21 Dec 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 36,679 shares on the open market.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Dec 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 24,261 shares on the open market.
16 Dec 2021director interest notice● Neutral
PHX MINERALS INC. director Christopher T. Fraser bought 34,879 shares on the open market.
16 Dec 2021asset acquisition disposition● NeutralMajor
PHX closed the two Caddo Parish, Louisiana purchases announced December 6, 2021: about 426 net royalty acres in the Haynesville play for $5,787,272 in cash. This completes the pending deal. The sellers and their affiliates still hold 3,549,207 PHX shares, about 10.8% of the company.
15 Dec 2021director interest notice● Neutral
PHX MINERALS INC. VP - CFO Raphael D'amico acquired 10,000 shares and disposed of 7,856 in a set of related equity transactions.
15 Dec 2021director interest notice● Neutral
PHX MINERALS INC. Chief Executive Officer Chad L Stephens bought 40,803 shares on the open market.
15 Dec 2021director interest notice● Neutral
PHX MINERALS INC. director Glen A Brown bought 10,000 shares on the open market at $2.35.
9 Dec 2021debt financing● NeutralMajor
On December 6, 2021 PHX raised its bank borrowing base from $27.5M to $32.0M under the Independent Bank credit agreement from September 2021, to stay at that level until the next review around June 1, 2022. It also signed two cash deals for about 426 net royalty acres in Caddo Parish, Louisiana (Haynesville): $5,185,475 from Merrimac Properties Partners and Quarter Horse Energy Partners and $601,797 from Palmetto Investment Partners II, due to close by December 15, 2021. The filing notes the sellers and their affiliates together own 3,549,207 PHX shares (about 10.8%), so this continues the Haynesville buying from the same Palmetto/Crestwood group that sold PHX assets earlier in 2021. The press release says the purchase will be funded from cash on hand and credit facility borrowings, leaving about $20.0M drawn after the deal, the first figure given for the amount drawn.
1 Dec 2021asset acquisition disposition● NeutralMajor
PHX closed the Vendera Haynesville purchase it signed on November 10, 2021: about 827 net royalty acres for $5,306,389, made up of $626,389 in cash and 1,519,481 new PHX shares. The shares carry a 120-day lock-up and registration rights for resale. The share count came in at the full 1,519,481 originally proposed, and cash ended up above the $520,000 first announced ($626,389). The filing does not say why. The lands now listed also include Bienville, Red River and Bossier Parishes in Louisiana, beyond the parishes named at signing.
12 Nov 2021capital raising announcement▲ GoodMajor
On November 10, 2021 PHX agreed to buy about 827 net royalty acres in the Haynesville play (De Soto and Caddo Parishes, Louisiana, and Nacogdoches County, Texas) from Vendera entities for $5.2M: $520,000 cash and $4.68M in stock, or 1,519,481 shares at $3.08. The share count may be cut so the sellers own 4.9% or less of PHX, with cash rising to compensate; closing is expected around December 1, 2021 and the effective date is November 1, 2021. The press release also says PHX closed two other Haynesville purchases in November 2021 of about 219 net royalty acres for $2,331,992 in cash, and describes selling lower-margin legacy non-operated working interests, which fits the ongoing Haynesville expansion.
What it means for a shareholder
1.5m new shares at $3.08 to raise about $4.7m. That's 4.4% dilution: every existing holder's slice gets 4.4% smaller. If you held $1,000 of shares (325 at the issue price), your slice goes from 0.000991% to 0.000947% of the company. To keep it you'd need 15 more shares - about $46 at the issue price.
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9 Nov 2021securities registration● Neutral
PHX MINERALS INC. filed the final prospectus for a registered offering.
9 Nov 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 50,999 shares on the open market.
4 Nov 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 12,593 shares on the open market.
1 Nov 2021director interest notice● Neutral
PHX MINERALS INC. director Lee M Canaan bought 196 shares on the open market.
29 Oct 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 36,093 shares on the open market.
27 Oct 2021securities registration● Neutral
PHX MINERALS INC. registered a securities offering with the SEC using its shelf eligibility.
6 Oct 2021substantial holder notice● Neutral
Trigran Investments, Inc, Douglas Granat, Lawrence A. Oberman, Steven G. Simon, Bradley F. Simon, Steven R. Monieson reported a PHX MINERALS INC. shareholding of 1,516,597 shares (4.99% of votes) in a periodic institutional filing.
4 Oct 2021substantial holder notice● Neutral
SRP Capital Advisors LLC, SRP Opportunities II, LP, SRPO-II Partners I, LP, SRP Opportunities II GP, LP, SRPO-II Partners I GP, LP, SRPO-II Manager, LP, Crestwood Exploration Partners, LLC, Palmetto Investment Partners, LLC, Palmetto Investment Partners II, LLC, CWEP-SRPOII Investments, LLC, PIP-SRPOII Investments, LLC, PIPII-SRPOII Investments, LLC, William T. Fennebresque, Ryan A. Turner disclosed a new substantial PHX MINERALS INC. shareholding (11.67% of votes).
4 Oct 2021director interest notice● Neutral
Srp Capital Advisors, LLC became a PHX MINERALS INC. 10%+ owner and company insider (initial ownership filing).
4 Oct 2021director interest notice● Neutral
Srp Capital Advisors, LLC became a PHX MINERALS INC. 10%+ owner and company insider (initial ownership filing).
24 Sept 2021asset acquisition disposition▲ GoodMajor
On September 24, 2021 PHX closed the Haynesville purchase announced September 16: about 817 net royalty acres for $7,249,347, made up of $728,214 cash and 2,349,207 new PHX shares. Part of the shares is held in escrow for indemnity claims, released about six months after closing, and the shares carry registration rights for resale. Issuing about 2.35M shares adds meaningfully to the share count.
16 Sept 2021material agreement▲ GoodMajor
On September 16, 2021 PHX agreed to buy about 817 net royalty acres in the Haynesville play (Louisiana and East Texas) for $7,249,347 in two linked deals: $728,214 in cash to Midnight/Merrimac and $6,521,133 in PHX stock to Palmetto Investment Partners II, the same Palmetto party as in the April SCOOP deal. Closing was expected by September 30, 2021. This continues the Haynesville expansion begun with the Red Stone deal in 2020, and is mostly paid in new shares, with 15% of the stock to be escrowed for indemnity claims.
8 Sept 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 49,523 shares on the open market.
3 Sept 2021debt financing● NeutralMajor
On September 1, 2021 PHX replaced its Bank of Oklahoma-led credit facility (originally 2013, last extended in the April 2021 ninth amendment to November 2023) with a new four-year facility from Independent Bank as agent, maturing September 1, 2025. The initial borrowing base is $27.5M (the old one was $29.0M), within a $100M facility maximum; the old facility was repaid in full and terminated with no material early termination penalties. Interest is LIBOR plus 2.750%-3.750%, the debt-to-EBITDAX covenant stays at 3.50:1.00, and the loan is secured by substantially all personal property and at least 80% of the value of proved, developed and producing properties. The filing does not state how much was drawn at closing.
1 Sept 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 95,354 shares on the open market.
25 Aug 2021material agreement● Neutral
On August 25, 2021 PHX set up an at-the-market program with Stifel, allowing it to sell up to 3,000,000 new shares over time at market prices, with a 3.0% commission to Stifel. Proceeds are meant for general corporate purposes, including working capital and acquisitions of mineral and royalty interests; no minimum sales are required, so how much is raised is unknown. Any sales would add shares and dilute existing holders, following the April 2021 offering.
25 Aug 2021securities registration● Neutral
PHX MINERALS INC. filed a prospectus supplement for an offering off its existing shelf.
23 Aug 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 80,000 shares on the open market.
17 Aug 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 144,311 shares on the open market.
11 Aug 2021director interest notice● Neutral
PHX MINERALS INC. 10%+ owner Edenbrook Capital, LLC bought 7,310 shares on the open market at $2.90.