# EDGAR Filing Document

**Accession Number:** 0002069535
**File Stem:** 0001104659-25-061436
**Filing Date:** 2025-6
**Character Count:** 15933
**Document Hash:** 698ba95fee972ffecba461df46fbdd94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-061436.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001104659-25-061436

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250623

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** WhiteHawk Income Corp
- **CENTRAL INDEX KEY:** 0001921603

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31759
- **FILM NUMBER:** 251063122

**BUSINESS ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** OFFSITE SUITE 230
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 917 691-9676

**MAIL ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** OFFSITE SUITE 230
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Herz Daniel C
- **CENTRAL INDEX KEY:** 0001516921

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31759
- **FILM NUMBER:** 251063121

**MAIL ADDRESS:**
- **STREET 1:** 1845 WALNUT STREET, 10TH FLOOR
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** WhiteHawk Acquisition, Inc.
- **CENTRAL INDEX KEY:** 0002069535

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31759
- **FILM NUMBER:** 251063119

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 MARKET STREET
- **STREET 2:** SUITE 910
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 6093143601

**MAIL ADDRESS:**
- **STREET 1:** 2000 MARKET STREET
- **STREET 2:** SUITE 910
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** WhiteHawk Merger Sub, Inc.
- **CENTRAL INDEX KEY:** 0002069490

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31759
- **FILM NUMBER:** 251063120

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 MARKET STREET
- **STREET 2:** SUITE 910
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 6093143601

**MAIL ADDRESS:**
- **STREET 1:** 2000 MARKET STREET
- **STREET 2:** SUITE 910
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHX MINERALS INC.
- **CENTRAL INDEX KEY:** 0000315131
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 731055775
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1320 SOUTH UNIVERSITY DRIVE
- **STREET 2:** SUITE 720
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76107
- **BUSINESS PHONE:** 4059481560

**MAIL ADDRESS:**
- **STREET 1:** 1320 SOUTH UNIVERSITY DRIVE
- **STREET 2:** SUITE 720
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PANHANDLE OIL & GAS INC
- **DATE OF NAME CHANGE:** 20070509

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PANHANDLE ROYALTY CO
- **DATE OF NAME CHANGE:** 19920703

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| **Reporting Persons Information** | **Reporting Persons Information** |
| Name of Reporting Person: | WhiteHawk Income Corporation |
| Address of Reporting Person: | 2000 Market St, Suite 910 |
|  | Philadelphia, PA 19103 |
| Relationship of Reporting Person to Issuer: | 10% Owner |
| Issuer Name and Ticker or Trading Symbol: | PHX Minerals, Inc. [PHX] |

---

Date of Event Requiring Statement: <br> (Month/Day/Year): 06/23/2025

---

| | |
|:---|:---|
| Name of Reporting Person: | Daniel Herz |
| Address of Reporting Person: | 2000 Market St, Suite 910 |
|  | Philadelphia, PA 19103 |

---

---

| | |
|:---|:---|
| Relationship of Reporting Person to Issuer: | 10% Owner |
| Issuer Name and Ticker or Trading Symbol: | PHX Minerals, Inc. [PHX] |
| Date of Event Requiring Statement: |  |
| (Month/Day/Year): | 06/23/2025 |

---

Name of Reporting Person: WhiteHawk Merger Sub, Inc.

Address of Reporting Person: 2000 Market St, Suite 910 <br> Philadelphia, PA 19103

---

| | |
|:---|:---|
| Relationship of Reporting Person to Issuer: | 10% Owner |
| Issuer Name and Ticker or Trading Symbol: | PHX Minerals, Inc. [PHX] |
| Date of Event Requiring Statement: |  |
| (Month/Day/Year): | 06/23/2025 |

---

---

| | |
|:---|:---|
| Name of Reporting Person: | WhiteHawk Acquisition, Inc. |
| Address of Reporting Person: | 2000 Market St, Suite 910 |
|  | Philadelphia, PA 19103 |
| Relationship of Reporting Person to Issuer: | 10% Owner |
| Issuer Name and Ticker or Trading Symbol: | PHX Minerals, Inc. [PHX] |
| Date of Event Requiring Statement: |  |
| (Month/Day/Year): | 06/23/2025 |

---

---

| | |
|:---|:---|
| /s/ Jeffrey Slotterback, Chief Financial Officer,<br> WhiteHawk Income Corporation | 06/23/2025 |
| /s/ Daniel Herz | 06/23/2025 |
| /s/ Jeffrey Slotterback, President,<br> WhiteHawk Merger Sub, Inc. | 06/23/2025 |
| /s/ Jeffrey Slotterback, President,<br> WhiteHawk Acquisition, Inc. | 06/23/2025 |
| \*\*Signature of Reporting Person | Date |

---

## Exhibit 99.2

**Exhibit 99.2**

**Joint Filing Agreement**

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder, each party hereto hereby agrees to the joint filing, on behalf of each of them, of any filing required by such party under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with the Securities and Exchange Commission (and, if such security is registered on a national securities exchange, also with the exchange), and further agrees to the filing, furnishing, and/or incorporation by reference of this agreement as an exhibit thereto. This agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party.

IN WITNESS WHEREOF, each party hereto, being duly authorized, has caused this agreement to be executed and effective as of June 23, 2025.

---

| | |
|:---|:---|
| WHITEHAWK INCOME CORPORATION | WHITEHAWK INCOME CORPORATION |
| /s/ Jeffrey Slotterback | /s/ Jeffrey Slotterback |
| Name: | Jeffrey Slotterback |
| Title: | Chief Financial Officer |
| WHITEHAWK ACQUISITION, INC. | WHITEHAWK ACQUISITION, INC. |
| /s/ Jeffrey Slotterback | /s/ Jeffrey Slotterback |
| Name: | Jeffrey Slotterback |
| Title: | President |
| WHITEHAWK MERGER SUB, INC. | WHITEHAWK MERGER SUB, INC. |
| /s/ Jeffrey Slotterback | /s/ Jeffrey Slotterback |
| Name: | Jeffrey Slotterback |
| Title: | President |
| DANIEL HERZ | DANIEL HERZ |
| /s/ Daniel Herz | /s/ Daniel Herz |
| Name: | Daniel Herz |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>WhiteHawk Income Corp<br><sub>(Last) (First) (Middle)</sub><br>2000 MARKET ST, SUITE 910<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PHX MINERALS INC. [ NYSE:PHX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Herz Daniel C<br><sub>(Last) (First) (Middle)</sub><br>2000 MARKET ST, SUITE 910<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PHX MINERALS INC. [ NYSE:PHX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>WhiteHawk Merger Sub, Inc.<br><sub>(Last) (First) (Middle)</sub><br>2000 MARKET ST, SUITE 910<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PHX MINERALS INC. [ NYSE:PHX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>WhiteHawk Acquisition, Inc.<br><sub>(Last) (First) (Middle)</sub><br>2000 MARKET ST, SUITE 910<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PHX MINERALS INC. [ NYSE:PHX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock<sup>(1)</sup> | 2025-06-23 |  | J<sup>(1)</sup> |  | 36522010 | A | 4.35<sup>(1)</sup> | 100<sup>(1)</sup> | D |  |
| Common Stock<sup>(2)</sup> | 2025-06-23 |  | U<sup>(2)</sup> |  | 946606 | D | 4.35<sup>(2)</sup> | 0<sup>(2)</sup> | I | See footnote<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) On June 23, 2025, WhiteHawk Income Corporation ("WHIC") and WhiteHawk Acquisition, Inc. ("Parent") completed the transactions contemplated by the Agreement and Plan of Merger, dated as of May 8, 2025 (the "Merger Agreement") by and among PHX Minerals Inc. (the "Issuer"), Parent, and WhiteHawk Merger Sub, Inc. ("Purchaser"). Pursuant to the terms of the Merger Agreement, Purchaser merged with and into the Issuer (the "Merger"), with the Issuer surviving the Merger (the "Surviving Corporation") as a subsidiary of Parent, a subsidiary of WHIC. At the effective time of the Merger, 100 outstanding shares of common stock of Purchaser were converted into and became 100 shares of the Surviving Corporation.

(2) WhiteHawk - Equity Holdings, LP ("WhiteHawk LP") tendered 946,606 shares of common stock into Purchaser's offer to purchase all of the issued and outstanding shares of common stock, par value $0.01666 per share , of the Issuer at a purchase price of $4.35 per share, net to the seller in cash, without interest thereon and subject to any applicable tax withholding, upon the terms and subject to the conditions of the Offer to Purchase, dated May 22, 2025, and the related Letter of Transmittal. Mr. Herz is the President, Chief Executive Officer, and Managing Member of the sole member of the general partner of WhiteHawk LP.

**Signature:** /s/ Jeffrey Slotterback, Chief Financial Officer, WhiteHawk Income Corporation  
**Date:** 2025-06-23

**Signature:** /s/ Daniel Herz  
**Date:** 2025-06-23

**Signature:** /s/ Jeffrey Slotterback, President, WhiteHawk Merger Sub, Inc.  
**Date:** 2025-06-23

**Signature:** /s/ Jeffrey Slotterback, President, WhiteHawk Acquisition, Inc.  
**Date:** 2025-06-23

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**