X0306 4 2019-01-04 0 0000315131 PANHANDLE OIL & GAS INC PHX 0001105838 ROBOTTI ROBERT 60 EAST 42ND STREET SUITE 3100 NEW YORK NY 10165 1 0 0 0 Class A Common Stock, $0.0166 par value 2019-01-04 4 A 0 2258 0 A 698676 I See Footnote Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan. The shares will vest 1/4 each calendar quarter. This amount includes 29,480 shares of Common Stock directly beneficially owned by Robotti & Company Advisors, LLC ("Robotti Advisors"), which was previously owned by Robotti & Company, Incorporated ("ROBT"), 388,192 shares of the Common Stock directly beneficially owned by The Ravenswood Investment Company, LP ("RIC"), 237,280 shares of the Common Stock directly beneficially owned by Ravenswood Investments III, L.P. ("RI"), 36,000 shares of the Common Stock directly beneficially owned by Suzanne Robotti ("Su Robotti"), wife of Robert Robotti, and 7,724 shares of the Common Stock, of which 2,258 shares are restricted stock, directly beneficially owned by Robert Robotti. Mr. Robotti may be deemed to beneficially own (solely for the purpose of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("Exchange Act")) certain of the shares of Common Stock set forth in this Form 4 through his proportionate ownership of ROBT and Robotti Advisors, as a managing member of Ravenswood Management Company, LLC, which serves as the general partner of RIC and RI and through his marriage to Su Robotti. Mr. Robotti disclaims beneficial ownership of all securities reported herein except to the extent of his pecuniary interest therein, if any. /s/ Robert E. Robotti 2019-01-07