PANHANDLE OIL AND GAS INC. Changes Its Name To PHX Minerals Inc.

Rhea-AI Summary

PHX Minerals Inc. (formerly Panhandle Oil and Gas) announced a name change effective October 8, 2020, aimed at reflecting its new corporate strategy. The company will now focus solely on acquiring and managing mineral rights, ceasing participation as a non-operated working interest owner in new drilling wells. With approximately 253,000 net mineral acres across several states, 71% of its assets are still undeveloped. This strategic shift emphasizes growth through the acquisition of high-quality minerals and divestment of lower-margin properties.

Positive

• Name change to PHX Minerals Inc. aligns with new corporate strategy.
• Focus on acquiring and managing mineral rights enhances portfolio quality.
• Possession of approximately 253,000 net mineral acres.

Negative

• None.

OKLAHOMA CITY, Oct. 13, 2020 /PRNewswire/ -- PANHANDLE OIL AND GAS INC., "Panhandle," "PHX" or the "Company," (NYSE: PHX), today announced that it has officially changed its name to PHX Minerals Inc. effective Oct. 8, 2020 . In conjunction with its name change the Company has also unveiled a new logo. The Company's ticker will remain "PHX" on the NYSE.

Chad L. Stephens, President and CEO, commented, "At the beginning of this year, we embarked on a new corporate strategy to become a minerals-only company. This new strategy means we will no longer participate as a non-operated working interest owner in the drilling of new wells. In our just ended fiscal year 2020, we did not participate as a working interest owner in any wells. As we methodically execute this new strategy by acquiring producing minerals in our core areas with high rock quality and line-of-sight development under credit worthy reputable operators, we will slowly high grade our existing asset base by divesting lower margin properties. This new strategy will emphasize growth on a NAV accretive basis. The name change and new Company logo emphasize this new strategy and reflect our commitment of proactive execution."

PHX Minerals Inc. (NYSE: PHX) Oklahoma City-based, PHX Minerals Inc. is an oil and natural gas mineral company with a strategy to proactively grow its mineral position in our core areas of focus. PHX owns approximately 253,000 net mineral acres principally located in Oklahoma, North Dakota, Texas, New Mexico and Arkansas. Approximately 71% of this mineral count is unleased and undeveloped. Additional information on the Company can be found at www.phxmin.com.

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SOURCE PANHANDLE OIL AND GAS INC.

FAQ

What is the new name of Panhandle Oil and Gas?

Panhandle Oil and Gas has changed its name to PHX Minerals Inc. effective October 8, 2020.

What is the ticker symbol for PHX Minerals?

The ticker symbol remains PHX on the NYSE.

What is the focus of PHX Minerals Inc. after its name change?

PHX Minerals Inc. will focus on acquiring and managing mineral rights instead of participating in new well drilling.

How many net mineral acres does PHX Minerals own?

PHX Minerals owns approximately 253,000 net mineral acres.

What percentage of PHX Minerals' assets is undeveloped?

Approximately 71% of PHX Minerals' mineral assets are unleased and undeveloped.