EXHIBIT 32.1

Panhandle Royalty Company
5400 North Grand Blvd. Suite #210
Oklahoma City, OK  73112


                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
                      REGARDING PERIODIC REPORT CONTAINING
                              FINANCIAL STATEMENTS


I, H W Peace II, Chief Executive Officer of Panhandle Royalty Company, (the
"Issuer"), in compliance with 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify in connection with
the Issuer's Quarterly Report on Form 10-Q for the period that ended June 30,
2003 as filed with the Securities and Exchange Commission (the "Report") that:

         (1)      The Report fully complies with the requirements of Section
                  13(a) of the Securities Exchange Act of 1934; and

         (2)      The information contained in this Report fairly presents, in
                  all material respects, the financial condition and results of
                  operations of the Issuer.

/s/ HW Peace II
----------------------------
HW Peace II
President &
Chief Executive Officer

August 12, 2003