PHX MINERALS INC. Announces Amendment To Credit Facility

Rhea-AI Summary

PHX Minerals Inc. (NYSE: PHX) announced an amendment to its revolving credit facility with Bank of Oklahoma, effective April 7, 2021. The revised borrowing base is set at $29 million, maturing on November 30, 2023, with a reduced quarterly commitment reduction of $500,000. As of March 31, 2021, PHX reported $23.5 million in outstanding debt, a decrease of $3.5 million since December 31, 2020. The next borrowing base redetermination is scheduled for December 1, 2021.

Positive

• Amendment to credit facility increases borrowing base to $29 million.
• Debt reduced to $23.5 million as of March 31, 2021.

Negative

• None.

OKLAHOMA CITY, April 8, 2021 /PRNewswire/ -- PHX MINERALS INC., "PHX," or the "Company," (NYSE: PHX), today announced it has entered into an agreement with Bank of Oklahoma ("BOK") during its borrowing base redetermination to amend its revolving credit facility. The amended facility sets the Company's borrowing base at $29 million effective April 7, 2021, and the maturity of the credit facility is extended to Nov. 30, 2023. Additionally, the quarterly commitment reduction is decreased to $500,000. Further details regarding this amendment are contained in a Current Report on Form 8-K filed with the SEC on April 8, 2021. The next regularly scheduled borrowing base redetermination is expected to occur on Dec. 1, 2021.

As of March 31, 2021, PHX had $23.5 million of debt outstanding, down $3.5 million from the quarter ended Dec. 31, 2020.

PHX Minerals Inc. (NYSE: PHX) 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 253,000 net mineral acres principally located in Oklahoma, Texas, North Dakota, New Mexico and Arkansas. Additional information on PHX can be found at www.phxmin.com.

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SOURCE PHX MINERALS INC.

FAQ

What is the new borrowing base for PHX Minerals as of April 2021?

The new borrowing base for PHX Minerals is $29 million.

When does the amended credit facility for PHX Minerals mature?

The amended credit facility matures on November 30, 2023.

How much debt does PHX Minerals have as of March 31, 2021?

As of March 31, 2021, PHX Minerals has $23.5 million in outstanding debt.

What is the quarterly commitment reduction for PHX Minerals' credit facility?

The quarterly commitment reduction is decreased to $500,000.

When is the next borrowing base redetermination for PHX Minerals?

The next borrowing base redetermination is scheduled for December 1, 2021.