PHX Minerals Acquires Chesapeake’s Haynesville Play for $4.3 Million, Louisiana
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PHX Minerals has made a mineral and royalty acquisition targeting the Haynesville play in Louisiana. PHX has agreed to acquire approximately 477 net royalty acres located in three contiguous sections operated by Chesapeake for aggregate consideration of $4,300,000 in cash from a private seller subject to customary closing adjustments.
The acquisition is in addition to the company’s $5,100,000 acquisition in the Haynesville on April 19, 2022 and will also be funded with a combination of cash on hand and borrowings under our existing credit facility.
The company continues to expand its presence in the Haynesville. The transaction is subject to certain closing conditions and is expected to close by May 13, 2022.
Acquisition Highlights:
• Approximately 477 net royalty acres in Louisiana primarily located in Caddo Parish, focused on the Haynesville
play
• Includes 3 PDP gross wells, 2 gross drilled uncompleted wells (DUCs) and an additional estimated 10 gross
undrilled locations
• Acquisition averages 1.8 percent NRI across three sections, providing impactful future cashflows
• No drilling rigs currently running on the acquisition assets with an additional two drilling rigs within 2.5 miles of
the acquisition assets
• Estimated net reserves of 3.0 Bcf
• Estimated next 12 months net production totaling between 350 to 450 mcf/d, comprised of 100 percent natural
gas
• Acquisition assets are operated by Chesapeake
About PHX Minerals
Oklahoma City-based, PHX Minerals Inc. is a natural gas and oil mineral company with a strategy to proactively grow its mineral position in its core areas of focus. PHX owns approximately 251,000 net mineral acres principally located in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas.
To stop by PHX Minerals’ website, CLICK HERE
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