PHX Minerals Adds to Growing Haynesville Inventory with Latest $5.1 Million Acquisition
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PHX Minerals Inc. has made a mineral and royalty acquisition targeting the Haynesville play in East Texas and Louisiana. PHX has agreed to acquire approximately 506 net royalty acres for aggregate consideration of $5,100,000 in cash from a private seller subject to customary closing adjustments. The board of directors of PHX unanimously approved the acquisition, which is subject to certain closing conditions and is expected to close by May 27, 2022.
“Since January 2020, when I was appointed CEO, we have been pursuing the acquisition of minerals in the Haynesville underneath active reputable operators. This acquisition is another excellent opportunity to build on our growing inventory of Haynesville minerals assets with existing production and line of sight development over the next several years,” said Chad Stephens, president, and CEO.
“Since January 2020, our focus has been to pursue natural gas assets as we believe it is a key component to the energy transition. The Haynesville is a premier natural gas resource that is at the front door of U.S. LNG export terminals. This will prove to be a vital source in alleviating the energy crisis in Europe, which began well before and has only intensified since the invasion of Ukraine,” added Stephens.
Acquisition Highlights
• Approximately 506 net royalty acres in Louisiana primarily located in Caddo Parish, focused on the Haynesville
and Bossier plays
• Includes 28 PDP gross wells, 35 gross wells in progress and an estimated 79 gross undrilled locations
• Five drilling rigs currently running on the acquisition assets with an additional six drilling rigs within 2.5 miles of
the acquisition assets:
- Estimated reserves of 4.1 Bcfe
- Estimated next 12 months net production totaling between 550 to 650 mcf/d, comprised of 100 percent
natural gas
- Key operators of the acquisition assets include Trinity, Chesapeake, Blue Dome, and Comstock
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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