CUSIP No. 698477 10 6 Page 1of 1 Page Amended and Restated Joint Filing Agreement

SCHEDULE 13D
CUSIP No. 698477 10 6								Page 1of 1 Page
Exhibit 2
Amended and Restated
Joint Filing Agreement
The undersigned parties hereby agree to the joint filing of the Statement on Schedule 13D Amendment No. 1 filed herewith, and any amendments hereto, relating to the Class A Common Stock (voting), $0.0166 par value, of Panhandle Royalty Company with the Securities and Exchange Commission pursuant to Rule 13d-1(k).  The undersigned parties hereby acknowledge that each shall be responsible for the timely filing of any such amendments, and for the completeness and accuracy of the information concerning the other persons making this filing, unless such person knows or has reason to believe that such information is inaccurate.
Date:			December 27, 2006
						Xxxxxxx & Company, Incorporated
		/s/ Xxxxxx X. Xxxxxxx				By:	/s/ Xxxxxx X. Xxxxxxx
		Xxxxxx X. Xxxxxxx					Name: Xxxxxx X. Xxxxxxx
							Title: President and Treasurer
Robotti & Company, LLC						Robotti & Company Advisors, LLC
By:		/s/ Xxxxxx X. Xxxxxxx				By:	/s/ Xxxxxx X. Xxxxxxx
		Name: Xxxxxx X. Xxxxxxx					Name: Xxxxxx X. Xxxxxxx
		Title: President and Treasurer					Title: President and Treasurer
		/s/ Xxxxxxx Xxxxxxx				By:	/s/ Xxxxxxx X. Xxxxxx
		Xxxxxxx Xxxxxxx					Xxxxxxx X. Xxxxxx
Ravenswood Management Company, L.L.C.						The Ravenswood Investment Company, L.P.
By:		/s/ Xxxxxx X. Xxxxxxx				By:	Ravenswood Management Company, L.L.C.
		Name: Xxxxxx X. Xxxxxxx					Its General Partner
		Title: Managing Member
						By:	/s/ Xxxxxx X. Xxxxxxx
							Name: Xxxxxx X. Xxxxxxx
							Title: Managing Member