H. W. Peace

H.W. PEACE II has been President, Chief Executive Officer and a member of the
Board of Directors of Panhandle Royalty Company since 1991. Prior to joining
PanHandle Royalty Company he was a Managing Partner of EXAD, Executive Vice
President and Chief Operating Officer and member of the Board of Directors of
Hadson Petroleum Corp., Exploration Manager for Cotton Petroleum Company and
he worked up from Geologist to Area Geologist to District Exploration
Geologist to Exploration Manager for Union Oil Company of California in
Houston, Lafayette, Louisiana, Oklahoma City and Casper, Wyoming. Mr. Peace
received a Commission as Ensign, USNR, OCS, Newport, Rhode Island, February
4, 1960. He graduated from Aviation Ground Officer School in 1960, Airborne
CIC School in 1960, Air Intercept Controller School in 1960 and Air
Navigation School in 1965. He has a BS in Geology from the University of
Oklahoma and an MS in Geology from the University of Oklahoma.