PHX Minerals (PHX) 10-Q 9 May 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2019	May 09, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	PANHANDLE OIL & GAS INC
Entity Central Index Key	0000315131
Trading Symbol	PHX
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		16,568,241

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)		Mar. 31, 2019	Sep. 30, 2018
Current assets:
Cash and cash equivalents		$ 504,982	$ 532,502
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)		6,385,694	7,101,629
Refundable income taxes		571,315	33,165
Derivative contracts, net	[1]	715,223
Other		751,525	578,880
Total current assets		8,928,739	8,246,176
Properties and equipment at cost, based on successful efforts accounting:
Producing oil and natural gas properties		432,969,755	427,448,584
Non-producing oil and natural gas properties		12,521,442	12,563,519
Other		1,686,490	1,529,770
Gross properties and equipment, at cost, based on successful efforts accounting		447,177,687	441,541,873
Less accumulated depreciation, depletion and amortization		(250,606,416)	(243,257,472)
Net properties and equipment		196,571,271	198,284,401
Investments		197,340	219,109
Derivative contracts, net	[1]	101,983
Total assets		205,799,333	206,749,686
Current liabilities:
Accounts payable		487,756	881,130
Derivative contracts, net	[1]		3,064,046
Accrued liabilities and other		1,451,427	1,791,950
Total current liabilities		1,939,183	5,737,126
Long-term debt		44,100,000	51,000,000
Deferred income taxes, net		22,030,007	18,088,007
Asset retirement obligations		2,897,354	2,809,378
Derivative contracts, net	[1]		349,970
Stockholders' equity:
Class A voting common stock, $0.0166 par value; 24,000,000 shares authorized, 16,897,306 issued at March 31, 2019, and 16,896,881 issued at September 30, 2018		281,509	281,502
Capital in excess of par value		2,830,224	2,824,691
Deferred directors' compensation		2,415,569	2,950,405
Retained earnings		134,723,381	125,266,945
Stockholders' Equity		140,250,683	131,323,543
Less treasury stock, at cost; 329,065 shares at March 31, 2019, and 145,467 shares at September 30, 2018		(5,417,894)	(2,558,338)
Total stockholders' equity		134,832,789	128,765,205
Total liabilities and stockholders' equity		$ 205,799,333	$ 206,749,686
[1]	See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Sep. 30, 2018
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	16,897,306	16,896,881
Treasury stock, shares	329,065	145,467

Condensed Statements Of Operati

Condensed Statements Of Operations - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Revenues	$ 9,221,319		$ 21,432,038
Gains (losses) on derivative contracts	(1,793,852)	$ (1,343,976)	2,712,928	$ (1,837,828)
Gain on asset sales			9,096,938
Revenues	7,636,213	11,421,258	33,965,207	23,911,784
Costs and expenses:
Lease operating expenses	2,988,178	3,217,568	6,092,748	6,844,277
Production taxes	467,308	497,823	1,076,259	986,813
Depreciation, depletion and amortization	3,623,976	4,241,078	7,437,662	9,516,902
Interest expense	485,784	435,951	1,025,154	867,530
General and administrative	2,133,153	1,766,190	4,071,993	3,654,333
Loss on asset sales and other expense (income)	(852)	216,472	15,785	(79,186)
Total costs and expenses	9,697,547	10,375,082	19,719,601	21,790,669
Income (loss) before provision (benefit) for income taxes	(2,061,334)	1,046,176	14,245,606	2,121,115
Provision (benefit) for income taxes	(130,000)	(24,000)	3,441,000	(12,734,000)
Net income (loss)	$ (1,931,334)	$ 1,070,176	$ 10,804,606	$ 14,855,115
Basic and diluted earnings (loss) per common share	$ (0.11)	$ 0.06	$ 0.64	$ 0.87
Basic and diluted weighted average shares outstanding:
Common shares	16,679,187	16,766,010	16,712,493	16,725,076
Unissued, directors' deferred compensation shares	183,206	205,867	217,704	267,005
Basic and diluted weighted average shares outstanding	16,862,393	16,971,877	16,930,197	16,992,081
Dividends declared per share of common stock and paid in period	$ 0.04	$ 0.04	$ 0.08	$ 0.08
Oil, NGL and Natural Gas [Member]
Revenues:
Revenues	$ 9,221,319	$ 12,266,036	$ 21,432,038	$ 25,153,455
Lease Bonuses and Rental Income [Member]
Revenues:
Revenues	$ 208,746	$ 499,198	$ 723,303	$ 596,157

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, 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)
Net income (loss)	13,784,939				13,784,939
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	194,050		194,050
Dividends	(1,347,608)				(1,347,608)
Distribution of restricted stock to officers and directors	734		(735,965)			$ 736,699
Distribution of restricted stock to officers and directors, shares						44,065
Increase in deferred directors' compensation charged to expense	108,384			108,384
Balances at Dec. 31, 2017	129,182,673	$ 280,938	2,186,538	3,568,293	125,767,547	$ (2,620,643)
Balances, shares at Dec. 31, 2017		16,863,004
Balances, Treasury shares at Dec. 31, 2017						(154,044)
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)
Net income (loss)	14,855,115
Balances at Mar. 31, 2018	130,469,122	$ 281,481	2,566,003	2,819,516	126,837,723	$ (2,035,601)
Balances, shares at Mar. 31, 2018		16,895,603
Balances, Treasury shares at Mar. 31, 2018						(119,650)
Balances at Dec. 31, 2017	129,182,673	$ 280,938	2,186,538	3,568,293	125,767,547	$ (2,620,643)
Balances, shares at Dec. 31, 2017		16,863,004
Balances, Treasury shares at Dec. 31, 2017						(154,044)
Net income (loss)	1,070,176				1,070,176
Restricted stock awards	153,788		153,788
Distribution of restricted stock to officers and directors	43		(43,435)			$ 43,478
Distribution of restricted stock to officers and directors, shares						2,556
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	62,442			62,442
Balances at Mar. 31, 2018	130,469,122	$ 281,481	2,566,003	2,819,516	126,837,723	$ (2,035,601)
Balances, shares at Mar. 31, 2018		16,895,603
Balances, Treasury shares at Mar. 31, 2018						(119,650)
Balances at Sep. 30, 2018	$ 128,765,205	$ 281,502	2,824,691	2,950,405	125,266,945	$ (2,558,338)
Balances, shares at Sep. 30, 2018		16,896,881
Balances, Treasury shares at Sep. 30, 2018	(145,467)					(145,467)
Net income (loss)	$ 12,735,940				12,735,940
Purchase of treasury stock	(1,140,559)					$ (1,140,559)
Purchase of treasury stock, shares						(74,457)
Restricted stock awards	159,469		159,469
Dividends	(1,347,789)				(1,347,789)
Distribution of restricted stock to officers and directors	160	$ 7	(159,869)			$ 160,022
Distribution of restricted stock to officers and directors, shares		425				9,194
Distribution of deferred directors' compensation			(8)	8
Increase in deferred directors' compensation charged to expense	80,287			80,287
Balances at Dec. 31, 2018	139,252,713	$ 281,509	2,824,283	3,030,700	136,655,096	$ (3,538,875)
Balances, shares at Dec. 31, 2018		16,897,306
Balances, Treasury shares at Dec. 31, 2018						(210,730)
Balances at Sep. 30, 2018	$ 128,765,205	$ 281,502	2,824,691	2,950,405	125,266,945	$ (2,558,338)
Balances, shares at Sep. 30, 2018		16,896,881
Balances, Treasury shares at Sep. 30, 2018	(145,467)					(145,467)
Net income (loss)	$ 10,804,606
Balances at Mar. 31, 2019	$ 134,832,789	$ 281,509	2,830,224	2,415,569	134,723,381	$ (5,417,894)
Balances, shares at Mar. 31, 2019		16,897,306
Balances, Treasury shares at Mar. 31, 2019	(329,065)					(329,065)
Balances at Dec. 31, 2018	$ 139,252,713	$ 281,509	2,824,283	3,030,700	136,655,096	$ (3,538,875)
Balances, shares at Dec. 31, 2018		16,897,306
Balances, Treasury shares at Dec. 31, 2018						(210,730)
Net income (loss)	(1,931,334)				(1,931,334)
Purchase of treasury stock	(2,827,126)					$ (2,827,126)
Purchase of treasury stock, shares						(175,175)
Restricted stock awards	286,852		286,852
Dividends	(381)				(381)
Distribution of restricted stock to officers and directors	75		(73,069)			$ 73,144
Distribution of restricted stock to officers and directors, shares						4,441
Distribution of deferred directors' compensation	(3)		(207,842)	(667,124)		$ 874,963
Distribution of deferred directors' compensation, shares						52,399
Increase in deferred directors' compensation charged to expense	51,993			51,993
Balances at Mar. 31, 2019	$ 134,832,789	$ 281,509	$ 2,830,224	$ 2,415,569	$ 134,723,381	$ (5,417,894)
Balances, shares at Mar. 31, 2019		16,897,306
Balances, Treasury shares at Mar. 31, 2019	(329,065)					(329,065)

Statements Of Stockholders' E_2

Statements Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Of Stockholders Equity [Abstract]
Dividends per share	$ 0.08	$ 0.08

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net income (loss)	$ 10,804,606	$ 14,855,115
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	7,437,662	9,516,902
Provision for deferred income taxes	3,942,000	(12,771,000)
Gain from leasing fee mineral acreage	(722,912)	(595,946)
Proceeds from leasing fee mineral acreage	737,812	610,552
Net (gain) loss on sales of assets	(9,096,938)	466,128
Directors' deferred compensation expense	132,280	170,826
Fair value of derivative contracts	(4,231,222)	2,486,518
Restricted stock awards	446,321	347,838
Other	9,326	(1,337)
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables	715,935	1,110,368
Other current assets	(172,645)	(87,495)
Accounts payable	(77,977)	(73,066)
Income taxes receivable	(538,150)	(302,370)
Other non-current assets	17,317	(66,364)
Accrued liabilities	(342,361)	(306,687)
Total adjustments	(1,743,552)	504,867
Net cash provided by operating activities	9,061,054	15,359,982
Investing Activities
Capital expenditures	(4,159,683)	(6,544,481)
Acquisition of minerals and overrides	(1,809,775)
Investments in partnerships	(199)	7,493
Proceeds from sales of assets	9,096,938	1,129,705
Net cash provided (used) by investing activities	3,127,281	(5,407,283)
Financing Activities
Borrowings under debt agreement	8,686,270	10,596,451
Payments of loan principal	(15,586,270)	(19,318,671)
Purchases of treasury stock	(3,967,685)	(272,100)
Payments of dividends	(1,348,170)	(1,347,608)
Net cash provided (used) by financing activities	(12,215,855)	(10,341,928)
Increase (decrease) in cash and cash equivalents	(27,520)	(389,229)
Cash and cash equivalents at beginning of period	532,502	557,791
Cash and cash equivalents at end of period	504,982	168,562
Supplemental Schedule of Noncash Investing and Financing Activities:
Additions to asset retirement obligations	27,562	13,871
Gross additions to properties and equipment	5,654,060	5,556,196
Net (increase) decrease in accounts payable for properties and equipment additions	315,398	988,285
Capital expenditures and acquisitions	$ 5,969,458	$ 6,544,481

Basis of Presentation and Accou

Basis of Presentation and Accounting Principles	6 Months Ended
	Mar. 31, 2019
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 2018 Annual Report on Form 10-K. Certain amounts (loss (gain) on asset sales and other in the Statements of Operations) in the prior years have been reclassified to conform to the current year presentation. Adoption of New Accounting Pronouncements Revenue recognition and presentation – In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). 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) 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.

Revenues

Revenues	6 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenues	NOTE 2: Revenues Adoption of new revenue recognition and disclosure guidance In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) which generally requires an entity to identify performance obligations in its contracts, estimate the amount of consideration to be received in the transaction price, allocate the transaction price to each separate performance obligation and recognize revenue as obligations are satisfied. Additionally, the standard requires expanded disclosures related to revenue recognition. Subsequent to the issuance of ASU 2014-09, the FASB issued additional guidance to assist entities with implementation efforts, including the issuance of ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), The Company adopted the new revenue recognition and presentation guidance on 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. The Company chose to use the modified retrospective method upon adoption and has applied the guidance only to contracts that are not complete at the date of initial application. Adoption of the new guidance had no cumulative effect impact on the Company's retained earnings at October 1, 2018. The standard did not have a material effect on the timing or measurement of the Company's revenue recognition or its financial position, results of operations, net income and cash flows. Additionally, the application of ASU 2016-08’s gross versus net presentation guidance did not impact the Company’s presentation of revenues and expenses. As the Company’s interests in oil and natural gas properties are non-operated interests or royalty interests, the Company evaluated its agreements with operators in connection with the ASC 606 principal versus agent indicators. Consistent with previous conclusions under ASC 605, the Company concluded that the operators act as an agent in the transfer of commodities to third-party customers. This determination required judgment in the application of the guidance for principal versus agent under ASC 606. Revenues from Contracts with Customers Oil, NGL and natural gas sales Sales of oil, NGL and natural gas are recognized at the point in time that control of the product is transferred to the customer and collectability of the sales price is reasonably assured. Oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. The price the Company receives for natural gas and NGL is tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality and heat content of natural gas, and prevailing supply and demand conditions, so that the price of natural gas fluctuates to remain competitive with other available natural gas supplies. These market indices are determined on a monthly basis. Each unit of commodity is considered a separate performance obligation, however, as consideration is variable, the Company utilizes the variable consideration allocation exception permitted under the standard to allocate the variable consideration to the specific units of commodity to which they relate. Lease bonus income The Company also earns revenue from lease bonuses. The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies. A lease agreement represents the Company's contract with a third party and generally conveys the rights to any oil, NGL or natural gas discovered, grants the Company a right to a specified royalty interest and requires that drilling and completion operations commence within a specified time period. Control is transferred to the lessee and the Company has satisfied its performance obligation when the lease agreement is executed, such that revenue is recognized when the lease bonus payment is received. The Company accounts for its lease bonuses as conveyances in accordance with the guidance set forth in ASC 932, and it recognizes the lease bonus as a cost recovery with any excess above its cost basis in the mineral being treated as a gain. The excess of lease bonus above the mineral basis is shown in the lease bonuses and rental income line item on the Company’s Statements of Operations. Oil and natural gas derivative contracts – See Note 9 for discussion of the Company’s accounting for derivative contracts. Disaggregation of oil, NGL and natural gas revenues The following table presents the disaggregation of the Company's oil, NGL and natural gas revenues for the three and six months ended March 31, 2019. Three Months Ended Six Months Ended March 31, 2019 March 31, 2019 Oil revenue $ 3,929,605 $ 8,408,585 NGL revenue 816,362 2,271,197 Natural gas revenue 4,475,352 10,752,256 Oil, NGL and natural gas sales $ 9,221,319 $ 21,432,038 Performance obligations The Company satisfies the performance obligations under its oil and natural gas sales contracts upon delivery of its production and related transfer of title to purchasers. Upon delivery of production, the Company has a right to receive consideration from its purchasers in amounts that correspond with the value of the production transferred. Allocation of transaction price to remaining performance obligations Oil, NGL and natural gas sales As the Company has determined that each unit of product generally represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. The Company has utilized the practical expedient in ASC 606 which permits the Company to allocate variable consideration to one or more but not all performance obligations in the contract if the terms of the variable payment relate specifically to the Company’s efforts to satisfy that performance obligation and allocating the variable amount to the performance obligation is consistent with the allocation objective under ASC 606. Additionally, the Company will not disclose variable consideration subject to this practical expedient Prior-period performance obligations and contract balances The Company records revenue in the month production is delivered to the purchaser. As a non-operator, the Company has limited visibility into the timing of when new wells start producing and production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The expected sales volumes and prices for these properties are estimated and recorded within the Oil, NGL and natural gas sales receivables line item in the accompanying balance sheets. The difference between the Company's estimates and the actual amounts received for oil, NGL and natural gas sales is recorded in the quarter that payment is received from the third party. For the three and six months ended March 31, 2019, and March 31, 2018, revenue recognized in these reporting periods related to performance obligations satisfied in prior reporting periods was immaterial and considered a change in estimate.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 3: Income Taxes The Company’s provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from 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 are recognized as provision (benefit) for income taxes in the statements of operations. 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 six months ended March 31, 2019, was a 24% provision as compared to a 600% benefit for the six months ended March 31, 2018. The effective tax rate for the quarter ended March 31, 2019, was a 6% benefit as compared to a 2% benefit for the quarter ended March 31, 2018.

Basic And Diluted Earnings (Los

Basic And Diluted Earnings (Loss) Per Common Share	6 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic And Diluted Earnings (Loss) Per Common Share	NOTE 4: Basic and Diluted Earnings (Loss) per Common Share Basic and diluted earnings (loss) per common 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	6 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 5: 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 $130,921,211 at March 31, 2019. The interest rate is based on BOK prime plus from 0.50% to 1.25%, or 30-day LIBOR plus from 2.00% to 2.75%. 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 March 31, 2019, the effective interest rate was 4.86%. 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 January 3, 2019, 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 March 31, 2019, the Company was in compliance with the covenants of the loan agreement and has $35,900,000 of availability under its outstanding credit facility.

Deferred Compensation Plan For

Deferred Compensation Plan For Non-Employee Directors	6 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Deferred Compensation Plan For Non-Employee Directors	NOTE 6: 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.

Restricted Stock Plan

Restricted Stock Plan	6 Months Ended
	Mar. 31, 2019
Restricted Stock Plan [Abstract]
Restricted Stock Plan	NOTE 7: 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 stock repurchase 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 the Company to repurchase up to $1.5 million of the Company’s common stock at management’s discretion. The Board added language to clarify that this is intended to be an evergreen program as the repurchase of an additional $1.5 million of the Company’s common stock is authorized and approved whenever the previous amount is utilized. In addition, 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. During the second quarter of 2019, the Company repurchased $2.9 million of the Company’s common stock. On December 11, 2018, the Company awarded 14,430 non-performance based shares and 43,287 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. Upon vesting, the performance based shares that do not meet the performance criteria are forfeited. The non-performance and performance based shares had a fair value on their award date of $226,840 and $356,567, 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 11, 2018, through December 11, 2021). On December 31, 2018, the Company awarded 13,548 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, 2019. The restricted stock contains non-forfeitable rights to receive dividends and to vote the shares during the vesting period. These non-performance based shares had a fair value on their award date of $209,994. The following table summarizes the Company’s pre-tax compensation expense for the three and six months ended March 31, 2019 and 2018, related to the Company’s performance based and non-performance based restricted stock. Three Months Ended Six Months Ended March 31, March 31, 2019 2018 2019 2018 Performance based, restricted stock $ 182,742 $ 59,869 $ 246,279 $ 156,534 Non-performance based, restricted stock 104,110 93,919 200,042 191,304 Total compensation expense $ 286,852 $ 153,788 $ 446,321 $ 347,838 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 March 31, 2019 Unrecognized Compensation Cost Weighted Average Period (in years) Performance based, restricted stock $ 431,677 2.16 Non-performance based, restricted stock 494,042 1.71 Total $ 925,719

Properties And Equipment

Properties And Equipment	6 Months Ended
	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Properties And Equipment	NOTE 8: Properties and Equipment Divestitures During the first quarter of 2019, the Company sold 206 net mineral acres and producing oil and gas properties, located in Lea and Eddy Counties, New Mexico, to a private buyer for total net consideration of $9,096,938 and recorded a gain on the sale of $9,096,938. The cash from the sale was used to reduce the Company’s outstanding bank debt. During the second quarter of 2019, there were no assets sold. Acquisitions During the first quarter of 2019, the Company acquired 45 net mineral acres (which include producing oil and natural gas properties) in the STACK play in Blaine County, Oklahoma, with undeveloped locations identified in both the Woodford and Meramac Shales for $423,000. During the second quarter of 2019, the Company acquired 329 net mineral acres (which include producing oil and natural gas properties) in the STACK play in Blaine and Caddo Counties, Oklahoma, for $1,386,775. 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 and six months ended March 31, 2019 and 2018, the assessment resulted in no impairment provisions on producing properties. A significant reduction in oil, NGL and natural gas prices or a decline in reserve volumes may lead to impairment in future periods that may be material to the Company.

Derivatives

Derivatives	6 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 9: 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. The Company’s derivative contracts are currently with Bank of Oklahoma and Koch Supply and Trading LP. The derivative contracts with Bank of Oklahoma are secured under the credit facility with Bank of Oklahoma. The derivative contracts with Koch are unsecured. The derivative instruments have settled or will settle based on the prices below. Derivative contracts in place as of March 31, 2019 Production volume Contract period covered per month Index Contract price Natural gas fixed price swaps January - June 2019 150,000 Mmbtu NYMEX Henry Hub $2.981 January - June 2019 100,000 Mmbtu NYMEX Henry Hub $3.310 January - June 2019 50,000 Mmbtu NYMEX Henry Hub $3.303 January - July 2019 100,000 Mmbtu NYMEX Henry Hub $2.867 July - December 2019 100,000 Mmbtu NYMEX Henry Hub $2.960 July - December 2019 100,000 Mmbtu NYMEX Henry Hub $2.950 July - December 2019 100,000 Mmbtu NYMEX Henry Hub $2.995 July 2019 - March 2020 100,000 Mmbtu NYMEX Henry Hub $2.982 August - December 2019 100,000 Mmbtu NYMEX Henry Hub $3.004 January - December 2020 80,000 Mmbtu NYMEX Henry Hub $2.750 Oil costless collars 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 July - December 2019 3,000 Bbls NYMEX WTI $60.00 floor / $70.75 ceiling July 2019- June 2020 2,000 Bbls NYMEX WTI $65.00 floor / $76.15 ceiling January - June 2020 2,000 Bbls NYMEX WTI $60.00 floor / $67.00 ceiling January - December 2020 2,000 Bbls NYMEX WTI $55.00 floor / $62.00 ceiling Oil fixed price swaps 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 July - December 2019 5,000 Bbls NYMEX WTI $58.50 January - December 2020 2,000 Bbls NYMEX WTI $55.28 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 asset of $817,206 as of March 31, 2019, and a net liability of $3,414,016 as of September 30, 2018. Net cash paid related to derivative contracts settled during the six-month period ended March 31, 2019, was $1,518,294 compared to net cash received of $648,690 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 March 31, 2019, and September 30, 2018. The Company has offset all amounts subject to master netting agreements in the Company's Condensed Balance Sheets at March 31, 2019, and September 30, 2018. March 31, 2019 September 30, 2018 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 Liabilities Gross amounts recognized $ 1,084,937 $ 369,714 $ 149,990 $ 48,007 $ 42,150 $ 3,106,196 $ 349,970 Offsetting adjustments (369,714 ) (369,714 ) (48,007 ) (48,007 ) (42,150 ) (42,150 ) - Net presentation on Condensed Balance Sheets $ 715,223 $ - $ 101,983 $ - $ - $ 3,064,046 $ 349,970 (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	6 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 10: 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 March 31, 2019. Fair Value Measurement at March 31, 2019 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 $ - $ 516,383 $ - $ 516,383 Derivative Contracts - Collars $ - $ 300,823 $ - $ 300,823 Level 2 – Market Approach - The fair values of the Company’s swaps and collars 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 and volatility 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. At March 31, 2019, and September 30, 2018, the carrying values of cash and cash equivalents, receivables, and payables are considered to be representative of their respective fair values due to the short-term maturities of those instruments.

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Principles (Policies)	6 Months Ended
	Mar. 31, 2019
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 2018 Annual Report on Form 10-K. Certain amounts (loss (gain) on asset sales and other in the Statements of Operations) in the prior years have been reclassified to conform to the current year presentation.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements Revenue recognition and presentation – In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).
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) 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.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Oil, NGL and Natural Gas Revenues	The following table presents the disaggregation of the Company's oil, NGL and natural gas revenues for the three and six months ended March 31, 2019. Three Months Ended Six Months Ended March 31, 2019 March 31, 2019 Oil revenue $ 3,929,605 $ 8,408,585 NGL revenue 816,362 2,271,197 Natural gas revenue 4,475,352 10,752,256 Oil, NGL and natural gas sales $ 9,221,319 $ 21,432,038

Restricted Stock Plan (Tables)

Restricted Stock Plan (Tables)	6 Months Ended
	Mar. 31, 2019
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 six months ended March 31, 2019 and 2018, related to the Company’s performance based and non-performance based restricted stock. Three Months Ended Six Months Ended March 31, March 31, 2019 2018 2019 2018 Performance based, restricted stock $ 182,742 $ 59,869 $ 246,279 $ 156,534 Non-performance based, restricted stock 104,110 93,919 200,042 191,304 Total compensation expense $ 286,852 $ 153,788 $ 446,321 $ 347,838
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 March 31, 2019 Unrecognized Compensation Cost Weighted Average Period (in years) Performance based, restricted stock $ 431,677 2.16 Non-performance based, restricted stock 494,042 1.71 Total $ 925,719

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary Of Derivative Instruments Contracts	Derivative contracts in place as of March 31, 2019 Production volume Contract period covered per month Index Contract price Natural gas fixed price swaps January - June 2019 150,000 Mmbtu NYMEX Henry Hub $2.981 January - June 2019 100,000 Mmbtu NYMEX Henry Hub $3.310 January - June 2019 50,000 Mmbtu NYMEX Henry Hub $3.303 January - July 2019 100,000 Mmbtu NYMEX Henry Hub $2.867 July - December 2019 100,000 Mmbtu NYMEX Henry Hub $2.960 July - December 2019 100,000 Mmbtu NYMEX Henry Hub $2.950 July - December 2019 100,000 Mmbtu NYMEX Henry Hub $2.995 July 2019 - March 2020 100,000 Mmbtu NYMEX Henry Hub $2.982 August - December 2019 100,000 Mmbtu NYMEX Henry Hub $3.004 January - December 2020 80,000 Mmbtu NYMEX Henry Hub $2.750 Oil costless collars 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 July - December 2019 3,000 Bbls NYMEX WTI $60.00 floor / $70.75 ceiling July 2019- June 2020 2,000 Bbls NYMEX WTI $65.00 floor / $76.15 ceiling January - June 2020 2,000 Bbls NYMEX WTI $60.00 floor / $67.00 ceiling January - December 2020 2,000 Bbls NYMEX WTI $55.00 floor / $62.00 ceiling Oil fixed price swaps 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 July - December 2019 5,000 Bbls NYMEX WTI $58.50 January - December 2020 2,000 Bbls NYMEX WTI $55.28
Summary Of Derivative Contracts	March 31, 2019 September 30, 2018 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 Liabilities Gross amounts recognized $ 1,084,937 $ 369,714 $ 149,990 $ 48,007 $ 42,150 $ 3,106,196 $ 349,970 Offsetting adjustments (369,714 ) (369,714 ) (48,007 ) (48,007 ) (42,150 ) (42,150 ) - Net presentation on Condensed Balance Sheets $ 715,223 $ - $ 101,983 $ - $ - $ 3,064,046 $ 349,970 (a) See Fair Value Measurements section for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019. Fair Value Measurement at March 31, 2019 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 $ - $ 516,383 $ - $ 516,383 Derivative Contracts - Collars $ - $ 300,823 $ - $ 300,823 Level 2 – Market Approach - The fair values of the Company’s swaps and collars 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 and volatility 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.

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($)	Oct. 01, 2018	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenue, practical expedient, financing component		true
Minimum [Member]
Disaggregation Of Revenue [Line Items]
New wells production statements period		30 days
Maximum [Member]
Disaggregation Of Revenue [Line Items]
New wells production statements period		90 days
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ASU 2014-09, Revenue from Contracts with Customers [Member]
Disaggregation Of Revenue [Line Items]
Cumulative effect on retained earnings	$ 0

Revenues (Summary Of Disaggrega

Revenues (Summary Of Disaggregation Of Company's Oil, NGL And Natural Gas Revenues) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	$ 9,221,319	$ 21,432,038
Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	3,929,605	8,408,585
NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	816,362	2,271,197
Natural Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, NGL and natural gas sales	$ 4,475,352	$ 10,752,256

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	(6.00%)	(2.00%)	24.00%	(600.00%)

Long-Term Debt (Details)

Long-Term Debt (Details) - Revolving Credit Facility [Member] - USD ($)	6 Months Ended
	Mar. 31, 2019	Jan. 03, 2019
Line Of Credit Facility [Line Items]
Revolving loan credit facility	$ 200,000,000
Borrowing base of credit facility	$ 80,000,000	$ 80,000,000
Credit facility maturity	Nov. 30, 2022
Mortgaged properties net book value	$ 130,921,211
Effective Interest rate	4.86%
Funded debt to EBITDA ratio	400.00%
Availability under outstanding credit facility	$ 35,900,000
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	0.50%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	2.00%
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 Fo_2

Deferred Compensation Plan For Non-Employee Directors (Details)	6 Months Ended
	Mar. 31, 2019
Maximum [Member]
Deferred Compensation Plan For Directors [Line Items]
Period outside directors may elect to receive shares	10 years

Restricted Stock Plan (Narrativ

Restricted Stock Plan (Narrative) (Details) - USD ($)	Dec. 31, 2018	Dec. 11, 2018	Mar. 31, 2019	May 31, 2018	Mar. 31, 2014	Mar. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchased			$ 2,900,000
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		14,430
Fair value of shares awarded		$ 226,840
Non Performance Based Restricted Stock [Member] | Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	13,548
Fair value of shares awarded	$ 209,994
Performance Based Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		43,287
Fair value of shares awarded		$ 356,567
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		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 286,852	$ 153,788	$ 446,321	$ 347,838
Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	182,742	59,869	246,279	156,534
Non Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 104,110	$ 93,919	$ 200,042	$ 191,304

Restricted Stock Plan (Summar_2

Restricted Stock Plan (Summary Of Unrecognized Compensation Cost) (Details)	6 Months Ended
	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 925,719
Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 431,677
Weighted Average Period (in years)	2 years 1 month 28 days
Non Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 494,042
Weighted Average Period (in years)	1 year 8 months 15 days

Properties And Equipment (Detai

Properties And Equipment (Details)	3 Months Ended			6 Months Ended
	Mar. 31, 2019USD ($)a	Dec. 31, 2018USD ($)a	Mar. 31, 2018USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Property Plant And Equipment [Line Items]
Gain on sale of oil and gas properties				$ 9,096,938
Computation of Oil, Natural Gas and NGL Reserves				12 months
Impairment	$ 0		$ 0	$ 0	$ 0
Lea and Eddy Counties, New Mexico [Member]
Property Plant And Equipment [Line Items]
Mineral acreage sold | a		206
Proceeds from sales of assets		$ 9,096,938
Gain on sale of oil and gas properties		$ 9,096,938
Blaine County, Oklahoma [Member]
Property Plant And Equipment [Line Items]
Mineral acreage acquired | a		45
Purchase price of mineral acreage acquired		$ 423,000
Blaine and Caddo Counties, Oklahoma [Member]
Property Plant And Equipment [Line Items]
Mineral acreage acquired | a	329
Purchase price of mineral acreage acquired	$ 1,386,775

Derivatives (Summary Of Derivat

Derivatives (Summary Of Derivative Instruments Contracts) (Details)	Mar. 31, 2019MMBTU$ / MMBTU$ / bblbbl
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period One [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	150,000
Contract price | $ / MMBTU	2.981
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Two [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	3.310
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Three [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	50,000
Contract price | $ / MMBTU	3.303
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Four [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.867
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Five [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.960
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Six [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.950
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Seven [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.995
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Eight [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	2.982
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Nine [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	100,000
Contract price | $ / MMBTU	3.004
Natural Gas Fixed Price Swaps [Member] | Derivative Contract Period Ten [Member]
Derivative [Line Items]
Production volume covered per month - Natural Gas | MMBTU	80,000
Contract price | $ / MMBTU	2.750
Oil Costless Collars [Member] | Derivative Contract Period Nine [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Nine [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	55
Oil Costless Collars [Member] | Derivative Contract Period Nine [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	63.45
Oil Costless Collars [Member] | Derivative Contract Period Ten [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	1,000
Oil Costless Collars [Member] | Derivative Contract Period Ten [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	50
Oil Costless Collars [Member] | Derivative Contract Period Ten [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	60
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	60
Oil Costless Collars [Member] | Derivative Contract Period Eleven [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	69.25
Oil Costless Collars [Member] | Derivative Contract Period Twelve [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	3,000
Oil Costless Collars [Member] | Derivative Contract Period Twelve [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	60
Oil Costless Collars [Member] | Derivative Contract Period Twelve [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	70.75
Oil Costless Collars [Member] | Derivative Contract Period Thirteen [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Thirteen [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	65
Oil Costless Collars [Member] | Derivative Contract Period Thirteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	76.15
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	60
Oil Costless Collars [Member] | Derivative Contract Period Fourteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	67
Oil Costless Collars [Member] | Derivative Contract Period Fifteen [Member]
Derivative [Line Items]
Production volume covered per month - Oil | bbl	2,000
Oil Costless Collars [Member] | Derivative Contract Period Fifteen [Member] | Minimum [Member]
Derivative [Line Items]
Contract price	55
Oil Costless Collars [Member] | Derivative Contract Period Fifteen [Member] | Maximum [Member]
Derivative [Line Items]
Contract price	62
Oil Fixed Price Swaps [Member] | Derivative Contract Period Fifteen [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 Sixteen [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 Seventeen [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 Eighteen [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 Nineteen [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 [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 One [Member]
Derivative [Line Items]
Contract price	56.85
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	58.50
Production volume covered per month - Oil | bbl	5,000
Oil Fixed Price Swaps [Member] | Derivative Contract Period Twenty Three [Member]
Derivative [Line Items]
Contract price	55.28
Production volume covered per month - Oil | bbl	2,000

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative contracts, liability			$ 3,414,016
Fair value of derivative contracts, asset	$ 817,206
Net cash paid related to derivative contracts settled	$ 1,518,294
Net cash received on derivatives settled		$ 648,690

Derivatives (Summary Of Deriv_2

Derivatives (Summary Of Derivative Contracts) (Details) - USD ($)		Mar. 31, 2019	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross amounts recognized - Current Assets	[1]	$ 1,084,937	$ 42,150
Offsetting adjustments - Current Assets	[1]	(369,714)	(42,150)
Net presentation on Condensed Balance Sheets - Current Assets	[1]	715,223
Gross amounts recognized - Non-Current Assets	[1]	149,990
Offsetting adjustments - Non-Current Assets	[1]	(48,007)
Net presentation on Condensed Balance Sheets - Non-Current Assets	[1]	101,983
Gross amounts recognized - Current Liabilities	[1]	369,714	3,106,196
Offsetting adjustments - Current Liabilities	[1]	(369,714)	(42,150)
Net presentation on Condensed Balance Sheets - Current Liabilities	[1]		3,064,046
Gross amounts recognized - Non-Current Liabilities	[1]	48,007	349,970
Offsetting adjustments - Non-Current Liabilities	[1]	$ (48,007)
Net presentation on Condensed Balance Sheets - Non-Current Liabilities	[1]		$ 349,970
[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)	Mar. 31, 2019USD ($)
Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ 516,383
Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	516,383
Collars [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	300,823
Collars [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ 300,823