On May 5, 2020, Panhandle Oil and Gas Inc. announced that board of directors (the “Board”) appointed Chad L. Stephens as the Company’s President. Mr. Stephens, 65, currently serves as the Company’s Chief Executive Officer (“CEO”), a position he has held since January 16, 2020. Prior to his appointment as CEO, he had served as the Company’s Interim CEO since August 2019. Mr. Stephens also currently serves as a member of the Company’s Board. He was appointed to the Board in 2017 and previously served as its Lead Independent Director. In addition to assuming the position of President of the Company, Mr. Stephens will continue to serve as the Company’s CEO and as a director on the Company’s Board. Mr. Stephens previously served as Senior Vice President – Corporate Development of Range Resources Corporation (“Range Resources”), an independent natural gas company, which position he held from 2002 until his retirement effective December 31, 2018. Mr. Stephens joined Range Resources in 1990 as Senior Vice President – Southwest. While at Range Resources, he was responsible for the origination, valuation, and acquisition or divestiture of over $6.0 billion of oil and gas producing properties. Mr. Stephens served on the internal hedging committee and was responsible for the oversight of all oil, gas, and NGL marketing and sales for Range Resources. Range Resources is not a parent, subsidiary, or other affiliate of the Company. Mr. Stephens holds a Bachelor of Arts degree in Finance and Land Management from the University of Texas. In connection with his appointment as President of the Company, there were no material changes to the Company’s Amended and Restated Change-in-Control Agreement with Mr. Stephens.