Joint Filing Agreement

                                                                 SCHEDULE 13D

Exhibit 1

Joint Filing Agreement

                 The undersigned parties hereby agree that the Schedule 13D filed herewith relating to the Class A Common Stock, Par Value $0.0333 per share of Panhandle Royalty Company is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(k) on behalf of each person.

Date:	May 10, 2004
			By:			/s/ Xxxxxx X. Xxxxxxx
						Name: Xxxxxx X. Xxxxxxx
			Robotti & Company, LLC
			By	Xxxxxxx & Company, Incorporated
				Parent Holding Company of
				Robotti & Company, LLC
			Robotti & Company Advisors, LLC
			By:			Xxxxxxx & Company, Incorporated
						Parent Holding Company of
						Robotti & Company Advisors, LLC
			By:			/s/ Xxxxxx X. Xxxxxxx
						Name: Xxxxxx X. Xxxxxxx
						Title: President and Treasurer of
						Xxxxxxx & Company, Incorporated
			The Ravenswood Investment Company, L.P.
			By:			Ravenswood Management Company, L.L.C.
						General Partner of
						The Ravenswood Investment Company, L.P.
			By:		/s/ Xxxxxx X. Xxxxxxx
					Xxxxxx X. Xxxxxxx
					Title: Managing Member of
					Ravenswood Management Company, L.L.C.
			By:		/s/ Xxxxxxx Xxxxxxx
					Name: Xxxxxxx Xxxxxxx