Articles from WhiteHawk Energy, LLC

WhiteHawk Energy, LLC (together with its subsidiaries, “WhiteHawk”), calls for a response from the Board of Directors of PHX Minerals, Inc. (“PHX” or the “Company”) related to WhiteHawk’s proposal to acquire PHX in a $4.00 per share all-cash transaction.

WhiteHawk Energy, LLC (together with its subsidiaries, “WhiteHawk”), a natural gas mineral and royalty company, today sent a letter to Mark Behrman, the Chairman of PHX Minerals, Inc.’s (“PHX”) Board of Directors, copied in full below, with respect to its proposal to acquire PHX for $4.00 per share. The letter includes details of the extensive efforts WhiteHawk has made over the past 18 months to engage with PHX to maximize value for stockholders through a transaction.

WhiteHawk Energy, LLC (“WhiteHawk” or the “Company”) announced today the acquisition of additional Marcellus Shale natural gas mineral and royalty assets covering 435,000 gross unit acres across southwestern Pennsylvania and northern West Virginia (“Marcellus Acquisition”). The acquisition expands WhiteHawk’s core Marcellus position to include top-tier operator Antero Resources Corporation (NYSEAR) alongside additional mineral and royalty interests operated by EQT Corporation NYSE: EQTNYSEEQT)(NYSE: RRCNYSERRC and CNX Resources Corporation (NYSE: CNXNYSE). Inclusive of the acquired assets, WhiteHawk owns natural gas mineral and royalty interests across approximately 1,050,000 gross unit acres and over 3,400 producing wells.

WhiteHawk Energy, LLC (“WhiteHawk” or the “Company”) announced today the acquisition of additional Marcellus Shale natural gas mineral and royalty assets for a total purchase price of $54.0 million. The acquisition increases WhiteHawk’s mineral and royalty ownership in its existing 475,000 gross acre position by 100% (collective with WhiteHawk’s existing position, the “Marcellus Assets”). WhiteHawk’s Marcellus Assets are primarily located in Washington and Greene counties, Pennsylvania, which represents some of the highest quality natural gas reserves in the United States.

An affiliate of WhiteHawk Energy, LLC (“WhiteHawk”), an independent energy minerals and royalties company, today sent a letter to Mark Behrman, the Chairman of PHX Minerals, Inc.’s (“PHX”) board of directors, copied in full below, with respect to its proposal to combine with PHX in a stock-for-stock transaction to form a publicly traded corporation, WhiteHawk Minerals Corporation.

WhiteHawk Energy, LLC (“WhiteHawk” or the “Company”) announced today entrance into a $100.0 million acquisition finance facility (the "Acquisition Facility") with a top tier institution (“Institution”). The Company utilized an initial $20.0 million draw on the Acquisition Facility to fund an additional closing of Haynesville Shale natural gas mineral and royalty assets from Mesa Minerals Partners II, LLC located in northwestern Louisiana and eastern Texas (“Haynesville Royalties”). The Acquisition Facility will mature on December 31, 2025 and contains certain co-investment rights for the Institution. The Company expects to utilize additional borrowings from the Acquisition Facility to fund future acquisitions of mineral and royalty assets upon the agreement of the Institution, and the Company may make repayments on the Acquisition Facility at any time.

WhiteHawk Energy, LLC (“WhiteHawk” or the “Company”) announced today a definitive agreement (“Haynesville Agreement”) to acquire up to $105 million of natural gas mineral and royalty assets primarily located in northwestern Louisiana (“Haynesville Royalties”). The Haynesville Royalties are focused in the core of the basin, representing some of the highest quality natural gas reserves in the United States. WhiteHawk’s position will cover 375,000 gross unit acres in the Haynesville Shale. The Haynesville Royalties are being actively developed by best-in-class natural gas operators Southwestern Energy, Chesapeake Energy, Aethon Energy Management and Comstock Resources. Under the Haynesville Agreement, WhiteHawk will acquire up to $105 million of the Haynesville Royalties with an initial effective date of February 1, 2023.