PHX - PHX Minerals raises borrowing base; buys 426 net royalty acres in Caddo Parish

PHX Minerals Inc. (NYSE:PHX) amended its revolving Credit Facility. Per the new terms, the borrowing base has been increased from $27.5 million to $32.0 million. Additionally, PHX agreed to acquire 426 total net royalty acres in Caddo Parish, La., for ~$5.78 million in cash from two private sellers. Acquisitions highlights: Estimated reserves of 3.8 Bcfe; Current net production 0.15 Mmcfe/d; and Estimated net production for 2022 totaling between 1,700 to 2,100 Mcfe/d, comprised of 100% natural gas. The Acquisition will be funded with cash and borrowings under the Company's Credit Facility. Pro forma the Acquisition, the Company's total debt drawn on the Credit Facility will be ~$20.0 million. The Board of Directors of PHX unanimously approved the Acquisition, which is expected to close by Dec. 15, 2021. Chad Stephens, President and CEO: "the Acquisition assets provide almost immediate cash flow from the wells being completed and do a nice job

For further details see:

PHX Minerals raises borrowing base; buys 426 net royalty acres in Caddo Parish