FORT WORTH, Texas, Feb. 1, 2023 /PRNewswire/ -- PHX MINERALS
INC., "PHX," (NYSE: PHX), today announced that it has closed on the
two previously announced sales of its legacy non-operated working
interest wellbores in the Arkoma Basin and the Eagleford Play to
separate buyers for a total of $10.7
million.
The Arkoma Basin divestiture represents 151 non-operated legacy
working interest wellbores with a purchase price of approximately
$5.1 million and removes
approximately $0.2 million in asset
retirement obligations from the Company's balance sheet. The
Eagleford Play divestiture consists of 106 non-operated legacy
working interest wellbores with a purchase price of approximately
$5.6 million and removes
approximately $0.7 million in asset
retirement obligations from the Company's balance sheet.
On a pro forma basis, PHX has 563 gross legacy non-operated
working interest wellbores remaining.
About PHX Minerals Inc.
PHX Minerals (NYSE: PHX) is a natural gas and oil mineral
company with a strategy to proactively grow its mineral position in
its core focus areas. PHX owns mineral acreage principally located
in Oklahoma, Texas, Louisiana, North
Dakota and Arkansas. Additional information on the
Company can be found at www.phxmin.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as "anticipates," "plans," "estimates,"
"believes," "expects," "intends," "will," "should," "may" and
similar expressions may be used to identify forward-looking
statements. Forward-looking statements are not statements of
historical fact and reflect PHX's current views about future
events. Forward-looking statements may include, but are not limited
to, statements relating to: the Company's ability to execute its
business strategies; the volatility of realized natural gas and oil
prices; the level of production on the Company's properties;
estimates of quantities of natural gas, oil and NGL reserves and
their values; general economic or industry conditions; legislation
or regulatory requirements; conditions of the securities markets;
the Company's ability to raise capital; changes in accounting
principles, policies or guidelines; financial or political
instability; acts of war or terrorism; title defects in the
properties in which the Company invests; and other economic,
competitive, governmental, regulatory or technical factors
affecting properties, operations or prices. Although the Company
believes expectations reflected in these and other forward-looking
statements are reasonable, the Company can give no assurance such
expectations will prove to be correct. Such forward-looking
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
These forward-looking statements involve certain risks and
uncertainties that could cause the results to differ materially
from those expected by the Company's management. Information
concerning these risks and other factors can be found in the
Company's filings with the SEC, including its Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q, available on the
Company's website or the SEC's website at www.sec.gov.
Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in
forward-looking statements. The forward-looking statements in this
press release are made as of the date hereof, and the Company does
not undertake any obligation to update the forward-looking
statements as a result of new information, future events or
otherwise.
View original
content:https://www.prnewswire.com/news-releases/phx-minerals-inc-announces-closing-of-previously-announced-working-interest-divestitures-301736554.html
SOURCE PHX Minerals Inc.