WhiteHawk Energy to acquire PHX Minerals for $187m.

WhiteHawk Energy, a natural gas mineral and royalty company, agreed to acquire PHX Minerals, a natural gas and oil mineral company, for $187m. “The acquisition of PHX is a significant milestone that more than doubles our gross unit acre footprint and producing natural gas wells in highly established basins with some of the country’s largest natural gas producers. PHX will allow us to expand our presence in the core Haynesville Shale and enter the SCOOP / STACK as well. Combined with our current 1.35m gross unit acres in the core of the Marcellus Shale and Haynesville Shale, we will have meaningful exposure to the top natural gas basins in the United States. PHX’s assets are underpinned by over 6.5k producing wells and significant undeveloped inventory that will increase and diversify our cash flows while providing potential upside. This transaction reflects our strategy to grow with assets that provide cash flow generation with no capital expenditures,” Daniel C. Herz, WhiteHawk Chairman and CEO.