# EDGAR Filing Document

**Accession Number:** 0000315131
**File Stem:** 0000950170-23-001622
**Filing Date:** 2023-2
**Character Count:** 10324
**Document Hash:** 631ec3217b580324db560c5ba74e89d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001622.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000950170-23-001622

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230201

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHX MINERALS INC.
- **CENTRAL INDEX KEY:** 0000315131
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 731055775
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31759
- **FILM NUMBER:** 23578038

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 NW EXPRESSWAY
- **STREET 2:** VALLIANCE BANK TOWER STE 1100
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73118
- **BUSINESS PHONE:** 4059481560

**MAIL ADDRESS:**
- **STREET 1:** 1601 NW EXPRESSWAY
- **STREET 2:** VALLIANCE BANK TOWER STE 1100
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73118

**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

?xml version="1.0" encoding="ASCII"? 8-K

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

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 01, 2023<br>

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PHX MINERALS INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-31759 | 73-1055775 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1320 South University Drive<br>Suite 720 |  |  |
| Fort Worth**,** Texas |  | 76107 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (405) 948-1560<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.01666 par value | PHX | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01 Regulation FD Disclosure.**

On February 1, 2023, PHX Minerals Inc. (the "Company") announced that it has closed on the two previously announced agreements to sell to separate buyers 257 non-operated legacy working interest wellbores in the Arkoma Basin and the Eagleford Play for total cash consideration of approximately $10.7 million. The Arkoma Basin sale consists of 151 non-operated legacy working interest wellbores totals with a purchase price of approximately $5.1 million and approximately $0.2 million of assumed asset retirement obligations. The Eagleford Play sale consists of 106 non-operated legacy working interest wellbores with a purchase price of approximately $5.6 million and approximately $0.7 million of assumed asset retirement obligations. The press release announcing the closing of these two transactions is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Item 7.01 of this Current Report on Form 8-K, including the attached Exhibit 99.1, is being furnished pursuant to Item 7.01 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit** <br>**No.** | <br>**Description**  |
| 99.1 | [<u>Press Release dated February 1, 2023</u>](phx-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| Date: | February 1, 2023 | By:  | /s/ Chad L. Stephens |
|  |  |  | Chad L. Stephens<br>President and Chief Executive Officer |

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## Exhibit 99.1

Exhibit 99.1

![img202703845_0.jpg](img202703845_0.jpg)

FOR IMMEDIATE RELEASE

**PHX Minerals Inc. Announces Closing of Previously** 

**Announced Working Interest Divestitures**

FORT WORTH, Texas, Feb. 1, 2023 – 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 <u>www.phxmin.com</u>.

**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

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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.

Investor Contact:

Rob Fink / Stephen Lee

FNK IR

646.809.4048 <u>PHX@fnkir.com</u> 

Corporate Contact:

405.948.1560 <u>inquiry@phxmin.com</u>

NYSE: PHX I 1320 S University Dr., Suite 720 I Fort Worth, TX 76107 I phxmin.com I Phone: 405.948.1560

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