PHX - PHX Minerals announces stock offering for $12M asset purchase; shares -7%

PHX Minerals (PHX) acquires mineral and royalty interests in the Southern SCOOP play for $11.95M in cash and stock deal.The interest purchased from third party brings in about 2,698 net royalty acres in the play, with the majority of the interests focused within Continental SpringBoard III area.It includes: 103 PDP gross wells, 17 gross wells in progress, estimated 613 gross undrilled locations; estimated reserves of 20.3 Bcfe; and current net production 0.529 Mmcfe/d.Stock Offering: The purchase price comprises of $9.547M in cash and $2.4M in PHX common stock. For the cash portion, the company has already initiated an underwritten stock offering of 5M shares with 0.75M underwriters' overallotment option, as disclosed in a separate press release.PHX Minerals says it expects the acquisition transaction to close in late April this year. "This is an exceptional acquisition of mineral assets with excellent geology that fits well within our stated strategy to grow the company on

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PHX Minerals announces stock offering for $12M asset purchase; shares -7%