Panhandle Royalty Company SC13D Amendment No. 1


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934

(Amendment No. 1)*
Panhandle Royalty Company

(Name of Issuer)

Class A Common Stock (Voting), $0.0016 par value per share

(Title of Class of Securities)

698477 10 6

(CUSIP Number)

Robert Robotti
c/o Robotti & Company, Incorporated
52 Vanderbilt Avenue
New York, New York 10017

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

December 18, 2006

(Date of Event Which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ]

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

(Page 1 of 15 Pages)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Schedule 13D
CUSIP No. 698477 10 6					Page 2 of 15 Pages


1.	Names of Reporting Persons. Robert E. Robotti
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	AF


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	United States


Number of			7.	Sole Voting Power: -0-

Shares
Beneficially			8.	Shared Voting Power: 551,432

Owned by
Each			9.	Sole Dispositive Power: -0-

Reporting
Person With			10.	Shared Dispositive Power: 551,432


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	551,432


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	6.5%


14.	Type of Reporting Person (See Instructions)
	IN, HC

Schedule 13D
CUSIP No. 698477 10 6					Page 3 of 15 Pages


1.	Names of Reporting Persons. Robotti & Company, Incorporated
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	WC


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	New York


Number of			7.	Sole Voting Power: 5,340

Shares
Beneficially			8.	Shared Voting Power: 58,344

Owned by
Each			9.	Sole Dispositive Power: 5,340

Reporting
Person With			10.	Shared Dispositive Power: 58,344


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	63,684


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	Less than 1%


14.	Type of Reporting Person (See Instructions)
	CO, HC

Schedule 13D
CUSIP No. 698477 10 6					Page 4 of 15 Pages


1.	Names of Reporting Persons. Robotti & Company, LLC
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	WC


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	New York


Number of			7.	Sole Voting Power: -0-

Shares
Beneficially			8.	Shared Voting Power: 10,900

Owned by
Each			9.	Sole Dispositive Power: -0-

Reporting
Person With			10.	Shared Dispositive Power: 10,900


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	10,900


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	Less than 1%


14.	Type of Reporting Person (See Instructions)
	OO, BD

Schedule 13D
CUSIP No. 698477 10 6					Page 5 of 15 Pages


1.	Names of Reporting Persons. Robotti & Company Advisors, LLC
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	WC


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	New York


Number of			7.	Sole Voting Power: -0-

Shares
Beneficially			8.	Shared Voting Power: 47,444

Owned by
Each			9.	Sole Dispositive Power: -0-

Reporting
Person With			10.	Shared Dispositive Power: 47,444


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	47,444


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	Less than 1%


14.	Type of Reporting Person (See Instructions)
	OO, IA

Schedule 13D
CUSIP No. 698477 10 6					Page 6 of 15 Pages


1.	Names of Reporting Persons. Suzanne Robotti
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	PF


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	United States


Number of			7.	Sole Voting Power: 18,000

Shares
Beneficially			8.	Shared Voting Power: -0-

Owned by
Each			9.	Sole Dispositive Power: 18,000

Reporting
Person With			10.	Shared Dispositive Power: -0-


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	18,000


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	Less than 1%


14.	Type of Reporting Person (See Instructions)
	IN

Schedule 13D
CUSIP No. 698477 10 6					Page 7 of 15 Pages


1.	Names of Reporting Persons. Kenneth R. Wasiak
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	AF


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	United States


Number of			7.	Sole Voting Power: -0-

Shares
Beneficially			8.	Shared Voting Power: 469,748

Owned by
Each			9.	Sole Dispositive Power: -0-

Reporting
Person With			10.	Shared Dispositive Power: 469,748


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	469,748


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	5.6%


14.	Type of Reporting Person (See Instructions)
	IN, HC

Schedule 13D
CUSIP No. 698477 10 6					Page 8 of 15 Pages


1.	Names of Reporting Persons. Ravenswood Management Company, L.L.C.
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	AF


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	New York


Number of			7.	Sole Voting Power: -0-

Shares
Beneficially			8.	Shared Voting Power: 469,748

Owned by
Each			9.	Sole Dispositive Power: -0-

Reporting
Person With			10.	Shared Dispositive Power: 469,748


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	469,748


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	5.6%


14.	Type of Reporting Person (See Instructions)
	OO

Schedule 13D
CUSIP No. 698477 10 6					Page 9 of 15 Pages


1.	Names of Reporting Persons. The Ravenswood Investment Company, L.P.
	I.R.S. Identification Nos. of above persons (entities only).



2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)	[ ]
	(b)	[ ]


3.	SEC Use Only


4.	Source of Funds
	WC


5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)					[ ]


6.	Citizenship or Place of Organization
	New York


Number of			7.	Sole Voting Power: -0-

Shares
Beneficially			8.	Shared Voting Power: 469,748

Owned by
Each			9.	Sole Dispositive Power: -0-

Reporting
Person With			10.	Shared Dispositive Power: 469,748


11.	Aggregate Amount Beneficially Owned by Each Reporting Person
	469,748


12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares [ ]



13.	Percent of Class Represented by Amount in Row (11)
	5.6%


14.	Type of Reporting Person (See Instructions)
	PN

SCHEDULE 13D
CUSIP No. 698477 10 6		Page 10 of 15 Pages

This Statement on Schedule 13D Amendment No. 1 (this "Statement") is filed on behalf of the Reporting Persons with the Securities and Exchange Commission (the "Commission"). This Amendment amends the initial Statement of Beneficial Ownership on Schedule 13D (the "Initial Statement") relating to shares of Class A Common Stock (voting), $0.0166 par value (the "Common Stock"), of Panhandle Royalty Company (the "Issuer") filed on May 10, 2004 with the Commission as specifically set forth herein. Capitalized terms used herein and not otherwise defined herein shall have the same meanings ascribed to them in the Initial Statement.

Item 1.	Security and Issuer

Item 1 of the Initial Statement is hereby amended and restated to read as follows:

This Statement relates to shares of Class A Common Stock (voting), $0.0166 par value (the "Common Stock"), of Panhandle Royalty Company (the "Issuer"). The address of the Issuer's principal executive office is Grand Centre, Suite 305, 5400 North Grand Boulevard, Oklahoma City, OK 73112.

Item 2.	Identity and Background

Item 2 of the Initial Statement is hereby amended and restated to read as follows:

(a), (b), (c) and (f). This Statement is filed on behalf of Robert E. Robotti ("Robotti"), Robotti & Company, Incorporated ("ROBT"), Robotti & Company, LLC ("Robotti & Company"), Robotti & Company Advisors, LLC ("Robotti Advisors"), Suzanne Robotti, Kenneth R. Wasiak ("Wasiak"), Ravenswood Management Company, L.L.C. ("RMC"), and The Ravenswood Investment Company, L.P., ("RIC," and together with Robotti, ROBT, Robotti & Company, Robotti Advisors, Suzanne Robotti, Wasiak, and RMC, the "Reporting Persons").

Mr. Robotti is a United States citizen whose principal occupation is serving as the president and treasurer of ROBT. ROBT, a New York corporation, is the parent holding company of Robotti & Company and Robotti Advisors. Robotti & Company, a New York limited liability company, is a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Robotti Advisors, a New York limited liability company, is an investment advisor registered under the Investment Advisers Act of 1940, as amended.

Suzanne Robotti is a United States citizen and the wife of Mr. Robotti.

Mr. Wasiak, is a United States citizen whose principal occupation is serving as a consultant in the accounting firm of Pustorino, Puglisi & Company, P.C. Each of Messrs. Robotti and Wasiak are Managing Member of RMC. RMC, a New York limited liability company, is the general partner of RIC. RIC, a New York limited partnership, is a private investment partnership engaged in the purchase and sale of securities for its own account.

The address of each of the Reporting Persons other than Mr. Wasiak, RIC and RMC is 52 Vanderbilt Avenue, New York, New York, 10017. RMC's and RIC's address is 104 Gloucester Road, Massapequa, New York, New York, 11758. Mr. Wasiak's business address is 515 Madison Avenue, New York, New York 10022.

Executive Officers and Directors:

In accordance with the provisions of General Instruction C to Schedule 13D information concerning executive officers and directors of ROBT, Robotti & Company and Robotti Advisors included in Schedule A hereto and is incorporated by reference herein.

(d) and (e). None of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the persons set forth on Schedule A, has during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

SCHEDULE 13D
CUSIP No. 698477 10 6						Page 11 of 15 Pages

Item 3.		Source and Amount of Funds or Other Consideration

Item 3 of the Initial Statement is hereby amended and restated to read as follows:

The aggregate purchase price of the 5,340 shares of the Common Stock held by ROBT is $15,343.75 (including brokerage fees and expenses). All of the shares of Common Stock beneficially held by ROBT were paid for using its working capital.

The aggregate purchase price of the 10,900 shares of the Common Stock held by Robotti & Company is $152,711.75 (including brokerage fees and expenses). All of the shares of Common Stock beneficially held by Robotti & Company were paid for using the working capital of its discretionary customers.

The aggregate purchase price of the 47,444 shares of the Common Stock held by Robotti Advisors is $52,892.55 (including brokerage fees and expenses). All of the shares of Common Stock beneficially held by Robotti Advisors were paid for using the working capital of its clients.

The aggregate purchase price of the 469,748 shares of the Common Stock held by RIC is $2,218,374.96 (including brokerage fees and expenses). All of the shares of Common Stock beneficially held by RIC were paid for using its working capital.

Item 5.	Interest in Securities of the Issuer

Item 5 of the Initial Statement is hereby amended and restated to read as follows:

(a)-(b) As of December 27, 2006, the aggregate number of shares of Common Stock and percentage of the outstanding Common Stock of the Issuer beneficially owned (i) by each of the Reporting Persons, and (ii) to the knowledge of the Reporting Persons, by each other person who may be deemed to be a member of a group, is as follows:
Reporting Person			Aggregate Number of Shares	Number of Shares: Sole Power to Vote or Dispose	Number of Shares: Shared Power to Vote or Dispose	Approximate Percentage*


Robotti (1)(2)(3)(4)(6)(7)			551,432	0	551,432	6.5%
ROBT (1)(2)			63,684	0	63,684	**
Robotti & Company (1)(3)			10,900	0	10,900	**
Robotti Advisors (1)(4)			47,444	0	47,444	**
Suzanne Robotti (1)(5)			0	18,000	0	**
Wasiak (1)(7)			469,748	0	469,748	5.6%
RMC (1)(7)			469,748	0	469,748	5.6%
RIC (1)(7)			469,748	0	469,748	5.6%

^* Based on 8,422,529 shares of Common Stock, $0.0166 par value, outstanding as of December 4, 2006, as disclosed in the Issuer's Quarterly Report on Form 10-K, for year ended September 30, 2006 ^** Less than one percent. (1) Each of the Reporting Persons disclaims beneficial ownership of the securities held by the other Filing Parties except to the extent of such Reporting Person's pecuniary interest therein, if any. (2) Mr. Robotti shares with ROBT the power to vote or direct the vote, and share the power to dispose or to direct the disposition of 5,340 shares of Common Stock owned by ROBT.

SCHEDULE 13D

CUSIP No. 698477 10 6

Page 12 of 15 Pages

              (3) Each of Mr. Robotti and ROBT share with Robotti & Company the power to vote or direct the vote, and share the power to dispose or to direct the disposition of 10,900 shares of Common Stock owned by the discretionary customers of Robotti & Company.
              (4) Each of Mr. Robotti and ROBT share with Robotti Advisors the power to vote or direct the vote, and share the power to dispose or to direct the disposition of 47,444 shares of Common Stock owned by the advisory clients of Robotti Advisors.
              (5) Suzanne Robotti has the sole power to vote or direct the vote, and has the sole power to dispose or to direct the disposition of 18,000 shares of Common Stock.
              (6) Mr. Robotti may be deemed to be the beneficial owner of the shares of Common Stock set forth in footnote (5) above, through his marriage to Suzanne Robotti.
              (7) Each of Messrs. Robotti and Wasiak and RMC share with RIC the power to vote or direct the vote, and share the power to dispose or to direct the disposition of 469,748 shares of Common Stock owned by RIC.

(c) The table below lists all the transactions in the Issuer's Common Stock in the last sixty days by the Reporting Persons. All transactions were made by RIC in the open market.

Transactions in Shares Within the Past Sixty Days

Party

Date of Purchase/ Sale

Number of Shares of the Common Stock

Buy/Sell

Price Per Share

RIC

12/13/2006

1,000

BUY

$18.75

RIC

12/15/2006

300

BUY

$19.00

RIC

12/18/2006

5,900

BUY

$18.7128

RIC

12/19/2006

1,400

BUY

$18.81

RIC

12/20/2006

3,052

BUY

$18.7894

RIC

12/21/2006

5,048

BUY

$18.80

(d)

No Person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such shares of Common Stock beneficially owned by the Reporting Persons.

(e)

Not Applicable.

Item 6.

Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer

Item 6 of the Initial Statement is hereby amended and restated to read as follows:

Each of the Reporting Persons is a party to a Joint Filing Agreement dated as of December 27, 2006 (the "Joint Filing Agreement"), pursuant to which the Reporting Persons agreed to jointly file this Statement and any and all amendments and supplements hereto with the Securities and Exchange Commission. The Joint Filing Agreement is filed herewith as Exhibit 2 and incorporated herein by reference.

SCHEDULE 13D
CUSIP No. 698477 10 6		Page 13 of 15 Pages

Item 7.	Materials To Be Filed As Exhibits

The following documents are filed herewith or have been previously filed:

1. Joint Filing Agreement dated May 10, 2004 by and among Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company, LLC, Robotti & Company Advisors, LLC, Suzanne Robotti, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C., and The Ravenswood Investment Company, L.P.

2. Amended and Restated Joint Filing Agreement dated December 27, 2006 by and among Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company, LLC, Robotti & Company Advisors, LLC, Suzanne Robotti, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C., and The Ravenswood Investment Company, L.P.


















(The remainder of this page was intentionally left blank)

SCHEDULE 13D
CUSIP No. 698477 10 6					Page 14 of 15 Pages

SIGNATURE

After reasonable inquiry and to the best of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.


Date:		December 27, 2006



			Robotti & Company, Incorporated

	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Robert E. Robotti			Name: Robert E. Robotti
				Title: President and Treasurer


Robotti & Company, LLC			Robotti & Company Advisors, LLC


By:	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Name: Robert E. Robotti			Name: Robert E. Robotti
	Title: President and Treasurer			Title: President and Treasurer



	/s/ Suzanne Robotti		By:	/s/ Kenneth R. Wasiak

	Suzanne Robotti			Kenneth R. Wasiak



Ravenswood Management Company, L.L.C.			The Ravenswood Investment Company, L.P.

By:	/s/ Robert E. Robotti		By:	Ravenswood Management Company, L.L.C.

	Name: Robert E. Robotti			Its General Partner
	Title: Managing Member

			By:	/s/ Robert E. Robotti

				Name: Robert E. Robotti
				Title: Managing Member

SCHEDULE 13D
CUSIP No. 698477 10 6		Page 15 of 15 Pages

Schedule A

The following table sets forth certain information concerning each of the directors and executive officers of each of the entities named below as of the date hereof.

Robotti & Company, Incorporated, Robotti & Company, LLC, and Robotti & Company Advisors, LLC

Name:	Robert E. Robotti
	(Director, President, Treasurer)
Citizenship	U.S.A.
Principal Occupation:	President and Treasurer, Robotti & Company, Incorporated
Business Address:	52 Vanderbilt Avenue, New York, New York 10017

Name:	Joseph E. Reilly
	(Director, Secretary)
Citizenship:	U.S.A.
Principal Occupation:	Director and Secretary, Robotti & Company, Incorporated
Business Address:	52 Vanderbilt Avenue, New York, New York 10017

Name:	Kenneth R. Wasiak
	(Director)
Citizenship	U.S.A.
Principal Occupation:	Consultant, Pustorino, Puglisi & Co., P.C.
Business Address:	515 Madison Avenue, New York, New York 10022













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SCHEDULE 13D
CUSIP No. 698477 10 6					Page 1of 1 Page

Exhibit 2

Amended and Restated
Joint Filing Agreement

The undersigned parties hereby agree to the joint filing of the Statement on Schedule 13D Amendment No. 1 filed herewith, and any amendments hereto, relating to the Class A Common Stock (voting), $0.0166 par value, of Panhandle Royalty Company with the Securities and Exchange Commission pursuant to Rule 13d-1(k). The undersigned parties hereby acknowledge that each shall be responsible for the timely filing of any such amendments, and for the completeness and accuracy of the information concerning the other persons making this filing, unless such person knows or has reason to believe that such information is inaccurate.


Date:		December 27, 2006



			Robotti & Company, Incorporated

	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Robert E. Robotti			Name: Robert E. Robotti
				Title: President and Treasurer


Robotti & Company, LLC			Robotti & Company Advisors, LLC


By:	/s/ Robert E. Robotti		By:	/s/ Robert E. Robotti

	Name: Robert E. Robotti			Name: Robert E. Robotti
	Title: President and Treasurer			Title: President and Treasurer



	/s/ Suzanne Robotti		By:	/s/ Kenneth R. Wasiak

	Suzanne Robotti			Kenneth R. Wasiak



Ravenswood Management Company, L.L.C.			The Ravenswood Investment Company, L.P.

By:	/s/ Robert E. Robotti		By:	Ravenswood Management Company, L.L.C.

	Name: Robert E. Robotti			Its General Partner
	Title: Managing Member

			By:	/s/ Robert E. Robotti

				Name: Robert E. Robotti
				Title: Managing Member

SIGNATURE

Amended and Restated

Joint Filing Agreement