Beta Shale calls for shareholders to reject certain proposals in PHX Minerals

Source: www.gulfoilandgas.com 4/18/2024, Location: North America

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.

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.


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