PHX Minerals Inc. Announces Reaffirmation of Borrowing Base and Extension of Revolving Credit Facility

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PHX Minerals Inc. announces the reaffirmation of its $50 million Borrowing Base and the extension of its Revolving Credit Facility until September 1, 2028. The company's bank lending group completed the semi-annual redetermination with no changes to pricing, covenants, or other terms. The President and CEO, Chad Stephens, highlights the quality of assets and financial strength.

FORT WORTH, Texas, April 18, 2024 /PRNewswire/ -- PHX Minerals Inc., "PHX" or the "Company" (NYSE: PHX) today announced that PHX's bank lending group led by Independent Financial has completed its regularly scheduled semi-annual redetermination of the Company's senior secured credit facility (the "Credit Facility") and reaffirmed the existing $50 million Borrowing Base with no changes to pricing, covenants or other material terms. Further, the Maturity Date of the credit facility was extended from Sept. 1, 2025, to Sept. 1, 2028. 

Chad Stephens, President and CEO, commented, "The reaffirmation of our borrowing base demonstrates the quality and resiliency of our assets and our financial strength. We value our relationship with the bank lending group and are appreciative of their continued support and confidence in PHX."

About PHX Minerals Inc. 

PHX Minerals is a natural gas and oil mineral company with a strategy to proactively grow its mineral position in its core focus areas. PHX owns mineral acreage principally located in Oklahoma, Texas, Louisiana, North Dakota and Arkansas.  Additional information on the Company can be found at www.phxmin.com.

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SOURCE PHX MINERALS INC.

FAQ

What did PHX Minerals Inc. announce regarding its credit facility?

PHX Minerals Inc. announced the reaffirmation of its $50 million Borrowing Base and the extension of its Revolving Credit Facility until September 1, 2028.

Who led the bank lending group in the redetermination process?

Independent Financial led the bank lending group in the redetermination process.

What was the Maturity Date of the credit facility extended to?

The Maturity Date of the credit facility was extended from September 1, 2025, to September 1, 2028.

What changes were made to the pricing, covenants, and other material terms of the Credit Facility?

There were no changes made to the pricing, covenants, or other material terms of the Credit Facility.

Who is the President and CEO of PHX Minerals Inc.?

Chad Stephens is the President and CEO of PHX Minerals Inc.