On January 3, 2018, Mr. H. Grant Swartzwelder resigned from the Board of Directors (“Board”) of Panhandle Oil and Gas Inc. (“Panhandle” or the “Company”), effective immediately, following the Board’s decision at its October 25, 2017, meeting not to nominate Mr. Swartzwelder for re-election. Mr. Swartzwelder’s term as a director was set to expire at the 2018 Annual Shareholders Meeting. A successor to Mr. Swartzwelder was nominated by the Board at its December 12, 2017, meeting and will be presented for election by the shareholders in Panhandle’s 2018 Proxy Statement which is to be mailed to shareholders later in the month. Mr. Swartzwelder was a member of the company’s Corporate Governance and Nominating Committee and Compensation Committee. On January 4, 2018, Darryl Smette informed the company that he intends to submit his letter of resignation from the Board on or about March 7, 2018.