OKLAHOMA
CITY, April 18, 2024 /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 another letter of
concern to the PHX Board of Directors on April 17, 2024 about PHX performance and
future direction. In response to a disappointing Q4 2023
earnings call, Beta Shale, LLC will vote against proposals 1
(Election of Directors), 2 (Executive Compensation), and 4 (Shelf
Registration) of current proxy statement (Form DEF 14A).
Despite repeated calls for cost-cutting measures, management of PHX
remains unresponsive while the Company has greatly simplified its
business strategy. Further, there are limited options for
growth through available capital. There has been little to no
discussion on transformative growth strategy with shareholders, yet
management of the company is requesting the ability to further
dilute existing shareholders through the recent $100MM Form S-3
filing even after a questionable history of recent, dilutive
acquisitions between 2020 and 2022. Beta wonders if these
shareholder proposals are more protective of management or
shareholders. It is Beta's belief that PHX needs to
immediately right-size and lower G&A expenses in addition to
seeking a transformative event.
Beta Shale, LLC (Derby Energy, LLC company)
calls for shareholders to reject certain proposals in PHX Minerals
proxy.
All letters to PHX along with this current letter 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