OKLAHOMA
CITY, Sept. 11, 2023 /PRNewswire/ -- Beta
Shale, LLC ("Beta"), an Oklahoma City based oil
and natural gas company that owns 1,559,910 shares of PHX Minerals
Inc., "PHX" or the "Company" (NYSE: PHX), sent a letter to the PHX
Board of Directors on August 10, 2023
following the rejection of WhiteHawk Energy's proposed business
combination, in addition to the rejection of Beta's own offer. In
the letter, Beta requested further clarity on the WhiteHawk
Energy proposal decision along with how this decision fits with the
Management-communicated initiative to identify and act upon a
transformational change. The Board has not responded to the letter.
It is Beta's stance that additional clarity from the Board is
required for shareholders to properly assess their holdings in the
Company. In addition, much has been made of recent acquisitions by
Management, so Beta requests that management share lookbacks
on the individual mineral acquisitions made by the company over the
last three years with the shareholders. Lookbacks could be
included in the quarterly report and should at least include
effective date of the acquisition, purchase price, realized
cashflow to-date, and current development activity on each
acquisition. We believe this will help shareholders properly assess
the effectiveness of the strategy adopted by the Company under
existing Management.
Beta Shale, LLC (Derby Energy, LLC managed
company) sends unanswered request for transparency to Board of PHX
Minerals.
All letters can be found at www.betashalenews.com. Beta
encourages all PHX shareholders to review these materials and to
assess PHX's performance and future potential under existing
management.
About Beta Shale, LLC
Beta Shale, LLC, established in 2004, is a
privately-owned opportunistic investor in oil and gas, primarily
focused on non-operated working interests with assets in
the Arkoma and Delaware Basins under management of Derby
Energy, LLC.
About Derby Energy, LLC
Derby Energy, LLC, headquartered in Oklahoma City,
OK, is the administrative management company for the following
six entities: Derby Exploration, LLC (Operated
- Anadarko Basin E&P); Thoroughbred
Gathering, LLC (Operated - Anadarko Basin
Midstream); Bakken HBT, LP (Non-Operated –
Williston Basin); Bakken HBT II, LP (Non-Operated
– Williston Basin); SCOOP I, LP (Non-Operated
– Anadarko Basin); and Beta Shale,
LLC (Non-Operated
– Arkoma and Delaware Basin).
For further information, please
visit www.derbyenergy.com
Contact
Mike Weatherholt, Vice President of
Finance, 405.639.3786
or
Jake Long, Vice President of
Administration, 405.639.3786
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SOURCE Derby Energy