl	3,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Eighteen [Member]
Derivative [Line Items]
Contract price	52.02
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Nineteen [Member]
Derivative [Line Items]
Contract price	54.14
Production volume covered per month - Oil | bbl	4,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty [Member]
Derivative [Line Items]
Contract price	58.20
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty One [Member]
Derivative [Line Items]
Contract price	59.69
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Two [Member]
Derivative [Line Items]
Contract price	57.15
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Three [Member]
Derivative [Line Items]
Contract price	58.02
Production volume covered per month - Oil | bbl	3,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Four [Member]
Derivative [Line Items]
Contract price	56.15
Production volume covered per month - Oil | bbl	1,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Five [Member]
Derivative [Line Items]
Contract price	56.71
Production volume covered per month - Oil | bbl	2,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Six [Member]
Derivative [Line Items]
Contract price	58.56
Production volume covered per month - Oil | bbl	1,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Seven [Member]
Derivative [Line Items]
Contract price	56.85
Production volume covered per month - Oil | bbl	2,000

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative contracts, liability	$ 3,303,480
Fair value of derivative contracts, asset			$ 516,159
Net cash paid related to derivative contracts settled	$ 147,230	$ 221,321

Derivatives (Summary Of Deriv30

Derivatives (Summary Of Derivative Contracts) (Details) - USD ($)		Jun. 30, 2018	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross amounts recognized - Current Assets	[1]	$ 84,260	$ 735,702
Offsetting adjustments - Current Assets	[1]	(84,260)	(190,778)
Net presentation on Condensed Balance Sheets - Current Assets	[1]		544,924
Gross amounts recognized - Current Liabilities	[1]	3,098,771	190,778
Offsetting adjustments - Current Liabilities	[1]	(84,260)	(190,778)
Net presentation on Condensed Balance Sheets - Current Liabilities	[1]	3,014,511
Gross amounts recognized - Non-Current Assets	[1]	7,943	9,439
Offsetting adjustments - Non-Current Assets	[1]	(7,943)	(9,439)
Gross amounts recognized - Non-Current Liabilities	[1]	296,912	38,204
Offsetting adjustments - Non-Current Liabilities	[1]	(7,943)	(9,439)
Net presentation on Condensed Balance Sheets - Non-Current Liabilities	[1]	$ 288,969	$ 28,765
[1]	See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)	Jun. 30, 2018USD ($)
Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ (2,190,162)
Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	(2,190,162)
Collars [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	(1,113,318)
Collars [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ (1,113,318)

Fair Value Measurements (Summ32

Fair Value Measurements (Summary Of Unobservable Inputs For Level 3 Fair Value Measurements) (Details)	9 Months Ended
	Jun. 30, 2018USD ($)
Oil Costless Collars [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Unobservable Input	Oil price volatility curve
Fair Value Assets (Liabilities)	$ (1,119,628)
Oil Costless Collars [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	0
Oil Costless Collars [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	31.24
Oil Costless Collars [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	17.16
Natural Gas Costless Collars [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Unobservable Input	Gas price volatility curve
Fair Value Assets (Liabilities)	$ 6,310
Natural Gas Costless Collars [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	0
Natural Gas Costless Collars [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	16.25
Natural Gas Costless Collars [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Alternative Investment, Measurement Input	9.08

Fair Value Measurements (Summ33

Fair Value Measurements (Summary Of Reconciliation Of Derivative Contracts Classified As Level 3 Measurements) (Details)	9 Months Ended
	Jun. 30, 2018USD ($)
Fair Value Disclosures [Abstract]
Balance of Level 3 as of October 1, 2017	$ 151,553
Total gains or (losses) included in earnings	(1,255,605)
Purchases, issuances and settlements	(9,266)
Balance of Level 3 as of June 30, 2018	$ (1,113,318)