EXHIBIT 99
 
   
 (81)




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DeGolyer and MacNaughton  500 I Spring Valley Road  Suite  Dallas, Texas




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DeGolyer and MacNaughton
    Methodology and Procedures




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3 DeGolyer and MacNaughton
    Definition of Reserves




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4 DeGolyer and MacNaughton
 Proved
ail and gas reserves




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5 DeGolyer and MacNaughton
   Developed oil and gas reserves 
   Undeveloped
oil and gas reserves




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6 DeGolyer and MacNaughton
    Primary Economic Assumptions
  Oil, Condensate, and Natural Gas Prices




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7 DeGolyer and MacNaughton
   Operating Expenses and Capital Costs
   Summary Reserves and Revenues




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8 DeGolyer and MacNaughton
 Oil and
    
    SalesCondensate
    
    Gas(Mbbl)
    
    (MMcf)ProvedDeveloped Producing
    
    
    848
    
    
    
    56,456Developed Non producing
    
    
    14
    
    
    
    888Undeveloped
    
    
    63
    
    
    
    40,826Total Proved
    
    
    925
    
    
    
    98,170
  ProvedDeveloped
    
    Developed
    
    
    
    
    
    TotalProducing
    
    Nonproducing
    
    Undeveloped
    
    ProvedFuture Gross Revenue,
M$
    
    
    303,218
    
    
    
    5,035
    
    
    
    181,439
    
    
    
    489,692Production & Ad
Valorem Taxes. M$
    
    
    21,394
    
    
    
    362
    
    
    
    8,484
    
    
    
    30,240Operating
Expenses, M$
    
    
    81,090
    
    
    
    1.131
    
    
    
    36,267
    
    
    
    118,488Capital
Costs, M$
    
    
    0
    
    
    
    489
    
    
    
    52,487
    
    
    
    52,976Future Net
Revenue, M$
    
    
    200,734
    
    
    
    3,053
    
    
    
    84,201
    
    
    
    287,988Present Worth at 10
Percent, M$
    
    
    103,343
    
    
    
    685
    
    
    
    21,960
    
    
    
    125,988
 
 Note: Future income taxes have not been taken into account in the preparation of these
estimates. Extractive Industries
 Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures




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9 DeGolyer and MacNaughton
 is
  Submitted,(DeGOLYER
and MacNAUGHTON)DeGOLYER and MacNAUGHTONTexas Registered Engineering Firm F-716 (SEAL)/s/ Paul J. Szatkowski, PEPaul J. Szatkowski, P.E.Senior Vice President
DeGolyer and MacNaughton




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DeGolyer and MacNaughton
 CERTIFICATE of QUALIFICATION
  1.
    
    That I am a Senior Vice President with DeGolyer and MacNaughton, which
company did prepare the letter report addressed to Panhandle Oil and Gas
Inc. dated September 30, 2010, and that I, as Senior Vice President, was
responsible for the preparation of this report.2.
    
    That I attended Texas A&M University, and that I graduated with a
Bachelor of Science degree in Petroleum Engineering in the year 1974; that I
am a Registered Professional Engineer in the State of Texas; that I am a
member of the International Society of Petroleum Engineers and the
American Association of Petroleum Geologists; and that I have in excess of
36 years of experience in the oil and gas reservoir studies and reserves
evaluations.Signed: September 30, 2010
 (SEAL)/s/ Paul J. Szatkowski, PEPaul J. Szatkowski, P.E.Senior Vice President
DeGolyer and MacNaughton