Panhandle Royalty Company
   Grand Centre Suite 210
   5400 N Grand Boulevard
   Oklahoma City , OK 73112
   Phone: (405) 948-1560

Symbol: PHX
Exchange: AMEX

Equity Data: (as of 6/30/2003)
Shares Outstanding:
   2.1 million

Recent Trading Price:
   $ 27.99  (12/26/2003)

J.M. Dutton Analyst:
   Les Childress

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