As the sun rose on 2020, Okla. City-based Panhandle Oil and Gas officially retired its business model as a working-interest owner in the properties it held to a minerals-only manager. No longer would the company participate in drilling new wells. Instead, with a fresh CEO at the wheel, Panhandle looked to add more producing mineral assets with active drilling programs to its portfolio. Reese Energy Consulting today is following the latest news from Panhandle, which has now closed on two acquisitions from Okla., neighbor Red Stone Resources—one in the SCOOP, and the second in the Haynesville marking the company’s debut there. The purchase price of $6.4 million in cash and $0.5 million in Panhandle stock buys a total 795 net acres with a combined net production of 1.1 MMCFD of which 93% is natural gas. With this year’s first acquisition under its belt, Panhandle—literally hours later—announced a name change to PHX Minerals. The company owns about 258,000 net mineral acres in Okla., N.D., Texas, N.M., and Ark., of which 71% is unleased and undeveloped.
Oklahoma City-based, PHX Minerals Inc. (NYSE: PHX) is an oil and natural gas mineral company with a strategy to proactively grow its minerals position in our core areas of focus. PHX owns approximately 253,000 net mineral acres principally located in Oklahoma, North Dakota, Texas, New Mexico and Arkansas. Approximately 71% of this mineral count is unleased and undeveloped.